African Ministers Call for $100b Support

The African Ministers of Finance have called for 100 billion dollars in support to halt the spread of the Novel Coronavirus (COVID-19) pandemic throughout the continent. Out of that amount, 44 billion dollars will go toward debt relief for all African countries, according to their plea. The ministers warned during a video meeting that the COVID-19 crisis is deep and that recovery will take a long time. In their meeting, the ministers focused on several main issues, including the health and humanitarian crisis; the need for debt relief and fiscal stimulus for all countries; liquidity relief to the private sector and in particular the service sectors, especially tourism, airlines and small  and micro enterprises. The ministers specifically called on the International Monetary Fund (IMF) to support the need for additional resources, recognising that the IMF plans to double access under its emergency financing facilities. Algeria, Egypt and South Africa are the three countries most affected by the spread of the virus so far. The Ministers also suggested that if the crisis were to continue, an additional 50 billion dollars may be needed for the recovery process in 2021 in anticipation of interest payments.


Ethiopian Seafarers Contribute $50m Annually in Remittances

Ethiopian Maritime Authority disclosed 50 million dollars in annual remittances from seafarers deployed internationally. Abdulber Shemsu, the director general of the Authority, said Ethiopia's membership in the International Maritime Organisation (IMO), establishes global standards and guidelines for safe, secure, and environmentally sustainable shipping practices. With 176 member countries and three associate member countries, including Ethiopia, the IMO provides a framework for ensuring...


AfDB Launches $1.5m Initiative to Propel Agro-Industrial Parks

A 1.5 million dollar initiative for the development of three Agro-industrial parks was commenced last week. Financed by the African Development Bank (AfDB), the project includes feasibility studies, a master plan, and an environmental and social impact assessment. The Phase Two project, which includes capacity building for stakeholders, was initiated last week with an agreement between Semereta Sewasew, state minister for Finance and Gunther Beger, managing director of UNIDO. Semereta said...


Cabinet Approves Public Service Legislation

Council of Ministers has unanimously approved the legislation that aims to raise the competency and professionalism of public service in the country. The Federal Civil Servants Proclamation is pending ratification from Parliament. The decision was made during the 30th meeting of the Cabinet last week, which follows the ratification of the public service and administrative policy. Currently, the 176 federal agencies within 22 ministries, collectively employ around two million people. The polic...