26 July 2018

Ethiopia Obtains 1.3 Bln. Usd Loan As Foreign Debt Reaches 24 Bln.

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ADDIS ABABA - Ethiopia has obtained 1.3 billion USD foreign loans over the first six months of the 2017/18 fiscal year.

During the medium term performance evaluation of the second five year Growth and Transformation Plan, National Plan Commission has revealed while the country has obtained 1.3 billion USD foreign loans in the current fiscal year, the total national foreign debt has also reached 24.7 billion USD, of which the federal government and public development institutions account 56.1 and 43.9 percent respectively. In 2016/17 budget year, Ethiopia's had acquired 2.82 billion USD as foreign loan to implement various development projects, which showed a 16.4 percent reduction from the previous fiscal year.

Some 52.9 and 47.1 percent of the loan went to the federal government and public development institutions respectively. On the other hand, during the 2016/17 and the first six months of the 2017/18 budget years, the country has reimbursed a foreign debt of some 1.2 billion and 688 million USD respectively. The loan repayment also included interests and bank transaction expenses.

The Commission also indicated that the country's foreign debt is increasing from time to time and various alternative mechanisms should be reviewed to manage it and ensure sustainable economic growth.

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