Parliament Approves 786 million Br for Five Institutions

May 29 , 2021


Parliament's Standing Committee for Revenue, Budget and Finance affairs, chaired by Yayesh Tesfahunegn, has approved a 786 million Br budget for the next fiscal year for five public institutions. The National Electoral Board of Ethiopia (NEBE), which is currently undergoing preparations for the sixth national elections scheduled to take place in late June 2021, got approval for a budget of 93.5 million Br. The committee also granted 103 million to the Ethiopian Human Rights Commission, 337 million Br for the secretariat of the House of People's Representatives, and 59 million Br for the parliamentary secretariat. In addition, 85 million Br was approved for the Federal Ombudsman. These institutions had previously submitted their budget requests to the Ministry of Finance, which were approved accordingly. Their aggregate budget requests amounted to 1.3 billion Br Over the current fiscal year, the Ethiopian Human Rights Commission has been operating with an approved budget of 74.5 million Br, 64.7 million Br for the Federal Ombudsman, and 2.5 billion Br for the NEBE.


Radar

Ethiopian Airlines Fined $425,000 for Non-compliance

The United States Department of Transportation (DOT) has imposed significant fines on Ethiopian Airlines and Etihad Airways, totaling 425,000 dollars and 400,000 dollars, respectively. Ethiopian Airlines operated flights under United Airlines' code, while Etihad Airways used JetBlue's code in regions where U.S. flights were prohibited. An investigation by the Department's Office of Aviation Consumer Protection (OACP) uncovered that from February 2020 to December 2022, Ethiopian Airlines conduct...


Radar

Enat Holds Steady as Revenue, Expense Soar

Enat Bank held its 11th Annual General Meeting of Shareholders last week at the Millennium Hall on Africa Avenue, where it announced a profit after tax of 555.2 million Br, exhibiting an incremental 2pc growth from the previous year. The Bank registered stronger growth with a 29pc increase in revenue, reaching 4.3 billion Br. The bank's focus on strategic branch expansion and enhancements to digital banking resulted in a 18.4pc deposit growth, bringing total deposits to 21 billion Br. Preside...


Radar

Addis Surges, Minimum Threshold Out of Reach

Addis International Bank reported an 85pc growth in net profit to come in at 413.87 million Br. The bank's total assets as of the 2023/2024 fiscal year were 15.4 billion Br, representing a 22.2pc rise of 2.8 billion Br over the previous year. The Bank also posted a substantial 13.8pc rise in paid-up capital from the previous year to sit at 2.1 billion Br. It was noted at the general assembly that “the Bank is far away to reach the required minimum capital after two years.” Addis Internation...