OF THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA 4 ቃ Year No. 56 ADDIS ABABA - 7th July , 1998 CONTENTS Council of Ministers Regulations No. 39/1998 Sinking Fund Establishment Council of Ministers Regulations Page 800 COUNCIL OF MINISTERS REGULATIONS NO . 39/1998 COUNCIL OF MINISTERS REGULATIONS TO PROVIDE FOR THE ESTABLISHMENT OF SINKING FUND These Regulations are issued by the Council of Minis ters pursuant to Article 5 of the Definition of Powers and Duties of the Executive Organs of the Federal Democratic Republic of Ethiopia Proclamation No. 4/1995 and Article 47 of the Federal Government of Ethiopia Financial Adminis tration Proclamation No. 57/1997 . 1. Short Title These Regulations may be cited as the “ Sinking Fund Establishment Council of Ministers Regulations No.39 / 1998 . ” 2. Establishment The Sinking Fund ( hereinafter “ the Fund ” ) is hereby established to be deposited in a special account to be opened by the Ministry of Finance . 3. Sources of the Fund The Fund shall be collected from the following sources : 1 ) Recurrent and capital budgets , as well as share of the treasury from subsidy budget of the Regions , ap proved every fiscal year and not utilized with fiscal year or the grace period ; 2 ) Revenue collected over and above the forecast . Unit Price 2.30 The African Law Archive 4. Objectives of the Fund The Objectives of the Fund shall be : 1 ) to repay long - term debt ; 2 ) to replace fixed assets ; and 3 ) to any other public purpose determined by the Council of Ministers . • 5. Disbursement Disbursement of the Fund shall only be made with prior authorization of the Council of Ministers . The Minister of Finance is hereby empowered to : 1 ) open a special account for the deposit of the Fund ; 2 ) transfer from the consolidated fund into the Fund's special account the amount specified under Article 3 of these Regualtions ; 3 ) maintain and administer the Fund's special account , make disbursements out of the special account for expenditures authorized by the Council of Ministers . The records and accounts of the fund shall be maintained in accordance with the Federal Government of Ethiopia Financial Administration Proclamation . 8. Audit The accounts of the Fund shall be audited by the Auditor General . 9. Effective Date These Regulations shall enter into force on the date of Done at Addis Ababa , this 7th day of July , 1998 . PRIME MINISTER OF THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA The African Law Archive