June 20, 2024

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Ethiopian Finance Minister

Ethiopian Finance Minister Reports an Increase in Overall Debt

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Yesterday, the Ethiopian Finance Minister, Ahmed Shide, presented the nine months report of the current fiscal year to the Ethiopian Parliament and Finance Standing Committee.

Reportedly the overall debt of Ethiopia has reached $65.7 billion, approximately 40.2% of the gross domestic product. The fiscal deficit has decreased to 139.2 billion birr from the initially budgeted 281.05 billion birr in June.

Ethiopian Finance Minister Ahmed Shide said that government revenue for the nine months amounted to 331.1 billion birr, while expenditures escalated to 470 billion birr, resulting in a substantial budget shortfall.

During his presentation of the ministry’s progress report for the past nine months, Ethiopian Finance Minister Ahmed said that the financial strain was caused by instability in certain regions of the country. This led to a rise in expenses related to humanitarian assistance and rebuilding efforts.

The minister claimed that inflation had dropped to 23%, expecting a further decline to 20% by the end of the year. Last week, the National Bank of Ethiopia NBE also reported a comparative decline in inflation. According to a statement posted by the bank, overall inflation, food inflation, and non-food inflation fell in April 2024. According to the statistics posted by the National Bank of Ethiopia, the inflation rate fell to 23.3% in April 2024 (year-on-year basis), compared to a recent peak of 37.3% in May 2022 and an inflation rate of 33.5% this time last year.

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