Ethiopia: MoFEC Spent USD 3 Billion in Different Projects

Ethiopia’s Ministry of Finance and Economic Cooperation (MoFEC) disclosed it has spent USD 3 billion for different projects undertaken in the first 9 months of the current fiscal year. Nonetheless, the Ministry’s plan was to finance USD 3.7 billion USD worth projects during the said period.

When briefing the Budget and Finance, Urban Development and Construction Affairs and Transport Affairs standing committees of the House of Peoples’ Representatives, Fisseha Abera, Director for International Finance Sectors Coordination, said the projects were financed from funds and loans from different international organizations.

In a related development, Haile Gabriel, Developmental Safety Net Group Coordinator at MoFEC, noted plans for rural safety net works during the same period was 99.5 percent achieved. On the other hand, Standing Committee of House, Urban Safety Net Program recorded lower achievements due to corruption and rent-seeking practices.

Source: Walta Information Center

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