MoFED says Ethiopia's investment expenditure grows to 60 billion Birr

Addis Ababa, January 27(ENA)-- Ethiopia' s investment expenditure has grown to 60 Billion birr during the last nine years of economic reform program implementation period , the Ministry of Finance and Economic Development (MoFED) said.

A paper said the expenditure which was 15.3 billion at the beginning of the period has grown to 60 billion at present.

The paper was presented by the Minister of State Mekonnen Manyazewal to the Standing Committee of the House of Peoples' Representatives at an ongoing workshop at the Sodore resort under the title ''Budget Systems and Finance Administration in Ethiopia'' .

Foreign entrepreneurs with a capital of 13.9 Billion birr have been licensed and other investment by entrepreneurs with 6.1 billion birr capital have entered production phase.

The import trade of the country grew to 13 Billion birr from 4.3 Billion in the stated period.

The income from the foreign trade also grew to 4.14 billion birr in five years period from 942 million birr at the initial pariod , the paper indicated.

After the economic reform program was operational, the capital inflow has been increased six fold and the amount mainly in assistance and donation reached 48. 4 Billion birr .

Foreign debt management strategy has been designed in an effort to stabilize debts, to restrain from high debts and concentrate on development assistance.

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