Parliament Nods to Federal Budget Bill

Jul 9 , 2022


Last week, Parliament approved the 786.6 billion Br federal budget bill for the 2022/23 fiscal year. The budget bill is 40pc higher than what lawmakers had approved for 2021/22 and around 16pc higher when accounting for the 122 billion Br supplementary budget approved last December. The budget comprises four components: recurrent and capital expenditures, as well as subsidies to the regional states and financing projects under the millennium developmental goals. The recurrent budget comprises close to 45pc of the total. A little less than 220 billion Br has been set aside for capital expenditures. Less than 200 billion Br has been apportioned to cover regional states' subsidies and pay for development projects. Authors of the budget bill propose to cover 61pc of the budget from domestic tax revenues.


Radar

Tech Ministry Falters as Audits Expose Mismanagement, Unmet Ambitions

The Ministry of Innovation & Technology is under scrutiny after an audit revealed lapses in project management and financial oversight. This raised questions about governance standards within a Ministry central to the country's tech-driven growth ambitions. According to the Federal Auditor General, the Ministry has completed only 11pc of its planned projects with its overall financial administration standing at 37.4pc for a year-long project that commenced in 2022. Budget mismanagement an...


Radar

Central Bank Keeps Lending Lid Tight as Inflation Squeezes Economy

The Central Bank has reaffirmed its decision to maintain an 18pc cap on credit growth, reinforcing a commitment to tighter monetary policy during persistent inflation and economic uncertainty. The National Bank of Ethiopia's (NBE) monetary policy committee cited ongoing concerns over inflation, which stood at 19.9pc year-on-year (YoY), and liquidity imbalances as reasons to uphold the restriction on lending. Bankers and analysts interpret this move as evidence of regulators' determination to...


Radar

Ethio Telecom Expands Services with DStv Streaming

Ethio telecom enters the entertainment pool with bundled DStv streaming services through high-speed broadband internet and mobile data packages. The partnership with MultiChoice Ethiopia aspires to merge the telecom's fiber broadband and mobile network with DStv's content. Subscribers can access DStv channels through mobile data or fiber broadband bundles, with discounts of up to 35pc through Telebirr or My Ethiotel (*999#) and up to 26.5pc at sales centers for fiber broadband bundles. Acc...