Ethiopia receives $3.4 billion in loans, grantsStaff Writer | August 17, 2017
Ethiopia has obtained $3.4 billion in grants and loans from multilateral and bilateral partners during the 2016/17 Ethiopian Fiscal Year (EFY) that ended July 8.
Africa Exports revenue underachieving
The foreign loans and grants covered 18 percent of the $12.7 billion budget for the 2016/17 fiscal year.
The East African nation has in recent years been able to mobilize greater amount of tax and non-tax revenue, allowing it to cover more than 80 percent of its budgetary needs.
With its domestic financial ability on the rise, Ethiopia has increased its 2017/18 budget by 9.6 percent to $13.9 billion.
Ibsa, however, said with Ethiopia's exports revenue underachieving, earning the country $2.91 billion during 2016/17, lower than the set target of $4.75 billion, Ethiopia has had to make some adjustments. ■