Fortune News | Apr 28,2024
May 23 , 2024
Ethiopia's domestic debt has crossed 1.2 trillion Br ceiling, causing an uproar in the federal legislative house. Members of the Standing Committee for Planning, Budget & Finance called for its careful management, grilling Minister of Finance Ahmed Shide during his nine-month performance report before parliament yesterday.
The Minister credited the growing use of treasury bills and bonds which are mandatory to most commercial banks as a preferred choice of financing this debt.
“We've not taken any commercial loans over the past five years,” he told legislators.
However, both Committee Chairperson Desalegn Wedajo and his deputy, Abraham Alemayehu (PhD), chose to be cautious.
“It could become a source of nuisance soon,” Abraham cautioned.
Ethiopia’s total debt stock has reached close 65 billion dollars up until December 2023, rising by 1.63pc from the previous year, with domestic debt accounting for 55.6pc of the total debt stock.
Ahmed stated that Ethiopia had met only 10pc of the planned 512.5 million dollar debt servicing plans in the nine months due to the attainment of an interim debt suspension reached with some creditors. While the government has reached an interim debt suspension agreement on 1.44 billion dollars, ongoing negotiations remain on a further 490 million dollars amid a larger restructuring.
Ahmed disclosed plans to raise the country’s debt level to moderate if ongoing deliberations under the Common Framework mechanism under the G-20 bear fruit. The International Monetary Fund's (IMF) package is necessary for success in the debt restructuring aspiration.
Fortune News | Apr 28,2024
Radar | Mar 16,2024
Commentaries | Oct 16,2021
Fortune News | May 14,2022
Radar | Feb 09,2019
Radar | Apr 08,2023
Viewpoints | May 11,2023
Commentaries | Sep 03,2022
Radar | Jun 22,2024
My Opinion | 128866 Views | Aug 14,2021
My Opinion | 125131 Views | Aug 21,2021
My Opinion | 123203 Views | Sep 10,2021
My Opinion | 121021 Views | Aug 07,2021
May 10 , 2025
Federal legislators recently summoned Shiferaw Teklemariam (PhD), head of the Disaste...
May 3 , 2025
Pensioners have learned, rather painfully, the gulf between a figure on a passbook an...
Apr 26 , 2025
Benjamin Franklin famously quipped that “nothing is certain but death and taxes....
Apr 20 , 2025
Mufariat Kamil, the minister of Labour & Skills, recently told Parliament that he...
Loading your updates...