Public Enterprises Lag Behind in Domestic Debt Repayment

March 26 , 2022


Public Enterprises Lag Behind in Domestic Debt Repayment

State-owned enterprises (SOEs) under the Public Enterprises Holding & Administration Agency repaid 96.3 million Br in domestic debts over the first half of the financial year. However, the figure is less than 30pc of the more than 250 million Br targeted at the beginning of the year. Officials say the low performance was mainly due to failure to make payments by the Ethio Engineering Corporation (formerly the Metals & Engineering Corporation). The Liability & Asset Management Corporation, set up last year to soak up debt belonging to public enterprises, paid off 27.2 billion Br in debts owed by the Sugar Corporation and the Chemical Industries Corporation. Much of the public enterprises' domestic debts are owed to the state-owned Commercial Bank of Ethiopia (CBE). The aggregate outstanding domestic debt of public enterprises had reached 611 billion Br in loans and corporate bonds last year; the highest share is owed to the CBE. Late last year, the Sugar Corporation had placed loan applications with the CBE for 11.3 billion Br for rehabilitation works and servicing debts.


Radar

STREET GROOMING

In Qera, on the new road under construction, the streets are being washed by a crew from a Chinese construction company to clear them of rubbish. At the same time, the road separator is undergoing greening work, with some plants already planted. ...


Radar

PAnEllIng CSO

Ergogie Tesfaye (Phd) (left), minister of Women & social Affairs, gedion Timothewos (centre), Justice minister, and lia Tadesse, health minster, head to the meeting hall of the hilton hotel for the opening of the CsOs Week 2022 programme on June 30, 2022. To be held until July 2, 2022, it included panel discussions on putting local actors at the centre of aid access, gender and peace building. ...


Radar

CAREER EXPO

Participants visit a booth during a career expo being held at an Addis Abeba university campus, among five other universities, on July 1, 2022. hosted by dereja, a career development company, with the Ministry of labour & skills and the Mastercard Foundation, the expos will be held between June and August 2022 with the aim of helping young graduates connect and network with employers. ...