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Ethiopian Parliament Approves $ 12.8 Billion Budget for the Year to Come, Beginning on the 8th July 2018.
About 55% of the total budget According to the Prime Minister of Ethiopia, Mr. Abiy Ahmed, who informed the members of Parliament of the budget and related issues, the remaining expenses will be used as recurrent expenses .
Compared with last year, this year's overall budget increased by 3.6% spending also decreased by 4.4%. The regional grant has increased by 15% and has reached nearly half a billion Birr (about 18 million dollars).
Answering MPs on why the country has not budgeted new projects, Prime Minister Abiy said that to complete megaprojects ongoing but delayed. He said that in the face of the current foreign exchange shortage in the country, Ethiopia needs $ 7.5 billion to complete these ongoing megaprojects.
He said that the state-owned enterprises of the country, which manage the megaprojects, total debt of about 400 million Birr (about $ 14.7 billion) of the domestic market.
"If these indebted companies did not quickly put into operation their projects and started generating wealth, companies continue to consume other resources of the country's economy in general," he said, justifying why his government refused to budget for new projects.
On total debt, Ethiopian Electric Power Corporation, which has not achieved its energy generation and export goal, took a total loan of 240 billion Birr (about 8 , $ 8 billion).
"Launching a new project in such circumstances will hurt the country's economy in the end," he said.
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