Photo Gallery | 96172 Views | May 06,2019
Dec 13 , 2019
The Ethiopian government has secured yet an additional three billion dollars in support from the Development Assistance Group (DAG), a consortium of 30 donors based in Addis Abeba.
The financial aid is meant to be used for the implementation of the Homegrown Economic Reform Programme.
"They responded to our call of financial support," Eyob Tekalign (PhD), state Minister for Finance, confirmed to Fortune.
It is part of a response to a donors' meeting held back in September this year, his ministry called alongside the National Bank of Ethiopia (NBE), held at the UNECA. It was at this meeting UNECA's Executive Secretary, Vera Songwe, billed the reform cost at 10 billion dollars. Close to 60pc of this ought to come in direct foreign investment, while the remaining was sought to bring down the country's external debt exposure.
The announcement today cannot come at more opportune times for the administration of Prime Minister Abiy Ahmed (PhD), Yesterday, the IMF announced a staff-level agreement on a 2.9-billion-dollar financing package for Ethiopia, which still needs to be approved by its Board of Directors.
The financing package will be made to address the foreign exchange shortage and transition to a flexible exchange rate regime.
Photo Gallery | 96172 Views | May 06,2019
Photo Gallery | 88434 Views | Apr 26,2019
My Opinion | 67005 Views | Aug 14,2021
Commentaries | 65717 Views | Oct 02,2021
Apr 13 , 2024
In the hushed corridors of the legislative house on Lorenzo Te'azaz Road (Arat Kilo)...
Apr 6 , 2024
In a rather unsettling turn of events, the state-owned Commercial Bank of Ethiopia (C...
Mar 30 , 2024
Ethiopian authorities find themselves at a crossroads in the shadow of a global econo...
Mar 23 , 2024
Addis Abeba has been experiencing rapid expansion over the past two decades. While se...
Loading your updates...