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.


Abyssinia Bank Taps to Digital Loan Solution

The Bank of Abyssinia (BoA) is moving forward to provide banking solutions facilitating microloans. The Bank has hired an Indian-based tech vendor Newgen Software Company, that bagged the international bid on December 22, 2022. Over 10 companies have shown interest in the bid floated by the bank four months ago. The solution provider has committed to completing the project in six months with Yonas Daniel, regional manager for Newgen, and Menbereselassie Gebrekidan, procurement director at Aby...



Bank of Abyssinia rolls out banking services on a truck around Meskel square in the capital. With less than half of Ethiopian adults having access to bank accounts, financial inclusion is a major issue. The central bank revealed in August 2022 that 8,944 commercial bank branches exist in the country. The 30 commercial banks currently in operation offer credit services to less than 400,000 customers charging an average of 17pc interest on asset-backed loans...



Left) Elias Woldu and Mesnbet Shinkute sign a Memorandum of Understanding on behalf of the Ethio-American and Addis Abeba Chamber of Commerce & Sectoral Association, respectively. Some estimates put the number of Ethiopian diaspora living abroad at over two million people, larger than the population of several small nations. Continued economic and political deprivation has forced many to leave the country for better opportunities. While migration to other countries is still high, the number...