ADDIS ABABA – Ethiopia has obtained significant amount of financing from multilateral and bilateral partners during the last budget year, says Ministry of Finance.
Ministry of Foreign Affairs on its part indicated that the government is harnessing economic diplomacy effectively to secure financing for its development endeavor.
Communication Director with Ministry of Finance Haji Ibsa told journalists recently Ethiopia has obtained loans and funds mainly from multilateral institutions like World Bank, African development bank, European investment bank, European Union, United Nation Organization and bilateral relations like China.
According to Haji, the nation has obtained over two billion USD from commercial loans and concessional loans during the past year. Compared to the amount the country obtained 2017/18 fiscal year, more than three billion USD as the government gave more attention to minimizing loans.
Accordingly the country has obtained 40.229 billion Birr loan and 75.477 billion Birr fund from multilateral institutions. On the side of bilateral relation, the nation has obtained 18.009 billion Birr loans and 33.493 billion Birr funds. To sum up, the country has gained, 58.238 billion Birr from loans and 108.97 billion Birr from funds during the past fiscal budget year.
On the other hand, the flow of money to finalize projects and programs, the nation has also gained over Birr 41 billion and over Birr 43 billion from loans and funds respectively from multilateral sources. From bilateral sources, 7.046 billion Birr and over 23 billion Birr loans and funds respectively during the past one budget year. To sum up, the nation has obtained more than Birr 115 billion from loans and funds with multilateral and bilateral sources during the past one year.
Ministry of Foreign Affairs Spokesperson, Nebiyat Getachew told The Ethiopian Herald that one of the foreign relation policies of Ethiopia is giving high attention to encourage economic diplomacy. In this regard, the country has carried out economic relations with different countries, especially countries who have better economic development lines.
According to the spokesperson, this sector is playing an indispensable role to facilitate visiting government officials and share their experiences, actively participating in a joint commission meeting, and create a conducive environment of economic ties with funders and creditors particularly the past year. This has also a positive role to support the current reform in the political arena and the nation’s economic progress.
Providing loans to build infrastructure, trade exchange, development, and cooperation, economic support among others are obtained from strategic partners like China, Japan, Germany, and European Union, he added.
The Ethiopian Herald August 24/2019
BY MESERET BEHAILU
