Council Endorses Bill for Budget Expanded by 23pc

Jun 7 , 2020

The Council of Ministers has approved a budget that proposes 476 billion Br in federal spending, which is 23pc higher than the current fiscal year. The proposed federal budget allocates 160.4 billion Br for capital expenditures and 133.3 billion Br for recurrent spending, 30 billion and 24 billion Br more than was allocated for the current fiscal year, respectively. It also allocated 176 billion Br for regional block grants and six billion Birr for sustainable Development Goal (sDG) projects. During the session that was held this saturday, the Council approved the bill and endorsed it to the parliament for legislation. The new budget is highly influenced by fears of the economic repercussions that could be caused by the Novel Coronavirus (COVID-19) pandemic. Prepared by the Ministry of Finance, the bill aims to cover a little over half of the budget with domestic tax revenues, while 100 billion Br will be sourced with external loans. In terms of foreign currency, the budget stands at 13.7 billion dollars, a slight increase from the current fiscal year's 13.4 billion dollars and a considerable increase from the 12.6 billion dollars that was allocated two years ago.


Geda Special Economic Zone Receives Prospective Tenants

East African Holding and Ethio-Chicken have been shortlisted to invest in the Geda Special Economic Zone(GSEZ), located in the tri-state area shared by Mojo, Adama, and Shashemene cities within the Oromia Regional State. The two companies were selected from 120 investors who showed interest in acquiring space in one of the largest SEZs in Africa. Close to 404hct of land has already been developed in the expansive economic zone, out of a potential 24,000 hectares, with lease prices set between...


Standard Institute Revamps Fees, Board Restructuring

The Ethiopian Standards Institute (ESI) is set to introduce fees for standards sticker, establish a new governing board, and address collaboration with other regulatory bodies. The Institute plans to strengthen its financial standing by charging fees for standards and product certification services to support its operations and annual budget. A key change involves replacing the current Council of Standards with an 11-member Board of Directors. The Minister of Trade & Regional Integration...


Safaricom Ethiopia Rolls Out its Network to Tigray

With 125 self-built towers, Safaricom Ethiopia has launched its operations in the Tigray Regional State. Executives disclosed plans to invest in an additional 166 towers and expand their reach to the remaining towns. "This is the most exciting milestone in Tigray since the return of social services," said Getachew Reda, president of the Interim Regional State Administration. In July 2021, the consortium-backed telecom giant entered Ethiopia's market, historically dominated by state-owned E...