Ethiopia today passed a record 77.2 billion birr ($5.68 billion) annual budget that targets infrastructure development to drive growth in one of Africa's poorest but fastest-growing countries, Reuters reported. The 2010/11 budget is up 20 percent from 64.5 billion birr in 2009/10 and is the biggest budget ever approved by the country's parliament. Prime Minister Meles Zenawi told MPs that Ethiopia had budgeted a bigger slice of its total budget -- 70 percent -- on poverty reduction and infrastructure development programs than any other country in Africa. "The government is working hard to electrify rural towns and a large amount of our development spending will go on roads," Meles said. The figures in the budget were unchanged from a draft proposal presented to parliament for debate last month by Finance Minister Sufian Ahmed. Ethiopia says its economy has grown by an annual average of 11.18 percent over the last four years on improved infrastructure and its government is striving to attract foreign investors in agriculture, mineral exploration and hydropower. While Meles says he expects growth of about 10 percent for 2010, the International Monetary Fund predicts much lower growth of just over 5 percent.
