Ethiopia’s federal legislature, House of Peoples’ Representative, ratified a 33 million Birr loan agreement which will be used to modernize the government’s financial administration system.

The loan was secured from International Development Association (IDA) and it is expected to strengthen accountability and transparency of federal and state administrations’ financial expense.

According to Walta Information Center, the new financial administration system aims to advance the financial expense supervision and financial information flow system across Ethiopia. The system will be equipped with advanced technologies and it will be responsible for evaluating and verifying financial performances. It will also enhance e-procurement system.

The loan is said to be paid in 38 years and it does nor bear any interest,

Source: Walta Information Center