Title : Ethiopia’s debt reaches a whooping 23 billion USD
link : Ethiopia’s debt reaches a whooping 23 billion USD
Ethiopia’s debt reaches a whooping 23 billion USD
Ethiopia's debt is skyrocketing due excessive lending and printing of currency notes
By ESAT
Ethiopia’s debt has reached a whooping $23 billion while export earnings is in downward spiral coupled with the increase in payments to loans.
In an article published in Addis Admas, a weekly local Amharic published in Addis Ababa, the writer Yohannes S. also indicates that the country’s payment to interest on loans is skyrocketing.
The country’s debt, which was 2.8 billion in 2008 has reached 23 billion this year. Payment to the country’s debt shot to 1.18 billion in 2017, compared to 89 million in 2008. The article says the country pays 400 million dollars a year towards its debt.
The writer said earnings from export trade has stagnate and remains the same since 2009 owing to the crisis in currency exchange, which in turn encourages contraband and other illegal businesses.
The writer says millions of dollars is being wasted and misappropriated in government mega projects such as sugar development and advises the regime to desist from engaging in business. The article recommends that government owned businesses be transferred to private investors.
The article also said the unfettered printing of Ethiopia’s currency notes has contributed immensely to the economic crises.
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