Ethiopia: 2.5 billion dollars sitting idle in NGO accounts

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ESAT News (March 30, 2017)

About 2.5 billion dollars belonging to several non governmental organizations and foreign government representatives is just sitting idle in their accounts, according to sources at the National Bank of Ethiopia.

The money is mostly sent from foreign governments and organizations to carry out aid and development projects but due to the inefficiencies of the recipient agencies, the money is just idling at the bank, according to the sources.

Inspectors of the IMF were given lame excuses by officials of the Ministry of Finance and bank executives when they inquire why the money was not used.

The sources also said the money is exposed to embezzlement.