The value, in Birr, of the federal government's public debt burden in the 2023/24 fiscal year, listed under "Direct Advance," a short-term government overdraft from the National Bank of Ethiopia (NBE). However, between June 2025 and December 2025, this massive balance completely vanished, leaving zero. Rare as it may appear, the disappearance was a structural accounting manoeuvre rather than a standard cash repayment. The federal government converted its outstanding "Direct Advance" balances into long-term government bonds, shifting away from inflationary short-term overdrafts toward more structured and longer-term capital securities.
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