Ethiopia has approved a draft federal budget of 2.34 trillion birr for the next fiscal year, equivalent to about $14.51 billion, up from $11.98 billion in the previous fiscal year.

The budget marks an increase of nearly 400 billion birr, or about 21%, with spending allocated across the federal government’s main categories, including regular expenditure, capital expenditure, and transfers to regional governments.

Authorities expect the budget deficit to reach 1.4% of gross domestic product in the coming fiscal year. Separately, Ethiopia reported export revenue of $8.7 billion in the first 10 months of the current fiscal year.

Debt restructuring negotiations are continuing, including talks with holders of the country’s Eurobonds.