By Kassahun Chanie
In a historic move, the Ethiopian House of People's Representatives has approved a budget of 971.2 billion Ethiopian birr (nearly one trillion birr) for the 2017 Ethiopian financial year (2024–25 Gregorian calendar). This landmark decision was made during the 36th regular session of the House's third year.
After extensive debates, the House unanimously passed the federal government's draft budget, which crosses the one trillion-birr threshold for the first time in the country's history. This represents a significant 25 percent increase from the previous year's allocation.
The approved budget is earmarked to accelerate social and economic development across the nation. Lawmakers emphasized that the use of the allocated funds must adhere to legal and regulatory standards.
The federal government initially proposed this budget in early June for the upcoming fiscal year. This substantial increase in funding reflects the government's commitment to driving growth and development throughout Ethiopia.
This unprecedented budget allocation marks a pivotal moment in Ethiopia's financial history and sets the stage for potentially transformative investments in the country's future.