Acute Malnutrition Among Children Rises by 24pc

Aug 1 , 2020


Due to the combined effects of desert locusts, climate change and the secondary impact of COVID-19, the number of children to be treated for severe acute malnutrition in 2020 alone will rise by 24pc, according to UNICEF. The humanitarian target will, therefore, rise from the 460,000 initially planned, which includes 16,000 refugee children, to 570,000 children, of which 18,400 are refugee children. This represents 110,000 more children that need to be treated for malnutrition. In the next three months, a rise of this magnitude will undoubtedly trigger a spike in child mortality, as children with severe acute malnutrition are more vulnerable and likely to die from infectious diseases, such as measles and malaria. Humanitarian agencies require immediate support of 2.4 billion dollars to treat malnutrition and improve maternal and child health caused by the Novel Coronavirus (COVID-19) pandemic. Of this number, 80pc are from Sub-Saharan Africa and South Asia.


Radar

Electricity Bills Get the VAT Jolt

The new Value Added Tax (VAT) has begun implementation on electricity consumption and various service fees affecting customers who use more than 200 kilowatt hours of electricity per month. Based on a directive from the Ministry of Finance, the tax will be applied to the excess amount of electricity consumption above 200 kilowatt hours. The Ethiopian Electric Utility (EEU) began implementing the VAT on bills starting from November though both prepaid and postpaid customers will have to pay V...


Radar

Gadaa Bank Expands Reach, Faces Lending Constraints

Gadaa Bank closed its first full fiscal year of operations with a net profit of 90.2 million Br. The 18-month-old Bank held its annual general assembly at Millenium Hall on Africa Avenue last week where the board announced that during the year, the Bank opened 15 branches and now has 85 operational branches. “Due to recently enacted policy measures on credit by NBE and unmet resource mobilization during the fiscal year, the Bank was unable to make loan disbursements,” stated Wolde...


Radar

Oromia Bank's Branch Expansion Weighs on Profits

Oromia Bank reported a 47pc decline in net profit to take in 840.9 million Br for the past fiscal year. Interest income grew by 21pc to reach 7.19 billion Br while personnel expense grew by 36pc to hit 3.16 billion Br. The opening of 72 new branches, bringing the total to 575, led to a four percent growth of deposits to 56.4 billion Br. The profits are “unsatisfactory against our ambitious moves,” said Assefa Seme (PhD), board chairperson. “The deviation is primarily attributed to our aggr...