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Ethiopia proposes a record $7 Billion annual budget for next year
Ethiopia proposes a record $7 Billion annual budget for next year
ADDIS ABABA (Reuters) - Ethiopia has proposed a record 117.8 billion birr ($7 Billion) annual budget for next year, aiming to build infrastructure, health and education services in one of Africa's fastest growing economies.
Although still one of the world's poorest countries, the Horn of Africa nation says its economy has grown by an annual average of 11 percent over the past five years, one of the continent's highest rates.
Ethiopia devalued its currency by 10 percent in 2009 to boost foreign reserves.
The first draft of the 2011/2012 (July 8-July 7) budget shows spending up by 22 percent from the $5.7 billion endorsed in 2010/2011.
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