Yes, the Book of Psalms (ተዝባር) is included within the Old Testament.
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In the mid-20th century, under the patronage of Emperor Haile Selassie I, a committee of elite scholars undertook a massive revision. They did not merely edit the existing text; they consulted the Hebrew Massoretic text and the Greek Septuagint to create a version that was linguistically precise and theologically sound. Yes, the Book of Psalms (ተዝባር) is included