Source: Xinhua| 2017-08-17 19:53:23|Editor: Zhou XinVideo Player CloseADDIS ABABA, Aug. 17 (Xinhua) -- Ethiopia has obtained 3.4 billion U.S. dollars in grants and loans from multilateral and bilateral partners during the 2016/17 Ethiopian Fiscal Year (EFY) that ended July 8. The foreign loans and grants covered 18 percent of the 12.7 billion U.S. dollars budget for the 2016/17 fiscal year. With its domestic financial ability on the rise, Ethiopia has increased its 2017/18 budget by 9.6 percent to 13.9 billion U.S. dollars. Ibsa, however, said with Ethiopia's exports revenue underachieving, earning the country 2.91 billion dollars during 2016/17, lower than the set target of 4.75 billion dollars, Ethiopia has had to make some adjustments. It has suspended obtaining commercial loans whose interest rate is higher and whose repayment period is shorter.

Source: Ethiopian News August 17, 2017 12:00 UTC