Federal Budget Passes Parliament Unanimously

Jul 8 , 2019.

Ethiopia's federal parliament has voted unanimously for the passage of a budget bill comprising 386.9 billion Br. The budget for fiscal year 2019/2020 aims to direct resources from external sources and grants to the private sector, hoping to generate 9.2pc growth in GDP, according to the Chairperson of the Budget Standing Committee.

The administration hopes to enhance domestic resource mobilization, ensuring sustainable growth, poverty reduction, and economic transformation.

Prime Minister Abiy Ahmed (PhD) addressed parliament today on budget day. Two-thirds of the budget is planned to be financed by domestic revenues. The Prime Minister complimented the Minister for Customs & Revenues, Adanech Abebie, for mobilizing 12pc more revenue than planned for the fiscal year that just ended.

The Prime Minister briefed MPs on his administration's economic reform priorities. He listed macroeconomic reform to enhance forex reserves; structural changes to help the private sector create wealth by improving the ease of doing business; and sectoral reforms that prioritize agriculture, mining, manufacturing and tourism.

PUBLISHED ON Jul 08,2019 [ VOL 20 , NO 1002]