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Addis Ababa — The Ministry of Finance and Economic Development (MoFED) said the country has secured 47.6 billion birr in loans and aid during the last Ethiopian budget year.
Ministry Public Relations and Information Director, Haji Ibsa, told WIC some 28.2 billion birr of the total sum was granted in the form of aid while the balance was secured in loan.
The fund was secured from multilateral and bilateral cooperation sources, he said adding the amount earned in the reported period has shown a 6.6 per cent increase compared to the previous year.
He attributed the increase in total sum to the country’s effective use of loan and aid money.
In a related development, over 324 million birr debt of the nation was cancelled during the reported period, he said.
Africa Development Bank (AfDB), the International Fund for Agricultural Development (IFAD) and Indian companies were among the institutions that canceled nation’s debt.
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