Aug 11 , 2024
Leaders from the federal institutions gathered at the halls of the Ministry of Finance on King George VI St. last week to overhaul the fiscal year's budget. A dramatic surge is on the cards, with an additional 551 billion Br earmarked to combat pressing economic challenges. This massive boost will bring the total budget to over 1.52 trillion Br, marking a staggering 56.7pc increase compared to the initial allocation approved just a month ago. Finance Minister Ahmed Shide said the supplementary budget reflects the government's commitment to enhancing social welfare and mitigating risks associated with policy implementation. He said transparency and responsiveness in public service delivery are vital, promising that citizens would receive respectful and efficient service from all government offices. The funds will be used to subsidise essential commodities and ensure the continuity of public services with 240 billion Br going towards social development initiatives. Eyob Tekalign (PhD), state minister for Finance, said the additional funds will primarily be directed towards alleviating economic pressures, particularly in sectors such as oil, fuel, and pharmaceuticals. He characterised the ongoing macroeconomic reforms as the most comprehensive in the country's history and called for exceptional performance from the Ministry and its affiliated institutions. "It's a defining moment for Ethiopia's future," said Eyob.
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