Ethiopia's Ministry of Finance announced that it has obtained $2.96 billion (close to 107 billion birr) from various sources, multilateral and bilateral, in the form of grants and loans in the Ethiopian fiscal year that ended on July 7. The Ministry declared $1.92 billion (69.5 billion birr) of this has been obtained from grants, while the rest was secured from loans.
The multilateral sources include the World Bank, African Development Bank, European Investment Bank, European Union, United Nations, among others, and the financial gain from these amounted to $1.62 billion (58.66 billion birr). The rest, $1.34 billion (48.34 billion birr), was obtained from bilateral sources - $515.25 million (18.619 billion birr) in loans and $822.48 million (29.721 billion birr) grant.
Haji Ibsa, Public Relations Director at the Ministry of Finance, told the media that the total loan grant and loan accounted for 81.3 percent of the target for the stated fiscal year.
Mr. Haji mainly attributed the increase in loans and grants to the "encouraging performance of development projects and the increase in [Ethiopia's] debt repayment".
According to him, the encouraging performance of development projects and the increase of the country’s debt repayment were among the major factors for the increase in loan and grant agreements.
Source: Ministry of Finance (Website), ENA
Image Source: Ministry of Finance (Twitter)