BUSINESS & ECONOMY INDICATORS TRENDS FORTUNE+ VIDEO TENDERS JOBS SPONSORED CONTENTS FORTUNE AUDIO TRADE AFRICA new

COVID-19 UPDATES: All the stories and commentaries on Coronavirus, in one place


Ethiopia Secures Additional $3b in Finance from DAG

December 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.

Put your comments here


Share This Post
Linkedin
Google+


Most read

Latest News

Editor's pick

Commentaries

Fruitful Offer of New Arbitration for Business Community

When one considers commercial disputes that arise from breaches of contractual obliga...

African Blue Economy Can Ride the AfCTA Wave

Africa is a complex continent. It is an eclectic mix of authoritarian regimes — whe...

Fineline

Leaders of the National . . .

Leaders of the National Election Board are in a charm offensive mood, of a sort. Last week, they organised a rare tour for members of the me...

When the country’s most. . .

When the country’s most senior diplomats and envoys return back to their posts after two-week debriefings, they leave behind a point or tw...

Editorial

Spiritual Leaders Can Be Exception. If They Will It

April 17 , 2021

There is not a facet of life in Ethiopia today that is not convulsed by the moral cri...

Regional Fiscal Perfidy Stems from an Indulgent Fed. Alarming!

April 10 , 2021

It is not often the case for regional states' leaders to swallow their vanity and dec...

Bailout Needs to Contend with Original Sin of Political Corruption

April 3 , 2021

As an Auditor General, he was not the most conspicous of officials in the mainstream...

At Odds with Dev't Partners, Ethiopia Could Miss Out on Improving World Economy

March 27 , 2021

In an unprecedented turn of irony, just as Ethiopia began an attempt to open up to th...

Gallery

2020 in Posterity

January 5 , 2021

With an election initially expected to be held in 2020, the past year was supposed to be eventful. It did not disappoint. In fact, it outpaced expectations. Much of 2020 was talked about, analysed and debated. And thanks to technology, it was caught...

TIGRAY VOTES DESPITE "NULL & VOID" THREAT

September 9 , 2020

IN-PICTURE: LAUREATE'S RECEPTION  

December 14 , 2019

PM Abiy Ahmed (PhD) at a Gala Dinner Called for the Awarding of the Félix Houphouët-Boigny Peace Prize

May 6 , 2019

Faces, Voices of Addis Abeba

April 26 , 2019

Mourning Nation, Grieving World

March 17 , 2019

Sunday With Eden

Grieve Today, Work for Better Tomorrow

A good friend of mine has endured wars, natural disasters, bereavement, property los...

Everyone Needs to Answer for Ethiopia Predicaments

A few days ago, a friend told me an unnerving story – highly illustrative of Ethio...

Life Matters

The Gender 'Prank' on Society

About a week ago, in the neghbourhood known as Bole Brass, close to Bole International Airport, two young women were talking about their asp...

Don't Judge People by Their Tattoo

Do not judge a book by its cover, we say. But we still judge all the same. It is much worse when it comes to a living, breathing person. We...

In-Picture

Drop us a message

Or see contact page