Nov 21 , 2024
The Council of Ministers approved a supplementary budget of 581 billion Br, hoping to accommodate increased public expenditures across various sectors fuelled by an aggressivly depreciated Birr. The supplementary budget is earmarked for infrastructure development, social services, and economic stimulus programs.
The move pushes the federal fiscal spending for the year to over 1.5 trillion Br, pending ratification by Parliament.
According to federal officials, the supplementary budget aligns with the revised 2024-2028 medium-term macroeconomic and fiscal framework, taking into consideration the country's financial capacity and projected revenues. The initial budget of 971.2 billion Br was approved by Parliament in July, marking an increase of over 20pc from the previous fiscal year. That budget allocated 451.3 billion Br for recurring expenses and 283.2 billion Br for capital investments.
The Ministry of Finance has been preparing the additional budget since August, following the approval of the initial budget weeks before the liberalisation of the foreign exchange regime. A large portion of the supplementary funds—approximately 240 billion Br—is designated for social spending. These include subsidies for essential goods such as fuel, oil, and medicine.
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