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.


Ethiopian Seafarers Contribute $50m Annually in Remittances

Ethiopian Maritime Authority disclosed 50 million dollars in annual remittances from seafarers deployed internationally. Abdulber Shemsu, the director general of the Authority, said Ethiopia's membership in the International Maritime Organisation (IMO), establishes global standards and guidelines for safe, secure, and environmentally sustainable shipping practices. With 176 member countries and three associate member countries, including Ethiopia, the IMO provides a framework for ensuring...


AfDB Launches $1.5m Initiative to Propel Agro-Industrial Parks

A 1.5 million dollar initiative for the development of three Agro-industrial parks was commenced last week. Financed by the African Development Bank (AfDB), the project includes feasibility studies, a master plan, and an environmental and social impact assessment. The Phase Two project, which includes capacity building for stakeholders, was initiated last week with an agreement between Semereta Sewasew, state minister for Finance and Gunther Beger, managing director of UNIDO. Semereta said...


Cabinet Approves Public Service Legislation

Council of Ministers has unanimously approved the legislation that aims to raise the competency and professionalism of public service in the country. The Federal Civil Servants Proclamation is pending ratification from Parliament. The decision was made during the 30th meeting of the Cabinet last week, which follows the ratification of the public service and administrative policy. Currently, the 176 federal agencies within 22 ministries, collectively employ around two million people. The polic...