Ethiopia Approves $6.8b Budget for 2011/2012
The Ethiopian parliament has approved a proposed $ 6.8 billion budget for the 2011/2012 fiscal year.
It was a record budget in Ethiopian history, exceeding last year’s budget by 39 percent.
Roughly $1 billion of the budget will be allocated for road construction, with $500 million to be spent on education and $350 million to be allocated for defense and other development activities.
Ethiopian PM, Melese Zenawi told MPs that around 75% of the budget will be mobilized locally, while the remaining 25% is expected to be mobilized in the form of loans and grants from Ethiopia’s international partners.
He said the budget would help evaluate performance and cater for accountability and transparency.
Close to $3 billion of the total budget is allotted to capital budget projects, over one billion to regular expenditures and the support of regional state, and around $800 million to support the Millennium Development Goals across the country.
Source African Press Agency
African News from NetNewsPublisher.com
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