House ratifies additional budget of 38 Billion Birr

(Parliament News): June 10, 2021; Addis Ababa: The 14th regular session of the House of Peoples’ Representatives unanimously ratified the second reading of the Federal Govt’s supplementary budget and financing restructuring proclamation that incurs additional budget of 38 point 5 Billion Birr, which is proposed by the Council of Ministers, today.

Before they do so, MPs forwarded questions like: What will be the source of income for domestic banks to offer the intended loan? What measures are intended by the Ministry of Finance to mitigate the likely inflation? Any support thought and included in the supplementary budget to support the war-conflict hit regions such as Tigray and Afar?

Channie Shimecca, Assistant Whip State Minister elaborated; the supplementary budget is intended to compensate the minimized direct budget injection from foreign sources and meet some of domestic economic challenges.

The additional budget will reimburse the war-conflict expenses of the govt at the northern part of the nation and is believed to supply for the flood protection in the coming months, he added.

Eyob Tekalign (PhD), State Minister of the Ministry of Finance on his part explained; the budget was cautiously formulated in a way that can hinder and mitigate inflation. The money for the current budget will be gained from internal sources that the domestic economy has yielded in the last couple of years as per the economic restructuring strategy, Dr Eyob said.

The victimized regions of the war-conflict hit regions shall be supported by sector institutions of govt, the State minister elucidated.

The House, at the end of the day, has ratified the proclamation no. 1247/2013 unanimously. 

Translated by Asrat Addisu