Ministry Reports $1.8b Debt Serviced Last Year

Nov 13 , 2021


The federal government serviced 1.8 billion dollars worth of external debts over the last fiscal year, according to a report from the Ministry of Finance. Of the amount, 1.3 billion dollars went to cover principal payments while the rest was allocated to interest and commission fees. Last year's external debt service payments were lower than those of the preceding four years, especially the government's external debt service payment (excluding SOEs), which is lower than the previous two years. This is mainly attributed to the Debt Service Suspension Initiative (DSSI), which is an initiative under the World Bank that has helped the government restructure some of its debt. Since its commencement in May 2020, the initiative has provided five billion dollars of relief to more than 40 countries.


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...