Gov't Expenditures Hit 97.7b Br

Oct 17 , 2020


The federal government's expenditure during the first quarter of the current fiscal year stood at 97.7 billion Br, according to the Ministry of Finance. During the reporting period, the government was also able to get 80.8 billion Br in revenues from tax and non-tax sources, as well as from loans and grants. Of the total revenues, tax took the major share, amounting 61 billion Br. "We covered the budget deficit from treasury bills and domestic borrowing," said Ahmed Shide, minister of Finance. During the past three months of the year, the country was able to receive 474.5 million dollars of loans and grants, of which 456.6 million dollars was disbursed. Ethiopia also received a 131-million-dollar grant for its Novel Coronavirus (COVID-19) response programme. The largest sum, amounting to 131 million dollars, was contributed by Germany. Last fiscal year, tax revenues generated 228.4 billion Br,  20 billion Br short of the target.


Radar

Coffee Exports Bring in $1.5B in Third Quarter

Ethiopia has earned 1.5 billion dollars from coffee exports over the nine months of the fiscal year. The country had set a target to earn a little over a billion dollars by exporting 201,959tns of coffee during the same period. According to Adugna Debella (PhD), director general of the Ethiopian Coffee & Tea Authority, the export strategy continues to focus on major international markets, with the top 10 destinations, including Saudi Arabia, Germany, and the United States (SU), accounting...


Radar

Central Bank Holds Fourth Exchange Auction

The National Bank of Ethiopia(NBE) sold one dollar for 131.4961 birr in its recent auction. It was reported that 26 banks participated in this auction, which took place last week on Thursday. In a statement issued by the National Bank  following the auction, it was indicated that 70 million dollars was offered for the event. Subsequently, it was reported that 96 pc of the foreign exchange needs of the participating banks were met. In the previous auction, held 15 days ago, the bank had of...


Radar

City Registers 64,075 Births in Fiscal Year

The city has exceeded its birth registration target for the first nine months of the fiscal year, registering 64,075 children—71.15pc more than the set goal of 58,342. This success, with a registration coverage rate of 109.63pc, is largely attributed to the efficiency of the one-centre birth registration service system, which has been rolled out across health centres and courts. The total number of vital events registered, including births, adoptions, marriages, divorces, and deaths, reache...