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The Ethiopian economy has a large foreign debt, with an overall external debt of 28 billion US dollars. China owns over 13 billion dollars of its debt. Its debt to GDP ratio is smaller than similar and neighboring countries. Ethiopia currently has 2.4 billion dollars of foreign reserves, representing a decline compared to previous years. [38]
The current account deficit and the overall fiscal deficit remained below 5 percent of GDP during this period. [1] In the third phase (1980-85), the economy experienced a setback. [1] Except for Ethiopian fiscal year (EFY) 1982–83, the growth of GDP declined. [1] Manufacturing took a downturn as well, and agriculture reached a crisis stage. [1]
The Agricultural and Industrial Development Bank (AIDB) was formed in 1970, taking over two earlier development banks: the Development Bank of Ethiopia and the Ethiopian Investment Corporation which was established in 1963 as the Investment Bank of Ethiopia. AADB was a government owned bank providing both medium- and long term loans to ...
It is responsible for general financial management and economic policy of Ethiopia, in addition to the allocation of economic assistance. Formerly the Ministry of Finance, it has its origins in the ministerial system introduced by Emperor Menelik II in 1907.
Like thousands of other Ethiopian women, stitching shawls for export to the United States pays the 40-year-old textile worker's rent and her daughter's school fees. Now though, Finoteselam's job ...
Ethiopia has achieved economic growth of more than 7% in the past decade. During Meles Zenawi's administration, Ethiopia boosted the fastest economic growth in Africa in terms of GDP with double-digit economic growth for his last nine years, resuming seven years after his death when his party, the TPLF, continued the same policy. The rise of ...
A U.N.-backed probe of human rights abuses in Ethiopia is set to expire after no country stepped forward to seek an extension, despite repeated warnings that serious violations continue almost a ...
By Aaron Maasho ADDIS ABABA (Reuters) - Ethiopia's government has signed an agreement to end hostilities with the Oromo Liberation Front, which it had previously declared a terrorist movement ...