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The Ministry of Finance has announced plans to present an additional 550 billion Birr budget to Parliament for the 2024-25 fiscal year. This comes shortly after the House of People’s Representatives approved a 971.2 billion Birr budget for the same period, marking a 21.1% increase from the previous year.
State Minister of Finance, Eyob Tekalign, stated that the additional budget is necessary to support the government’s macroeconomic reforms. Of the supplementary budget, 240 billion Birr is designated for social development, including subsidies for food, fuel, and medicine.
Eyob emphasized that the additional funds will also address risks that may arise during the implementation of the economic policies, particularly for low-income citizens.
The supplementary budget is set to be reviewed by Parliament in the coming weeks, with a focus on enhancing social welfare and economic stability across the country.
