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May 29 , 2020
Ethiopia's lawmakers today approved a supplementary budget amounting to 48.6 billion Br for the second time in a year that is ending. Close to 298 MPs voted on the supplementary budget bill unanimously.
A large chunk of the amount, 38 billion Br, is directed to pay for food support to 30 million members of vulnerable groups and procure additional medical equipment and medicine. The balance will be used to combat the Novel Coronavirus (COVID-19) pandemic, according to Ahmed Shide, minister of Finance.
Of the total, 28.6 billion Br will be sourced from different grants and loans, while 10 billion Br will come directly from a loan from the National Bank of Ethiopia (NBE), and an additional 10 billion Br is planned to be raised from the sale of treasury bills.
"The rest of the budget will be used to create fiscal space for the budget deficit,” Ahmed said.
The administration has lost 11 billion Br in revenues from tax and non-tax sources due to the impact of COVID-19 on the economy.
Two months ago the parliament approved 27.9 billion Br in a supplementary budget bill, which was an addition to the 386.9 billion Br federal government budget passed in July 2019. The supplementary budget was required for the administration's Homegrown Economic Reform Agenda.
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