Statistical Bulletin

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Public Sector Debt

Statistical Bulletin

BULLETIN No. 9

(2007/08 - 2011/12)

Debt Management Directorate

Ministry of Finance & Economic Development

Federal Democratic Republic of Ethiopia

Addis Ababa

October 2012

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Debt Management Directorate

Ministry of Finance & Economic Development

Federal Democratic Republic of Ethiopia

P.O.Box 1905

Tel. 251-11-1571524, 1552400

Fax No. 251-11-1565271, 1551355

http://www.mofed.gov.et

E-mail: [email protected]

Addis Ababa

Ethiopia

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Page

Preface ... i

Acronyms and Abbreviations ... ii

PART I –

GENERAL INFORMATION & ACCOUNTING PRINCIPLES

Coverage ... 1

Methodology ... 1

Classifications ... 2

Sources ... 2

Revision Policy ... 2

Fiscal Year ... 2

Frequency & Time Lag ... 2

PART II - STATISTICAL TABLES

Table 1.--

EXCHANGE RATES ... 1

Table 2--

PUBLIC SECTOR EXTERNAL DEBT OUTSTANDING, DISBURSEMENTS,

DEBT SERVICE PAYMENTS & DEBT RELIEF ... 2

Table 3--

PUBLIC SECTOR EXTERNAL DEBT OUTSTANDING BY LENDER CATEGORY

CREDITOR TYPE AND CREDITOR ... 3

Table 4--

PUBLIC SECTOR EXTERNAL DEBT OUTSTANDING BY CURRENCY

COMPOSITION ... 4

Table 5--

CHANGE IN PUBLIC SECTOR EXTERNAL DEBT OUTSTANDING BY LENDER

CATEGORY, CREDITOR TYPE AND CREDITOR COUNTRY/CREDITOR ... 5

Table 6--

CHANGE IN PUBLIC SECTOR EXTERNAL DEBT OUTSTANDING BY

CURRENCY COMPOSITION... 6

Table 7--

PUBLIC SECTOR EXTERNAL DEBT OUTSTANDING BY LENDER CATEGORY,

CREDITOR TYPE & CONCESSIONALITY ... 7

Table 8--

PUBLIC SECTOR EXTERNAL DEBT OUTSTANDING BY LOAN PURPOSE ... 8

Table 9--

PUBLIC SECTOR EXTERNAL DEBT OUTSTANDING & ARREARS BY LENDER

CATEGORY, CREDITOR TYPE & CONCESSIONALITY ... 9

Table 10--

PUBLIC SECTOR EXTERNAL DEBT NEW COMMITTMENTS-AMOUNTS, LOAN

TERMS & GRANT ELEMENT ... 10

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Table 12--

PUBLIC SECTOR EXTERNAL DEBT DISBURSEMENT BY LENDER CATEGORY,

CREDITOR TYPE AND CREDITOR COUNTRY/CREDITOR ... 12

Table 13--

PUBLIC SECTOR EXTERNAL DEBT DISBURSEMENT BY ECONOMIC SECTOR ... 13

Table 14--

PUBLIC SECTOR EXTERNAL DEBT QUARTERLY DISBUSEMENT BY CREDITOR

TYPE AND CREDITOR ... 14

Table 15--

UNDISBURSED PUBLIC SECTOR EXTERNAL DEBT BY CREDITOR TYPE AND

CREDITOR ... 15

Table 16--

DEBT SERVICE PAYMENTS ON PUBLIC SECTOR EXTERNAL DEBT BY LENDER

CATEGORY AND CREDITOR TYPE ... 16

Table 17--

QUARTERLY DEBT SERVICE PAYMENTS ON PUBLIC SECTOR EXTERNAL DEBT

BY LENDER CATEGORY, CREDITOR TYPE AND CREDITOR ... 17

Table 18--

PUBLIC SECTOR EXTERNAL DEBT, EXTERNAL DEBT RELIEF BY

CREDITOR TYPE AND CREDITOR ... 18

Table 19--

PUBLIC SECTOR EXTERNAL DEBT NET FLOWS & NET TRANSFERS ON PUBLIC

SECTOR EXTERNAL DEBT ... 19

Table 20--

DOMESTIC DEBT OUTSTANDING BY INSTRUMENT TYPE …..………...20

Table 21--

DOMESTIC DEBT OUTSTANDING BY HOLDERS..……….………...21

Table 22--

DOMESTIC DEBT SERVICE PAYMENT... ………. ... 22

Table 23--

TOTAL PUBLIC DEBT OUTSTANDING ... 23

PART III - CHARTS

Chart 1 PUBLIC SECTOR EXTERNAL DEBTS OUTSTANDING ... 24

Chart 2 PUBLIC SECTOR EXTERNAL DEBT OUTSTANDING –MAJOR CREDITORS ... 25

Chart 3 PUBLIC SECTOR EXTERNAL DEBT OUTSTANDING – MAJOR CURRENCIES ... 26

Chart 4 DEBT SERVICE PAYMENTS ON PUBLIC SECTOR EXTERNAL DEBT ... 27

Chart 5 DISBURSEMENT FROM MAJOR CREDITORS ... 28

Chart 6 EXTERNAL DEBT RELIEF ... 29

Chart 7 NET FLOWS & NET TRANSFERS ... 30

Chart 8 DOMESTIC DEBT OUTSTANDING BY INSTRUMENT TYPE ... 31

Chart 9 DOMESTIC DEBT OUTSTANDING BY HOLDERS ... 32

Chart 10 DOMESTIC DEBT SIRVICE PAYMENTS ... 33

PART IV - DEFINITIONS

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Preface

The Ministry of Finance and Economic Development (MoFED) of the

Federal Democratic Republic of Ethiopia is given the mandate, by Financial

Administration Proclamation No.648/2009, to maintain comprehensive and

detailed records of the

public debt.

‘Public Sector Debt Statistical Bulletin’

is a statistical report prepared by the Debt Management Directorate of

MoFED as per this mandate.

The major objective of publishing this Bulletin is to provide the public at

large with the relevant information and data regarding external and

domestic debt position of the country. However, it does not encompass any

analysis, as the aim is to give the user the liberty of using the data when

carrying out its own research.

The Bulletin is structured as follows: Part I covers general information and

accounting principles including the coverage, methodology, classification,

source, revision policy, fiscal year and frequency and time lag of publishing

the Bulletin. Part II and Part III contain statistical tables and charts,

respectively. Finally, Part IV gives the standard definitions of some concepts

and terminologies used in public debt management, which is believed to give

the reader a better understanding and avoid misapprehension of the figures.

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Acronyms & Abbreviations

CREDITORS

AfDB

African Development Bank

AfDF

African Development Fund

BADEA

Arab Bank for Economic Development in Africa

EEC

European Economic Commission

EIB

European Investment Bank

IDA

International Development Association

IFAD

International Fund for Agricultural Development

IMF

International Monetary Fund

NDF

Nordic Development Fund

OFID

OPEC Fund for International Development

SFD

Saudi Fund for Development

CURRENCIES

CHF

Swiss Franc

CNY

Chinese Yuan

ETB

Ethiopian Birr

EUR

Euro

GBP

Great Britain Pound

INR

Indian Rupee

JPY

Japanese Yen

KWD

Kuwait Dinar

SAR

Saudi Arabia Riyal

SDR

Special Drawing Rights

SEK

Swedish Krone

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OTHERS

CBB Construction and Business Bank

CBE Commercial Bank of Ethiopia

DBE Development Bank of Ethiopia

DMD

Debt Management Directorate

EAL

Ethiopian Airlines

EEPCO Ethiopian Electric Power Corporation

FY

Fiscal Year

HIPC

Heavily Indebted Poor Countries

MDRI

Multilateral Debt Relief Initiative

MoFED

Ministry of Finance & Economic Development

NBE National Bank of Ethiopia

PC

Paris Club

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PART I

GENERAL INFORMATION

&

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PART I

GENERAL INFORMATION & ACCOUNTING PRINCIPLES

1. COVERAGE

‘Public Sector Debt Statistical Bulletin’ provides information on the public debt

including:

(i)

the central government external debt,

(ii)

the government-guaranteed external debt,

(iii)

the non-guaranteed external debt, and

(iv)

the domestic debt.

The central government external debt refers to all external loans contracted between

external creditors and MoFED; while the government-guaranteed external debt

comprises of loans and suppliers credits contracted by public enterprises, mainly the

Ethiopian Electric and Power Corporation (EEPCO), Sugar Corporation, Ethiopian

Railways Corporation, Ethiopian Shipping Lines and guaranteed by MoFED as well as

the state owned bank- the Commercial Bank of Ethiopia (CBE). The non-guaranteed

external debt, on the other hand, includes loans contracted by public enterprises, mainly

the Ethiopian Airlines (EAL) and Ethio-Telecom (former ETC), without government or

government owned bank guarantee. Domestic debt covers the debt of the central

government in forms of government bonds, treasury bills and direct advance from the

central bank. In future editions consideration will be given to extending the coverage to

on-lent loans, as well as major debt sustainability indicators of the country.

2. METHODOLOGY

2.1 Database:

The Debt Management Directorate (DMD) of MoFED uses Debt

Management and Financial Analysis System (DMFAS) of UNCTAD to record detail

loan information and produce aggregated data and reports for the public sector debt.

2.2 Converting Debt Data to a Common Currency

: To produce summary tables, the

debt data has to be converted into a common currency, usually the US dollar or ETB,

as follows:



Stock figures: to convert stock figures into US dollars or ETB, end period

exchange rate is used.



Flow figures: to convert flow figures into US dollars or ETB, exchange rate as

day of transaction is used.

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government has been accumulating principal and interest arrears and the amount is

included in the total outstanding debt.

2.4 Treatment of Debt Reorganization:

Ethiopia has benefited from Paris Club debt

reorganizations, HIPC Initiative, MDRI as well as bilateral debt reduction agreements

with non-Paris Club and commercial creditors. Specially, in relation with the

implementation of the HIPC Initiative and usage of the HIPC funds, a special bank

account has been opened at the National Bank of Ethiopia, where the savings from

the debt service due could be deposited until it is channeled to the central treasury

account.

3. CLASSIFICATIONS

The classification of the debt data used in this bulletin mostly complies with the

international standards indicated in the ‘External Debt Statistics: Guide for Compilers

and Users’, with some customization to own use.

4. SOURCES

4.1 Debt Data:

The primary source of information for the debt statistics is the external

debt database administered by the Debt Management Directorate (DMD) of the

Ministry of Finance and Economic Development using Debt Management and

Financial Analysis System (DMFAS) of UNCTAD.

4.2 Exchange Rate:

The exchange rates used for compiling debt data are obtained from

the National Bank of Ethiopia (Daily Transaction Exchange Rates).

5. REVISION POLICY

Debt data indicated in the very last period of the observation period usually are subject to

changes and, therefore, are labeled as ‘P’ to indicate that they are provisional. In

particular, disbursement documents are sometimes received after two to three months lag

and the database has to be updated when documents are received. This leads to changes

in figures for disbursements and outstanding debts; and subsequent editions would come

up with revised figures, labeled as ‘R’.

6. FISCAL YEAR

Even though the Ethiopian fiscal year runs from July 8 to July 7, the fiscal year covered

in the Bulletin is from July 1 to June 30. This is mainly because the reports submitted to

various international organization covers this period and it is necessary that the figures

tally with standard publications.

7. FREQUENCY & TIME LAG

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PART II

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30-Jun-2008

30-Jun-2009

30-Jun-2010

30-Jun-2011

30-June-2012

CHF

1.01780

1.08170

1.08810

0.83440

0.96480

CNY

7.40465

6.83191

6.79100

6.47160

6.36472

ETB

9.70421

11.41050

13.66740

17.07720

17.90780

EUR

0.63310

0.70902

0.82054

0.69281

0.80321

GBP

0.50168

0.60154

0.66436

0.62360

0.64255

INR

42.94008

47.88513

46.57996

44.88000

56.82004

JPY

106.01049

95.75057

88.74013

81.07023

79.45004

KWD

0.26658

0.28705

0.29100

0.27445

0.28015

SAR

3.75013

3.75037

3.75056

3.75051

3.75040

SDR

0.61352

0.64503

0.67586

0.62881

0.66056

SEK

5.96301

7.64318

7.81798

6.38543

7.06255

EXCHANGE RATES

CURRENCY / 1 USD

2007/08 - 2011/12

DATE

(13)

USD

ETB

USD

ETB

USD

ETB

USD

ETB

USD

ETB

TOTAL OUTSTANDING

1

2,767.06

26,852.07

4,352.16

49,660.30

5,633.26

76,991.87

7,807.60

133,331.81

8,873.64

158,907.35

Central Government 2,512.22 24,379.04 3,073.33 35,068.26 3,695.61 50,509.39 4,724.98 80,689.35 5,442.39 97,461.17 Gov.Guaranteed 4 10.86 105.43 292.10 3,333.05 662.02 9,047.90 1,040.31 17,765.62 1,276.97 22,867.79 Non-Gov. Guaranteed 3 243.98 2,367.60 986.73 11,258.99 1,275.63 17,434.58 2,042.31 34,876.84 2,154.28 38,578.39

TOTAL DISBURSEMENTS

2

395.06 3,684.08

1,750.20

19,365.93

1,564.49

20,469.17

2,080.16

34,573.12

1,634.31

28,599.83

Central Government 395.06 3,684.08 699.49 7,428.77 1,039.30 13,606.11 898.48 14,798.02 990.19 17,324.72 Gov.Guaranteed 4 - - 281.69 3,209.32 170.01 2,196.26 305.09 5,100.26 322.05 5,642.19 Non-Gov. Guaranteed 3 - - 769.02 8,727.84 355.17 4,666.79 876.59 14,674.85 322.07 5,632.92

TOTAL DEBT SERVICE

2

88.67

824.93

77.16

803.75

111.28 1,455.47

241.88 4,030.65

395.77 6,936.13

Central Government 35.57 326.93 40.53 418.54 52.88 686.27 70.99 1,178.94 99.67 1,748.86 Gov.Guaranteed 4 2.36 21.82 0.45 5.07 14.79 191.46 35.69 600.24 42.14 735.16 Non-Gov. Guaranteed 3 50.74 476.18 36.19 380.14 43.61 577.74 135.19 2,251.48 253.96 4,452.12

TOTAL PRINCIPAL REPAYT.

2

57.00

531.17

48.86

504.25

69.51

911.50

180.23 3,006.21

302.28 5,295.38

Central Government 17.30 158.54 22.58 227.20 26.65 342.90 38.04 634.36 54.42 955.01 Gov.Guaranteed 4 _2.24 _20.75 _0.01 _0.05 _6.32 _83.90 _32.28 _542.47 _37.78 _659.38 Non-Gov. Guaranteed 3 37.46 351.88 26.27 277.00 36.54 484.70 109.91 1,829.38 210.09 3,680.99

TOTAL INTEREST & COM.

2

31.67

293.76

28.31

299.50

41.77

543.97

61.65 1,024.45

93.49 1,640.75

Central Government 18.27 168.39 17.95 191.34 26.23 343.37 32.95 544.58 45.25 793.85 Gov.Guaranteed 4 0.12 1.07 0.44 5.02 8.47 107.56 3.41 57.77 4.37 75.78 Non-Gov. Guaranteed 3 _13.28 _124.30 _9.92 _103.14 _7.07 _93.04 _25.29 _422.10 _43.87 _771.12

TOTAL DEBT RELIEF

2

43.85

409.86

18.69

192.79

11.64

151.33

9.12

143.90

17.62

307.93

Central Government 43.85 409.86 18.69 192.79 11.64 151.33 9.12 143.90 17.62 307.93 Gov.Guaranteed 4 - - - - - - - - - Non-Gov. Guaranteed 3 - - - - - - - - - -P' : Provisional

R :Revised

1. Exchange Rate at end of period 2. Exchange Rate at day of transaction

3. The non-Gov.guaranteed debt comprises of EAL and Etho Telecom

4. Gov.Guaranteed debt comprises of public enterprises debt guaranteed by Government or Government owned Banks

2008/09

PUBLIC SECTOR EXTERNAL DEBT

OUTSTANDING, DISBURSEMENTS, DEBT SERVICE PAYMENTS & DEBT RELIEF

2007/08 - 2011/12

MILLION USD / ETB 1

2009/10

(14)

USD % USD % USD % USD % USD %

TOTAL

2,767.06

100.00 4,352.16

100.00 5,633.26

100.00 7,807.59

100.00 8,873.64

100.00 OFFICIAL CREDITORS

2,492.02

90.06 3,236.60

74.37 4,152.27

73.71 5,444.64

69.74 6,186.52

69.72 MULTILATERALS

1,540.49

55.67 2,032.31

46.70 2,737.28

48.59 3,589.94

45.98 4,007.43

45.16

AfDB 33.08 1.20 19.82 0.46 12.82 0.23 8.23 0.11 3.63 0.04 AfDF 292.74 10.58 415.92 9.56 525.15 9.32 735.29 9.42 767.76 8.65 BADEA 34.30 1.24 42.09 0.97 50.56 0.90 56.74 0.73 61.02 0.69 EIB 147.96 5.35 156.18 3.59 136.94 2.43 155.41 1.99 127.35 1.44 IDA 807.38 29.18 1,126.20 25.88 1,577.03 28.00 2,091.83 26.79 2,522.26 28.42 IFAD 151.20 5.46 143.87 3.31 138.34 2.46 157.43 2.02 157.46 1.77 IMF - - 51.82 1.19 217.61 3.86 297.67 3.81 283.36 3.19 NDF 31.35 1.13 31.17 0.72 30.83 0.55 36.58 0.47 34.12 0.38 OFID 42.48 1.54 45.24 1.04 48.00 0.85 50.76 0.65 50.48 0.57

BILATERALS

951.53

34.39 1,204.30

27.67 1,414.99

25.12 1,854.71

23.76 2,179.09

24.56

Paris Club 456.50 16.50 465.99 10.71 429.12 7.62 468.53 6.00 408.08 4.60 Non-Paris Club 495.03 17.89 738.31 16.96 985.87 17.50 1,386.18 17.75 1,771.01 19.96

PRIVATE CREDITORS

275.04

9.94 1,115.56

25.63 1,480.99

26.29 2,362.95

30.26 2,687.12

30.28

Commercial Banks 244.36 8.83 217.71 5.00 259.19 4.60 925.97 11.86 1,282.96 14.46 Suppliers 30.68 1.11 897.85 20.63 1,221.80 21.69 1,436.97 18.40 1,404.16 15.82 P' : Provisional R :Revised

1. Exchange Rate at end of period

2007/08

2008/09

2009/10

2010/11

R

PUBLIC SECTOR EXTERNAL DEBT OUTSTANDING

BY LENDER CATEGORY, CREDITOR TYPE AND CREDITOR

MILLION USD 1 2007/08 - 2011/12

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TOTAL

2,767.06

100.00 4,352.17

100.00 5,633.27

100.00 7,807.60

100.00 8,873.64

100.00

CHF 0.19 0.01 0.06 0.00 0.06 0.00 0.08 0.00 0.07 0.00 CNY 25.39 0.92 25.39 0.58 27.02 0.48 51.68 0.66 72.53 0.82 EUR 572.20 20.68 643.74 14.79 596.59 10.59 837.05 10.72 760.84 8.57 GBP 23.74 0.27 INR 1.86 0.07 1.67 0.04 1.71 0.03 1.78 0.02 1.40 0.02 JPY 43.47 1.57 90.25 2.07 125.26 2.22 140.01 1.79 141.01 1.59 KWD 33.50 1.21 38.47 0.88 42.30 0.75 63.50 0.81 75.17 0.85 SAR 6.90 0.25 12.78 0.29 16.60 0.29 20.77 0.27 21.40 0.24 SDR 985.76 35.62 1,347.32 30.96 1,956.86 34.74 2,572.07 32.94 2,986.49 33.66 SEK 0.38 0.01 - - - - - -USD 1,097.41 39.66 2,192.48 50.38 2,866.87 50.89 4,120.67 52.78 4,790.99 53.99 P' : Provisional R :Revised

1. Exchange Rate at end of period CURRENCY

2011/12

P

PUBLIC SECTOR EXTERNAL DEBT OUTSTANDING

BY CURRENCY COMPOSITION

MILLION USD 1 2007/08 - 2011/12

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Outstanding as at

30/06/2011

R

Drawings

1/7/2011-30/06/2012

P

Principal

Paid/Relief/Written

Off

1/7/2011-30/06/12

P

Outstanding as at

30/06/2012

P Exchange Rate as of 30/06/11

Exchange Rate as of day of Transaction Exchange Rate as of day of Transaction Exchange Rate as of 30/06/12 1 2 3 4 5 =4-(1+2-3)

TOTAL

7,807.59

1,634.33

317.43 8,873.64

(250.86)

OFFICIAL CREDITORS 5,444.64 1,089.37 63.34 6,186.52 (284.15) MULTILATERALS 3,589.94 634.70 39.59 4,007.43 (177.61) AfDB 8.23 4.36 3.63 (0.25) AfDF 735.29 52.95 1.40 767.76 (19.08) BADEA 56.74 6.11 1.83 61.02 (0.00) EIB 155.41 5.66 13.17 127.35 (20.55) IDA 2,091.83 551.15 7.88 2,522.26 (112.84) IFAD 157.43 11.43 3.70 157.46 (7.70) IMF 297.67 - - 283.36 (14.31) NDF 36.58 0.94 0.52 34.12 (2.88) OFID 50.76 6.46 6.73 50.48 (0.00) BILATERAL 1,854.71 454.67 23.75 2179.09 (106.55) Paris Club 468.53 0.00 18.62 408.08 (41.83) Non-Paris Club 1,386.18 454.67 5.13 1,771.01 (64.71) PRIVATE CREDITORS 2,362.95 544.96 254.09 2,687.12 33.29 Commemrcial Banks 925.97 450.11 144.34 1,282.96 51.21 Suppliers 1,436.97 94.85 109.75 1,404.16 (17.91) P' : Provisional R :Revised

CHANGE IN PUBLIC SECTOR EXTERNAL DEBT OUTSTANDING

Exchange Rate

Variation

BY LENDER CATEGORY, CREDITOR TYPE AND CREDITOR COUNTRY/CREDITOR NAME

MILLION USD

(17)

Outstanding as at 30/06/2011 R Drawings 1/7/2011-30/06/2012P Principal Paid Excluding HIPC 1/7/2011-30/06/2012P

HIPC Relief (Principal) 1/7/2011-30/06/2012P Outstanding as at 30/06/2012P Exchange Rate as of 30/06/11 Exchange Rate as of day of Transaction Exchange Rate as of day of Transaction

Exchange Rate as of day of Transaction Exchange Rate as of 30/06/2012 1 2 3 4 5 6=5-(1+2-3-4) TOTAL 7,807.60 1,634.33 302.28 15.15 8,873.64 (250.86) CHF 0.08 - - - 0.07 (0.01) CNY 51.68 19.50 - - 72.53 1.34 EUR 836.88 89.23 45.46 1.01 760.67 (118.98) GBP - 23.98 - - 23.74 (0.24) INR 1.78 - - - 1.40 (0.37) ITL 0.17 - - - 0.17 -JPY 140.01 - 0.72 1.14 141.01 2.87 KWD 63.50 14.19 1.16 - 75.17 (1.35) SAR 20.77 1.41 0.78 - 21.40 -SDR 2,572.07 562.58 8.41 5.62 2,986.49 (134.13) USD 4,120.67 923.44 245.75 7.38 4,790.99 0.00 P' : Provisional R :Revised CURRENCY

CHANGE IN PUBLIC SECTOR EXTERNAL DEBT OUTSTANDING

BY CURRENCY COMPOSITION

MILLION USD

Exchange Rate Variation

(18)

USD ETB

TOTAL

CENTRAL GOVERNMENT OFFICIAL CREDITORS MULTILATERALS Concessional Non-concessional BILATERALS ODA 774.60 Non-ODA 176.93 PRIVATE CREDITORS Commercial Banks - Suppliers 20.20 GOV.GUARANTEED OFFICIAL CREDITORS MULTILATERALS Concessional - Non-concessional - -BILATERALS ODA - Non-ODA - PRIVATE CREDITORS Commercial Banks Suppliers 10.49 NON-GOV. GUARANTEED OFFICIAL CREDITORS -MULTILATERALS Concessional Non-concessional - -BILATERALS ODA - Non-ODA - -PRIVATE CREDITORS Commercial Banks Suppliers - P' : Provisional R :Revised USD ETB USD ETB USD ETB USD ETB

2,767.06

26,852.06

4,352.16

49,660.30

5,633.26

76,991.87

7,807.59

133,331.81

8,873.64

158,907.35
2,512.22 24,379.04 3,073.33 35,068.26 3,695.61 50,509.39 4,724.98 80,689.35 5,442.39 97,461.17 2,492.02 24,183.01 3,053.13 34,837.79 3,675.41 50,233.34 4,707.94 80,398.45 5,432.66 97,287.07 1,540.49 14,949.19 2,032.31 23,189.65 2,519.67 34,437.31 3,292.26 56,222.64 3,724.07 66,689.90 1,507.41 14,628.18 2,012.49 22,963.52 2,506.85 34,262.14 3,284.03 56,082.03 3,720.44 66,624.93 33.08 321.01 19.82 226.14 12.82 175.17 8.23 140.61 3.63 64.97 951.53 9,233.82 1,020.83 11,648.14 1,155.74 15,796.03 1,415.68 24,175.81 1,708.59 30,597.16 7,516.85 848.51 9,681.95 986.56 13,483.78 1,246.66 21,289.53 1,539.78 27,574.14 1,716.97 172.31 1,966.19 169.18 2,312.25 169.01 2,886.29 168.81 3,023.02 20.20 196.03 20.20 230.46 20.20 276.05 17.03 290.90 9.72 174.11 - - - - - - - - 196.03 20.20 230.46 20.20 276.05 17.03 290.90 9.72 174.11 10.86 105.43 292.10 3,333.05 662.02 9,047.90 1,040.31 17,765.62 1,276.97 22,867.79 - - 183.47 2,093.49 476.86 6,517.29 736.70 12,580.83 823.26 14,742.76 - - - - 217.62 2,974.10 297.67 5,083.40 283.36 5,074.43 - - - 217.62 2,974.10 297.67 5,083.40 283.36 5,074.43 - - - - - - - - - - 183.47 2,093.49 259.24 3,543.19 439.03 7,497.43 539.89 9,668.33 - - - - - - - - 183.47 2,093.49 259.24 3,543.19 439.03 7,497.43 539.89 9,668.33 10.86 105.43 108.63 1,239.56 185.16 2,530.61 303.61 5,184.79 453.71 8,125.03 0.38 3.68 - - - - 92.13 1,573.29 270.08 4,836.54 101.75 108.63 1,239.56 185.16 2,530.61 211.48 3,611.50 183.63 3,288.48 243.98 2,367.60 986.73 11,258.99 1,275.63 17,434.58 2,042.30 34,876.84 2,154.28 38,578.39 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 243.98 2,367.60 986.73 11,258.99 1,275.63 17,434.58 2,042.30 34,876.84 2,154.28 38,578.39 243.98 2,367.60 217.71 2,484.14 259.19 3,542.43 833.85 14,239.76 943.48 16,895.61 - 769.02 8,774.85 1,016.44 13,892.15 1,208.46 20,637.08 1,210.80 21,682.78

2011/12

P

PUBLIC SECTOR EXTERNAL DEBT OUTSTANDING

BY LENDER CATEGORY, CREDITOR TYPE & CONCESSIONALITY

MILLION USD / ETB 1 2007/08 - 2011/12

(19)

USD ETB USD ETB USD ETB USD ETB USD ETB

TOTAL

2,767.06

26,852.07

4,352.16

49,660.30

5,633.26

76,991.88

7,807.60

133,331.81

8,873.64

158,907.35

CENTRAL GOVERNMENT 2

2,512.22

24,379.04

3,073.33

35,068.26

3,695.61

50,509.39

4,724.98

80,689.35

5,442.38

97,461.17

Project 2,095.70 20,337.09 2,604.76 29,732.26 3,063.87 41,875.01 3,919.98 66,942.33 4,520.02 80,943.68 Programme 89.17 865.31 141.17 1,608.00 305.43 4,174.47 482.50 8,239.68 608.05 10,888.87 Debt Reorganization 174.40 1,692.41 174.40 1,983.00 173.37 2,369.51 172.71 2,949.45 171.84 3,077.27 Import - - - - - - - - Others 149.78 2,557.89 142.47 2,551.36 GOV. GUARANTEED

10.86

105.43

292.10 3,333.05

662.02 9,047.91

1,040.31

17,765.62

1,276.97

22,867.79

Project 2.52 24.49 283.76 3,239.90 436.21 5,961.85 734.37 12,540.93 938.04 16,798.22 Programme 217.62 2,974.10 297.67 5,083.41 283.37 5,074.43 Debt Reorganization - - - - - - - Import 8.34 80.94 8.34 93.15 8.19 111.96 8.27 141.29 55.57 995.14 Others - - -NON-GOV GUARANTEED

243.98 2,367.60

986.73 11,258.99

1,275.63

17,434.58

2,042.31

34,876.84

2,154.28

38,578.39

Project - - 769.02 8,774.85 1,016.44 13,892.15 1,208.46 20,637.08 1,210.80 21,682.78 Programme - - - - - - Debt Reorganization - - - - Import 243.98 2,367.60 217.71 2,484.14 259.19 3,542.43 833.85 14,239.76 943.48 16,895.61 Others - - - - - - - - - -P' : Provisional R :Revised

1. Exchange Rate at end of period 2. Central government includes IMF credit

BY LOAN PURPOSE

2007/08 - 2011/12

PUBLIC SECTOR EXTERNAL DEBT OUTSTANDING

2011/12

P

2007/08

2008/09

2009/10

2010/11

R

(20)

DOD

Excluding

Arrears

Arrears of

Principal

DOD Including

Principal

Arrears

Arrears of

Interest

DOD

Including

Total Arrears

in % of DOD

TOTAL OUTSTANDING

8,490.77

355.07 8,845.84

27.80 8,873.64

382.86

4.31 CENTRAL GOVERNMENT

5,069.55

346.52 5,416.07

26.32 5,442.38

372.83

4.20

OFFICIAL CREDITORS 5,069.55 337.67 5,407.22 25.45 5,432.66 363.11

4.09

MULTILATERALS 3,724.06 - 3,724.06 - 3,724.07 -

Concessional 3,720.44 - 3,720.44 - 3,720.44 -

Non-concessional 3.63 - 3.63 - 3.63 -

-BILATERALS 1,345.49 337.67 1,683.15 25.45 1,708.59 363.11

4.09

ODA 1,299.42 237.29 1,536.71 3.08 1,539.78 240.36 2.71 Non-ODA 46.06 100.38 146.45 22.37 168.81 122.75 1.38 PRIVATE CREDITORS - 8.85 8.85 0.87 9.72 9.72

0.11

Commercial Banks - - - - - - Suppliers - 8.85 8.85 0.87 9.72 9.72 0.11

GOV. GUARANTEED

1,266.94

8.55 1,275.49

1.48 1,276.97

10.03

0.11

OFFICIAL CREDITORS 823.26 - 823.26 - 823.26 -

-MULTILATERALS 283.37 - 283.37 - 283.37 -

Concessional 283.37 - 283.37 - 283.37 - Non-concessional - - - - - -BILATERALS 539.89 - 539.89 - 539.89 - ODA - - - - - - Non-ODA 539.89 - 539.89 - 539.89 - -PRIVATE CREDITORS 443.69 8.55 452.23 1.48 453.71 10.03

0.11

Commercial Banks 270.08 - 270.08 - 270.08 - Suppliers 173.61 8.55 182.15 1.48 183.63 10.03 0.11

NON-GOV GUARANTEED

2,154.28

-

2,154.28

-

2,154.28

-

-OFFICIAL CREDITORS - - - - - - -MULTILATERALS - - - - - - Concessional - - - - - - Non-concessional BILATERALS - - - - ODA - - - Non-ODA - - - - - - -PRIVATE CREDITORS 2,154.28 - 2,154.28 - 2,154.28 -

Commercial Banks 943.48 - 943.48 - 943.48 - Suppliers 1,210.80 - 1,210.80 - 1,210.80 - -P' : Provisional

30/06/2012P

PUBLIC SECTOR EXTERNAL DEBT OUTSTANDING & ARREARS

BY LENDER CATEGORY, CREDITOR TYPE & CONCESSIONALITY

(21)

2007/08 2008/09 2009/10 2010/11R 2011/12P

GRAND TOTAL

Committed Amount (Mn USD)

1,279.02

1,383.38

1,704.10

2,585.99

2,687.87

Interest Rate (avg. %) 2.36 1.34 1.59 1.42 1.40 Maturity (avg. yrs) 25.98 27.14 24.60 23.50 27.82 Grace Period (avg.yrs) 6.85 6.63 7.15 6.13 5.74 Grant Element (avg %) * 31.00 73.74 41.80 40.99 32.97

CENTRAL GOVERNMENT

633.38

924.10 1,234.10

1,420.30

1,495.60

Interest Rate (avg. %)

0.98

0.96

1.13

1.29

0.83

Maturity (avg. yrs) 36.77 34.32 28.64 32.69 37.14 Grace Period (avg.yrs) 9.20 8.73 7.98 8.32 9.19 Grant Element (avg %) * 57.11 54.07 48.35 49.73 50.56

OTHER PUBLIC SECTOR

645.64

459.28

470.00 1,165.69

1,192.27

Interest Rate (avg. %) 3.71 2.69 2.82

1.58

2.12

Maturity (avg. yrs) 15.39 12.70 14.00

12.31

16.17

Grace Period (avg.yrs) 4.54 2.39 5.00

3.46

1.42

Grant Element (avg %) * 11.65 15.09 19.45 25.93 16.83 *: The discount rate applied to calculate G.E. is 5.0%.

R :Revised P:Provisional

PUBLIC SECTOR EXTERNAL DEBT

NEW COMMITMENTS - AMOUNT, AVERAGE TERMS & GRANT ELEMENT

2007/08 - 2011/12

(22)

ORIGINAL

CURRENCY USD EQUIVALENT

1 INTEREST RATE % GRACE PERIOD (yrs) MATURITY (yrs)

TOTAL

- 2,687,869,896.90

CENTRAL

GOVERNMENT

- 1,495,598,042.90

IDA

_{12-Jun-12 WATER WORKS AND SUPPLY}

_SDR

_{96,900,000.00}

_{146,400,492.00}

_0.75

₁₀

₄₀

ADF

_{3-Feb-12 HIGHWAY TRANSPORT-INFRAST}

_BUA

_{41,060,000.00}

_{63,621,942.00}

_0.75

₁₀

₅₀

ADF

_{3-Feb-12 HIGHWAY TRANSPORT-INFRAST}

_BUA

_{105,000,000.00}

_{162,696,151.00}

_0.75

₁₀

₅₀

IDA

_{15-Sep-11 PUBLIC ADMIN, SOCIAL SERV}

_SDR

_{94,700,000.00}

_{148,652,224.00}

_0.75

₁₀

₄₀

IDA

_{15-Sep-11 IRRIGATION RELATED ACTIV.}

_SDR

_{37,100,000.00}

_{58,236,510.00}

_0.75

₁₀

₄₀

IDA

_{4-May-12 AGRICULT & LIVESTOCK PROD}

_SDR

_{238,600,000.00}

_{368,846,252.00}

_0.75

₁₀

₄₀

IDA

_{12-Jun-12 ELECTRICAL DISTRIBUTION}

_SDR

_{129,200,000.00}

_{195,200,656.00}

_0.75

₁₀

₄₀

IDA

_{12-Jun-12 SOCIAL SECURITY, WELFARE}

_SDR

_{32,200,000.00}

_{48,649,080.00}

_0.75

₁₀

₄₀

IFAD

_{21-Dec-11 FINANCIAL INSTITUTIONS}

_SDR

_{31,300,000.00}

_{48,140,757.00}

_0.75

₁₁

₄₀

EXIM-BANK OF KOREA

4-Jun-12 ELECTRICAL DISTRIBUTION

USD

78,400,000.00

0.01

5

29 EXIM-BANK OF INDIA

12-Apr-12 SUGAR MANUFACTG & REFINING USD

47,000,000.00

1.75

6

25 GOVERNMENT OF CHINA

5-Dec-11 FRAME AGREEMENT

CNY

30,000,000.00

4,677,309.50

0

10

20 EXIM-BANK OF CHINA

16-Aug-11 ADDIS ABABA WATER & SEWRAGE CNY

634,000,000.00

100,080,506.40

2

8

21 Saudi Fund

_{11-Oct-11 HIGHWAY TRANSPORT-INFRAST}

_SAR

_{93,750,000.00}

_{24,996,163.00}

₁

₆

₃₀

GOV.GUARANTEED

598,000,000.00 598,000,000.00

EXIM-BANK OF CHINA

30-JUN-11

_{SUGAR MANUFACTG & REFINING}

_USD

_{123,000,000.00}

_{LIBOR 6M+.2.35}

₃

₁₂

EXIM-BANK OF CHINA

22-JUN-11

_RAILWAYS

_USD

_{475,000,000.00}

_{LIBOR 6M+2.6}

₃

₂₃

NON-GOV.GUARANTEED

594,271,854.00 594,271,854.00

J P MORGAN BANK

31-MAR-11

_{AIR TRANSPORT CARRIERS}

_USD

_{401,575,435.00}

_{LIBOR 3M+0.9}

_0.5

₁₂

J P MORGAN BANK

27-OCT-11

_{AIR TRANSPORT CARRIERS}

_USD

_{192,696,419.00}

_{LIBOR 3M+0.44}

_0.5

₁₂

1. Exchange rate at day of signature

SIGNATURE

DATE ECONOMIC SECTOR CURRENCY

AMOUNT TERMS

NEW EXTERNAL LOAN COMMITMENTS

1/7/2011 - 30/06/2012

BY CREDITOR TYPE AND CREDITOR

ORIGINAL CURRENCY & USD EQUIVALENT

(23)

USD

%

USD

%

USD

%

USD

%

USD

%

TOTAL

395.06

100.00 1,750.20

100.00 1,564.49

100.00 2,081.47

100.00 1,634.33

100.00 OFFICIAL CREDITORS

395.06

100.00

882.96

50.45 1,115.07

71.27 1,079.58

51.87 1,089.37

66.66

MULTILATERALS 281.43 71.24 592.51 33.85 857.30 54.80 674.09

32.39

634.70 38.84 AfDF 76.53 19.37 130.62 7.46 118.62 7.58 181.20 8.71 52.95 3.24 BADEA 8.38 2.12 7.79 0.45 8.64 0.55 6.52 0.31 6.11 0.37 EIB 28.10 7.11 31.88 1.82 12.94 0.83 7.01 0.34 5.66 0.35 IDA 144.41 36.55 358.27 20.47 525.52 33.59 394.32 18.94 551.15 33.72 IFAD 6.68 1.69 3.40 0.19 5.24 0.33 12.24 0.59 11.43 0.70 IMF - - 50.00 2.86 175.66 11.23 62.11 2.98 - NDF 2.88 0.73 2.00 0.11 2.44 0.16 3.05 0.15 0.94 0.06 OFID 14.45 3.66 8.56 0.49 8.24 0.53 7.65 0.37 6.46 0.40 BILATERALS 113.62 28.76 290.45 16.60 257.77 16.48 405.49 19.48 454.67 27.82 Paris Club 60.79 15.39 39.21 2.24 5.11 0.39 0.63 0.03 - Italy 60.79 15.39 39.21 2.24 5.11 0.33 0.63 0.03 - Non-Paris Club 52.83 13.37 251.24 14.36 252.66 16.15 404.86

19.45

454.67 27.82 China 10.58 2.68 183.47 10.48 168.84 10.79 299.38 14.38 311.89 19.08 India 31.75 8.04 53.56 3.06 73.85 4.72 84.92 4.08 127.19 7.78 Kuwait Fund 6.10 1.54 8.32 0.48 6.15 0.39 16.39 0.79 14.19 0.87 Saudi Fund 4.40 1.11 5.89 0.34 3.82 0.24 4.17 0.20 1.41 0.09

PRIVATE CREDITORS

-

867.24

49.55

449.42

28.73 1,001.89

48.13

544.96

33.34

COMMERCIAL BANKS - - - - 70.87 4.53 720.06 34.59 450.11

27.54

Suppliers - - 867.24 49.55 378.55 24.20 281.83 13.54 94.85

5.80

P' : Provisional R :Revised

1. Exchange rate at day of transaction

2011/12

PUBLIC SECTOR EXTERNAL DEBT

DISBURSEMENT BY LENDER CATEGORY, CREDITOR TYPE AND CREDITOR COUNTRY/CREDITOR

MILLION USD 1

2007/08 - 2011/12

(24)

TOTAL

395.06

100.00 1,750.21

100.00 1,564.49

100.00 2,081.46

100.00 1,634.33

100.00

Agriculture 21.64 5.48 170.05 9.72 36.36 2.32 14.96 0.72 33.84 2.07 Financial Sector 20.33 5.15 72.63 4.15 175.66 11.23 67.53 3.24 - -Transport & communication 1.76 0.45 776.49 44.37 361.14 23.08 876.59 42.11 369.75 22.62 Highway Transport - Infrastructure 105.29 26.65 134.89 7.71 264.61 16.91 297.50 14.29 274.81 16.81 Electricity, Gas & Steam 165.10 41.79 430.31 24.59 285.93 18.28 353.11 16.96 442.68 27.09 Industry & Tourism 0.50 0.13 62.10 3.55 104.61 6.69 113.80 5.47 158.00 9.67 Education & Capacity Building 39.34 9.96 49.78 2.84 28.14 1.80 54.88 2.64 40.08 2.45 Health 7.43 1.88 5.11 0.29 - - - - - -Public and Social Admin - - 16.49 0.94 35.50 2.27 88.22 4.24 33.27 2.04 Water Works & Supply 33.67 8.52 32.37 1.85 36.07 2.31 54.72 2.63 77.96 4.77 PBS - - - - 236.47 15.11 160.17 7.70 203.96 12.48

P' : Provisional R :Revised

1. Exchange rate at day of transaction Economic Sector

2011/12

P

PUBLIC SECTOR EXTERNAL DEBT

DISBURSEMENT BY ECONOMIC SECTOR

MILLION USD 1 2007/08 - 2011/12

(25)

USD ETB USD ETB USD ETB USD ETB USD ETB

TOTAL

351.83 6,061.02

388.36 6,738.01

384.48 6,727.18

509.64 9,073.61

1,634.31

28,599.83

CENTRAL GOV'T

208.58 3,589.94

194.46 3,369.60

216.91 3,783.95

370.25 6,581.23

990.19 17,324.72

MULTILATERALS

165.19 2,843.61

65.85 1,142.25

130.71 2,277.81

272.94 4,853.82

634.70 11,117.49

AfDF 13.88 237.82 8.51 147.32 11.47 200.31 19.10 338.70 52.95 924.15 BADEA 3.66 62.44 1.60 27.55 0.32 5.54 0.53 9.49 6.11 105.02 EIB - - - - - - 5.66 101.27 5.66 101.27 IDA 144.06 2,481.61 54.00 936.94 110.44 1,923.18 242.65 4,315.82 551.15 9,657.55 IFAD 1.62 28.07 1.06 18.53 7.48 131.09 1.27 22.36 11.43 200.06 OFID 1.03 17.60 0.69 11.92 1.01 17.69 3.74 66.18 6.46 113.39 IMF - - - - - - NDF 0.94 16.06 - - - - - - 0.94 16.06

BILATERALS

43.39

746.33

128.61 2,227.35

86.20 1,506.14

97.31 1,727.41

355.50 6,207.23

Paris Club - - - - - - - - - Italy - - - - - - - - - Non-Paris Club 43.39 746.33 128.61 2,227.35 86.20 1,506.14 97.31 1,727.41 140.70 2,473.74 China 13.78 237.53 92.91 1,608.65 38.97 680.19 67.08 1,191.12 212.74 3,717.49 India 26.29 451.83 34.44 596.87 41.67 728.75 24.80 439.80 127.19 2,217.24 Kuwait Fund 2.80 48.06 0.88 15.20 5.07 88.64 5.42 96.15 14.16 248.04 Saudi Fund 0.52 8.91 0.38 6.62 0.49 8.57 0.02 0.35 1.41 24.45

GOV. GUARANTEED

37.25

642.59

106.17 1,846.49

122.16 2,145.69

56.47 1,007.42

322.05 5,642.19

BILATERALS

20.00

344.98

40.52

704.78

3.89

68.24

34.75

618.44

99.15 1,736.44

China 20.00 344.98 40.52 704.78 3.89 68.24 34.75 618.44 99.15 1,736.44

PRIVATE CREDITORS

17.25

297.61

65.65 1,141.71

118.28 2,077.45

21.72

388.98

222.90 3,905.75

Commercial Banks 17.33 298.90 65.32 1,136.11 118.28 2,077.45 21.72 388.98 222.65 3,901.44 Suppliers (0.08) (1.29) 0.32 5.60 - - - - 0.25 4.31

NON-GOV GUARANTEED

106.00 1,828.50

87.73 1,521.92

45.41

797.54

82.92 1,484.95

322.07 5,632.92

PRIVATE CREDITORS

106.00 1,828.50

87.73 1,521.92

45.41

797.54

82.92 1,484.95

322.07 5,632.92

Commercial Banks 106.00 1,828.50 38.54 666.44 - - 82.92 1,484.95 227.46 3,979.89 Suppliers - - 49.20 855.48 45.41 797.54 - - 94.60 1,653.03 P' : Provisional

1. Exchange Rate at day of transaction

1/4/2012 - 30/6/2012 TOTAL

PUBLIC SECTOR EXTERNAL DEBT

QUARTERLY DISBUSEMENT BY CREDITOR TYPE AND CREDITOR

2011/12

(26)

AMOUNT %

TOTAL

4,587.21

100.00 CENTRAL GOV'T

3,723.47

81.17 MULTILATERALS

2,033.00

44.32

AfDF 578.91 12.62 BADEA 37.67 0.82 EIB 18.89 0.41 IDA 1,246.54 27.17 IFAD 101.80 2.22 NDF 0.00 OFID 49.20 1.07

BILATERALS

1,690.47

36.85

Paris Club 0.02 0.00 Italy 0.02 Non-Paris Club 1,690.45 36.85 China 1,303.84 28.42 India (Exim-Bank) 320.28 6.98 Kuwait Fund 38.18 0.83 Saudi Fund 28.15 0.61

OTHER PUBLIC SECTOR

863.74

18.83 PRIVATE CREDITORS

863.74

18.83

Commercial Banks 626.16 13.65 Suppliers 237.57 5.18 1. Exchange rate as at end of period

UNDISBURSED PUBLIC SECTOR EXTERNAL DEBT

BY CREDITOR TYPE AND CREDITOR

30/06/2012 MILLION USD 1

Statistical Bulletin

Public Sector Debt