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Ethiopia's creditors have extended the deadline for finalizing discussions with the International Monetary Fund (IMF) on a loan agreement.

Ethiopia secured a loan from the World Bank for the construction of substations for the project of the power interconnection of Ethiopia and Kenya. The loan was confirmed by Haji Mohammed, Head of Public Relations, for the Ministry of Finance and Economic Development.

Delegates including Mihret Debebe Chief Executive of the Ethiopian Electric Power Corporation traveled in Washington DC to the bank headquarters to negotiate the terms of the loan. The loan agreement will be signed between Ethiopia and the World Bank this coming July.

It is expected that the project will be launched next year and is expected to supply 400 MW of electricity in four years.

Ethiopia's Ministry of Finance announced that it has collected $769.9 million from exports in the first quarter of the Ethiopian fiscal year, which started on July 7, 2020. The amount has shown an increase of $46.9 million compared to the same quarter last year.

The Ethiopian Ministry of Trade and Industry (MoTI) announced that the country has secured $16.41 million in the first month of the new fiscal year that started on July 8, 2021. The amount stands at 69 percent of the $23.88 million target set for the period.

Ethiopia's nine months exports have earned the country $2.09 billion, the Ethiopian Ministry of Trade and Industry announced. This year's revenue, compared to the nine-month period last year, has shown a ten percent increase.