Ethiopia’s Public Enterprises have borrowed a total of 780 billion birr loan from local and international banks, Minister of Finance Ahmed Shdie has announced.
Ethiopian Electric Power, Ethiopian Electric Utility, Ethiopian Railway Corporation, Ethio- Engineering (METEC), Chemical Industrial Corporation, Construction Works Corporation and Ethiopian Sugar Corporation are among the public enterprises that are highly indebted, he said
According to the Minister, Ethiopian Airlines and Ethio-telecom are among the state run enterprises which are performing well and helping the nation earn foreign currency.
Ahmed said the enterprises have faced critical problems to operate and ultimately will be out of business unless otherwise their challenges are not rectified quickly.
All indebted state enterprises will undergo a reform as the home-grown economic reform operates within the framework of the nation’s 10-year economic development strategy, Ahmed added.