ADDIS ABABA, (Xinhua) --
A draft budget bill approved by the Ethiopian
Council of Ministers on Saturday showed a 3.6 percent increase
for the next 2018-2019 Ethiopian fiscal year.
The bill, now tabled
to the Ethiopian House of People’s Representatives (HoPR) for
approval, provides 346.9 billion ETB (close to 12.56 billion
U.S. dollars) budget for the coming fiscal year, up from 320.8
billion ETB for the current 2017-2018 fiscal year, state
television Ethiopian Broadcasting Corporation (EBC) reported.
The bill is expected
to fulfill the regional governments’ necessary requirements as
well as for the federal government’s effective implementation of
the second five-year Growth and Transformation Plan (GTP II) of
Ethiopia, due effective from 2015 to 2020.
government’s priority areas during the GTP II include
infrastructure, education, agriculture, water, and health
constitutes 61 percent of the total budget allocation, according
to Ethiopia’s finance ministry.
3.6-percent increase, the next year’s budget has registered a
decrease as compared with the current fiscal year’s budget in
terms of its value due to the Ethiopian National Bank’s decision
to devalue the Ethiopian birr (ETB) by 15 percent as of October
The bill will be
scrutinized by the HoPR’s, the Ethiopian parliament’s lower
house, Budget and Finance Affairs Standing Committee before
tabled to the parliament for approval.