Currently, the state debt of Ethiopia reached $27 billion, while the total local debt is hitting 731 billion birr, Ethiopian Ministry of Finance Ahmed Shide said yesterday, while presenting his office’s ten-month performance report to members of parliament.
According to Ahmed Shide, the country stopped borrowing commercial loans the past ten months of the fiscal year and the country is avoiding commercial loans due to worries of accumulated debt.
According to him, the newly introduced reforms are expected to generate 20-30 billion birr additional income.
The export trade in the reported period earned the nation more than 2.1 billion US dollars, a 187.1 million US dollars or an 8.2% decrease compared to the preceding year, the Minister noted.
Regarding direct budgetary support, Ethiopia surpassed its target by securing 31.9 billion birr. The plan was to earn 19.3 billion birr, Ahmed said.
The total net revenue of the Federal Government stood at 175.5 billion birr, while the total spending was 251.1 billion birr. The 77.1 billion birr budget deficit was financed by local and external loans, the Minister said.
Out of the 235.7 billion birr planned for this Ethiopian fiscal year, a total of 160.4 billion birr in revenue has been collected from local sources during the past ten months, said the Ministry of Revenues.