ADDIS ABABA, June 3 (Xinhua) -- Ethiopia's Executive body, the Council of Ministers announced on Friday it has approved a proposed budget of 786.61 billion Ethiopian birr (15.23 billion U.S. dollars) for the upcoming 2022/2023 fiscal year, which will start on July 8.
In a press statement, the Council of Ministers disclosed the proposed 2022/2023 fiscal year budget will be used to support national security, rehabilitate displaced citizens and destroyed infrastructures, and achieve social and economic transformations.
"6.25 billion U.S. dollars has been set aside for regular spending while 4.2 billion U.S. dollars has been set aside for capital spending and support for regional administrations," the Council of Ministers disclosed.
"Four billion U.S. dollars has been set aside for implementation of sustainable development goals and 230 million U.S. dollars has been set aside for the federal government," the Council of Ministers further disclosed.
The Council of Ministers statement also disclosed the 2022/2023 fiscal year proposed budget is an increase of 16.59 percent, when compared to the current 2021/2022 fiscal year.
The Council of Ministers has referred the proposed 2022/2023 fiscal year budget to the Ethiopian parliament which is expected to formally ratify it later this month. ■