Addis Ababa Approves Record 350 Billion Birr Budget
Addis Ababa Approves Record-Breaking Budget for 2018 Fiscal Year
Addis Ababa has taken a major step forward in its urban development plans by approving a historic budget of 350.13 billion Birr for the 2018 Ethiopian fiscal year. This is the largest budget ever approved by the Addis Ababa City Council, marking a significant milestone in the city's financial and developmental journey.
The approval was made during the 4th regular meeting of the 4th year of operation of the City Council. The proposal was presented by Deputy Mayor and Head of the Finance Bureau, Abdulkadir Redwan, who provided a detailed breakdown of the budget. According to the figures, this allocation represents an increase of 108 billion Birr—approximately 45 percent—compared to the previous fiscal year.
Breakdown of the Budget Allocation
The proposed budget is divided into three main components:
- Recurrent Expenditures: 91.8 billion Birr
- Capital Projects: 246.3 billion Birr
- Reserve Fund: 12 billion Birr
This substantial allocation for capital projects reflects the city's commitment to long-term infrastructure and development initiatives. The Deputy Mayor emphasized that the increased funding is aimed at supporting people-centered development strategies, including key projects such as housing construction, corridor development, and other high-impact urban improvements.
Abdulkadir also highlighted that the budget was carefully formulated, taking into account the city's development vision, ongoing programs, and emerging challenges. The focus remains on maintaining good governance, continuing recent development activities, modernizing service delivery in corridor projects, and expanding housing initiatives.
Sources of Funding
To support the 2018 budget, the administration has outlined multiple revenue streams:
- Taxes: Over 238 billion Birr
- Municipal Revenues: More than 56 billion Birr
- Non-Tax Revenues: Over 46 billion Birr
- Road Fund: 1.8 billion Birr
- Foreign Loans and Grants: 6.98 billion Birr
These sources indicate a diversified approach to financing, ensuring that the city can meet its financial obligations while continuing to invest in critical areas of development.
Focus on Sustainable Development
The budget emphasizes sustainable growth and long-term planning. By prioritizing capital projects, the city aims to improve public services, enhance infrastructure, and create better living conditions for its residents. The inclusion of a reserve fund further ensures financial stability and preparedness for unexpected challenges.
The 2018 budget is not just about numbers; it represents a strategic shift towards more inclusive and equitable development. It aligns with broader national goals and local priorities, aiming to transform Addis Ababa into a more livable and economically vibrant city.
With this approval, the Addis Ababa City Council has set a clear direction for the future, demonstrating its commitment to progress and the well-being of its citizens.
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