Parliament passes $13.9 billion budget for 2017/18 financial year

The parliament of Ethiopia on Friday unanimously passed a 320.8 billion birr ($13.9 billion) budget for the financial year of 2017/18, nearly 17 percent increase on the previous year, Ethiopia’s Minister of Finance and Economic Cooperation Abraham Tekeste said.

The 2017/18 financial year budget sets aside 114.7 billion birr for capital expenditures. Recurrent expenditure – including administrative, economic and social services – amounts to 81.8 billion birr.

The World Bank in a recent report stated that Ethiopia’s economy will be the most expansive on the continent for the year 2017 followed by Tanzania, Ivory Coast and Senegal in that order.

“Ethiopia is forecast to expand by 8.3 percent in 2017, Tanzania by 7.2 percent, Côte d’Ivoire by 6.8 percent, and Senegal by 6.7 percent” according to the World Bank report.

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