25 February 2018

Ethiopia Pockets 50 Billion Br From Loans, Grants

Ethiopia has received 50.4 billion Br in grants and loans in the first half of the current fiscal year, according to the Ministry of Finance & Economic Cooperation (MoFEC).

The finances were secured from United Nations agencies, financial institutions, governments and development partners. The total amount pledged during this period was 89.3 billion Br.

The total loans and aid received in the same period last year were 28.5 billion Br, whereas this year rose by 43.3pc.

For the current fiscal year, Ethiopia has allocated 320 billion Br with 81pc expected to be covered nationally. The balance of the expenditure was planned to be sourced from non-tax sources, foreign aid and loans.

Out of the total budget, 114.7 billion Br is set aside for capital expenditure, 81.8 billion Br for recurrent spending and 117.3 billion Br to subsidise regional states while the remaining seven billion Birr will be allocated for the implementation of Sustainable Development Goals (SDG).

A month ago the parilament has legislated a bill for a supplimentray budget of 14 billion Br.


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