Addis Ababa: The Council of Ministers has approved a budget of nearly 2 trillion Birr for the upcoming 2018 Ethiopian Fiscal Year (EFY) and forwarded it to the House of People’s Representatives.
According to Ethiopian News Agency, the Council held its 47th regular session to discuss the federal government draft budget proclamation and a draft startup proclamation. The budget aims to address national goals such as national security, boosting production and productivity, and supporting citizens displaced by disasters.
The draft budget was developed based on the 2018-2022 EFY mid-term macroeconomic and fiscal framework and an evaluation of the 2017 EFY program budget permanence. It outlines federal government spending for recurrent needs, capital expenditure, subsidies for regional states, and sustainable development goals.
After thorough deliberation and the incorporation of inputs, the Council unanimously approved the Federal Government draft budget Proclamation for Ethiopian Fiscal Year 2018 and sent it to the House of People’s Representatives for further consideration.
In addition to the budget, the Council also reviewed a draft startup proclamation designed to establish a supportive environment for innovative startups. This includes enabling them to operate efficiently, produce new products, offer services, and access financing. Following discussions, the Council unanimously referred the draft proclamations to the House of People’s Representatives for approval.