Dehai News

Ethsat.com: Ethiopia’s heavy dependence on foreign aid increasing

Posted by: Berhane Habtemariam

Date: Wednesday, 14 June 2017

Ethiopia’s heavy dependence on foreign aid increasing

ESAT News (June 14, 2017)

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Ethiopia says it expects a third of its budget to be covered with aid from donor countries and foreign loans.

Presenting the country’s 2017/2018 budget to the parliament, the minister of finance and economic cooperation announced that of the total 321 billion birr (14 billion dollars) allocated for the budget year, about 5 billion dollars is expected to be covered from donors.

The minister, Abraham Tekeste, said the country’s defence budget has been increased from 478.3 million to 521.8 million dollars. On the contrary, the money allocated for sustainable development projects has been reduced from 522 million to 304.3 billion dollars.

Analysts say the increase in defence expenditure and the decrease in the budget for economic projects show the regime has given priorities in averting the security threat it faced from its neighbours and armed political forces in and outside the country.

Analysts also said the regime’s plan to cover one third of the economy from aid and loan contradicts the economic miracle the country is said to have achieved, as propagated by the oligarchy and its foreign allies.

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Ethiopia: Widespread contraband trade crippling economy

ESAT News (June 14, 2017)

High level contraband trade by government officials has become a threat to the country’s economy as foreign exchange trade is in downward spiral, according to Ethiopia’s Ministry of Trade.

Government officials at all levels were the main players in the import/export contraband trade and unless the country acts quickly, the illegal trade could cripple the economy, Bekele Bulado, the minister of Trade told Ethiopia’s Parliament.

He said government officials should practice what they preach the public about corruption and contraband trade.

The minister cited gold and cattle as the main targets of the illegal trade by government officials and their cronies.

As a result, the minister said, the country was able to obtain only 2.53 billion dollars of the planned 4.3 billion dollars in foreign exchange in the budget year, showing 59% less than the target.

A 2011 Global Financial Integrity report shows illicit financial outflows from Ethiopia nearly doubled in 2009 to US$3.26 Bln.

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