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561. 7 billion birr budget

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The Council of Ministers has decided to increase the federal government’s draft budget for the fiscal year 2014 to 561.7 billion birrs. At its 97th regular meeting held today, the Council of Ministers discussed various issues and passed a resolution.
Given the volatility of the macroeconomic conditions that were considered for the budget, it was necessary to make changes to the 2013 budget to address the current economic challenges, and a resolution was proposed to implement additional budget requests and budget deficits.
The main reasons for the need for the additional budget include the cost of enforcing the law in the northern part of the country, daily assistance for drought-affected, displaced, and returnees, prevention of the CVD outbreak, fertilizer supply subsidy, flood prevention, capacity building project and reserve budget for the coming months. It is necessary to allocate a reserve budget for various expenses.
The additional budget is supported by Birr 26.4 billion from non-tax revenues, domestic loans, and development partners.
The House also discussed the budget in detail and decided to pass it to the House of Peoples’ Representatives.
The council also discussed the 2014 federal budget, noting that the significant contribution made by government investment to economic and social development over the past years is significant.
The council said successful macroeconomic adjustments have been made in the economy by implementing macro-financial, structural and key sector reforms, finalizing public enterprises, and privatizing all or part of public enterprises based on research.
The Federal Government’s budget for the current fiscal year is Birr 162 billion, with capital expenditure of Birr 183.5 billion, support for the regions 203.95 billion, and Birr 12 billion for sustainable development goals.
The 2014 Federal Government Budget is 18 percent higher than the 2013 budget, and the House unanimously approved the budget allocation and approved it for the House of Peoples’ Representatives.