Ethiopia requests a new credit arrangement to access 1.5 billion dollar concessional loan from the IMF following the expiry of a 1.5 billion dollar loan facility approved to the East African country almost two years ago. Upon the approval of the fund, this will give Ethiopia access to concessional poverty reduction & growth trust resources, […]
Ethiopia Looks for New IMF Deal to Regain $1.5 billion Loan Read More »
A quintal of sesame receives an offer of 6,348 Br at the floor of the Ethiopian Commodity Exchange on September 21, 2021, the highest in almost two years. The price spike occurred as the Exchange entered to the slack season, which usually see a fall in production, though it is partly caused by the political
Slack Season, Political Instability Push Sesame Prices Up Read More »
The 6.3 billion Birr worth Modjo-Batu 92km express road becomes operational. Drivers of automobiles passing through the road are expected to pay a fee of 0.77 Birr a kilometre, it is 1.05 Br in case of heavy trucks. It is the third express road for the country, next to Addis-Adama and Dire Dawa Dewale projects.
New Express Road Worth 6.3 billion Br Opens for Traffic Read More »
The construction of the 3.6 billion dollar fertilizer plan is coming to fruition. The latest development surfaces five years after the Moroccan state-owned conglomerate, OCP Group, formed a joint venture (JV) to establish a 3.6 billion dollars worth fertilizer plant in Dire Dawa, 456km away from the capital. Last week, a final agreement was signed
Fertilizer Plant Worth $3.6 billion Close to Fruition Read More »
Ethiopia’s commercial banks secure half a billion dollars in loan facility from the African Export & Import Bank (Afreximbank). The pan-African financier availed the facility through its scheme dubbed Trade Facilitation Program. It was launched three years ago with the aim of boosting the financial soundness of African banks that are unable to secure credit
Commercial Banks to Get $500m in Loan Facility Read More »
Interested investors can now submit their proposals, should they want to buy 40pc shares of ethio telecom, the Ministry of Finance announced. The request for proposal (RFP) document costs 20,000 dollars, up from the 15,000 dollars fee charged by the government of Ethiopia for the telecom license bid. Prime Minister Abiy Ahmed hopes the privatization
Ethiopia Launches Tender Process for Ethio Telecom Privatization Read More »
Food inflation surged to 37 percent, the highest in 10 years, Birrmetrics confirmed. Last week, Eyob Tekalign, State Minister of Finance, admitted the inflationary pressure is becoming out of the government control. “It is our biggest headache to the macroeconomy,” remarked the state minister. Exacerbated by the swift depreciation of Birr and unending upsurge of
Food Inflation Hits 10-Year High Read More »
A new directive demands commercial banks to surrender 50 percent of foreign currencies secured from exporters and Non-Governmental Organisations (NGOs) to the National Bank of Ethiopia (NBE). The banks are expected to surrender the forex in the first five days of every month at a prevailing exchange rate to the NBE, while they are obliged
Banks to Surrender 50% Forex from Exporters, NGOs Read More »
Tigray is like no other region in Ethiopia. Despite making up an estimated six percent of the Ethiopia’s population, it is a place where the country is incepted, a fact that is hard to deny. It is in this region the plights of the two biggest religions of Ethiopians- Islamic faith and Christianity- started. A
Tigray: the Long Path to Peace Read More »
The National Bank of Ethiopia (NBE) freezes collateral-based loans for indefinite period of time. The decision is targeted at weakning the parallel market and drying source of cash for it. There has been attempt to dollarize a lot of cash in the last two months, a state of affairs which the officials of NBE want to
Central Bank Freezes Loans, Businesses are Frustrated Read More »
