The Ethiopian government adopted, on Monday 17 February 2020, a draft amending the finance law allowing an increase by 27.9 billion birrs (about $870 million) in the state budget for the current fiscal year (2019-20).
Of the additional amount, up to 18 billion birrs (about $563 million) will go for the implementation of the country’s economic reform program while 2 billion birrs (about $62.5 million) will be allocated to the social net program and 7.9 billion birrs (about $245 million) for the national equal pay for equal work scheme.
If approved by Parliament, the budget increase will raise Ethiopia’s general budget from 386.9 billion birrs (about $12 billion) initially to 414.8 billion birrs (about $13 billion). The International Monetary Fund (IMF) sees the country’s economic growth at 7.4% of GDP for this fiscal year and 7.2% the following year.
Source: Ecofin Agency