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Ethiopia receives $3.4 billion in loans, grants

Staff 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.
Haji Ibsa
Africa   Exports revenue underachieving
Speaking to Xinhua on Thursday, Haji Ibsa, Communications Director at Ethiopia Ministry of Finance and Economic Cooperation said the financial assistance will be used to execute new or ongoing projects.

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.