The loan of twelve state enterprises in Ethiopia is downsized to USD 5.6 billion, according to the report of the state enterprises’ regulatory agency. The newest report from Public Enterprises Assets and Administration Agency shows that until the end of last Ethiopian fiscal year, twelve state enterprises had taken a total loan of 110.6 billion Birr as well as around 4.1 billion USD from local banks and 1.5 USD from banks abroad.
During the past fiscal budget year, those companies had disbursed loans totaling 14.2 billion Birr which is around 518 million USD from local banks, accomplishing 82% of their target in the slated time. In addition, achieving 56% of their target, the enterprises have also reduced their external loan paying amount of loans from a total of 338.6 million USD excluding the interest, according to the information The Ethiopian Herald obtained from the Agency.
According to Earlier reports of the agency, Ethiopia Electric Corporation and Ethiopian Railways are among the highly indebted state enterprises that are struggling to pay back their debts; meanwhile Ethiopia Airlines and Ethio- Telecom have been making vast profits during the past several years pertaining to optimizing different market maximizing packages by the companies entirely.
In general, the regulatory agency has been striving to decrease the amount of loans in debt from the local and foreign banks. And it is striving hard to outshine in its service delivery for the public at large equally in appropriate ways as depending on its goal and mission.
The Ethiopian Herald, Sunday Edition, October 27/2019
BY MUSSA MOHAMMED
