news

The IMF concluded its latest visit to Ethiopia by applauding the “significant progress” made in stabilizing the economy. Mission head Alvaro Piris highlighted important policy steps taken to curb inflation through fiscal austerity and monetary tightening. An International Monetary Fund (IMF) mission, led by Alvaro Piris, was in Addis Ababa to hold discussions with Ethiopian […]

The Ethiopian Coffee and Tea Authority has issued a new directive laying out regulations for the domestic sale of Ethiopia’s prized export coffee – but in a foreign currency and to foreign visitors. The directive will allow certified sellers to conduct transactions at designated locations with foreign tourists and travelers who can pay in legal

Ethiopia is awaiting private investors to partner with the government and construct a new hydroelectric dam, dubbed Mendaia, on the Nile River. The government conducted a feasibility study which found that constructing the Mendaia Dam is viable, according to Moges Mekonnen, Communications Head of Ethiopian Electric Power (EEP). Located in the Kamash zone of the

In a clash of economic forecasts, the International Monetary Fund (IMF) and the Ethiopian government find themselves at odds over the country’s economic growth projections. The IMF released its October 2023 World Economic Outlook report today, titled “Navigating Global Divergences,” offering insights into Ethiopia’s economic landscape. According to the report, the IMF predicts Ethiopia’s economy

IMF Managing Director Kristalina Georgieva expressed support for Ethiopia’s “homegrown economic reform agenda” following an “excellent meeting” with Ahmed Shide, Minister of Finance, and Mamo Mihretu, Governor of Central Bank. Georgieva tweeted that she was impressed by their determination to advance domestic reforms. “Discussed how the IMF can support,” she added. Ethiopia has been requesting

Sheikh Mohammed Al Amoudi has triggered a process to explore options for Preem AB, Sweden’s largest oil refiner, including an outright sale. Corral Petroleum Holdings (CPH), which owns Preem, announced it will review strategic alternatives on the instruction of Al Amoudi, the Saudi billionaire who controls the company. Following instructions from Preem’s ultimate owner, Sheikh

In a significant policy update, Ethiopia’s National Bank has expanded the caps on mobile money transaction and balance limits. The Payment Instrument Issuer Directive now sets the daily electronic account balance limit at 75,000 birr, more than double the previous 30,000 birr ceiling. Daily aggregate transaction volumes are also increased, with a new threshold of

The European Union has allocated €680 million in assistance to support Ethiopia’s recovery, a package which was originally contingent on IMF-led economic reforms in the country. Two years of civil conflict erupted in 2020 when fighting broke out between national forces and militias in the Tigray region of northern Ethiopia, resulting in the suspension of