ADDIS ABABA, June 7 (Xinhua) — The Ethiopian Council of Ministers, the country’s executive body, on Friday approved a record budget of close to 1 trillion Ethiopian birrs (about 17.42 billion U.S. dollars) for the upcoming 2024/2025 Ethiopian fiscal year, which will start on July 8.

The draft budget marks a notable increase when compared to that of the current 2023/2024 Ethiopian fiscal year, which was 801.6 billion Ethiopian birrs.

The Council of Ministers, in a press statement issued Friday, said the proposed annual budget will be used to finance regular expenses of the federal government, capital expenses, financial support to regional states, implementation of the Sustainable Development Goals, as well as reserve expenses.

According to the council, the draft budget was crafted based on the performance of the current 2023/2024 Ethiopian fiscal year, the Ethiopian government’s financial capacity, and anticipated revenues, as well as a thorough assessment of the needs of government institutions to effectively fulfill their tasks.

The proposed budget, which was approved by the Council of Ministers with a unanimous vote, was referred to the Ethiopian parliament for ratification, which is expected to formally ratify the draft budget bill later this month.