Corporation Gets New Deputy CEO

Jun 26 , 2021


The Ministry of Finance has named Mulualem Getahun as Deputy CEO of the newly-formed Liability & Asset Management Corporation. Mulualem has close to two decades of experience in finance and investment, including a stint at MIDROC Ethiopia and serving as Transport Director and then Deputy CEO of the Ethiopian Railway Corporation. The Council of Ministers approved a regulation to establish the Corporation in January 2021, and its main purpose is to soak up and administer the debts owed by state-owned enterprises (SOEs) to external lenders and the Commercial Bank of Ethiopia. The new Deputy CEO looks to have his work cut out for him as the Corporation will be in charge of administering residual debts worth over half a trillion Birr, the majority of which is owed by Ethiopian Electric Power. His former office, the Ethiopian Railway Corporation, owes 120 billion Br in debts while the former Metals & Engineering Corporation (MetEC) and the Sugar Corporation are on the line for around 70 billion Br each.


Radar

Coffee Exports Bring in $1.5B in Third Quarter

Ethiopia has earned 1.5 billion dollars from coffee exports over the nine months of the fiscal year. The country had set a target to earn a little over a billion dollars by exporting 201,959tns of coffee during the same period. According to Adugna Debella (PhD), director general of the Ethiopian Coffee & Tea Authority, the export strategy continues to focus on major international markets, with the top 10 destinations, including Saudi Arabia, Germany, and the United States (SU), accounting...


Radar

Central Bank Holds Fourth Exchange Auction

The National Bank of Ethiopia(NBE) sold one dollar for 131.4961 birr in its recent auction. It was reported that 26 banks participated in this auction, which took place last week on Thursday. In a statement issued by the National Bank  following the auction, it was indicated that 70 million dollars was offered for the event. Subsequently, it was reported that 96 pc of the foreign exchange needs of the participating banks were met. In the previous auction, held 15 days ago, the bank had of...


Radar

City Registers 64,075 Births in Fiscal Year

The city has exceeded its birth registration target for the first nine months of the fiscal year, registering 64,075 children—71.15pc more than the set goal of 58,342. This success, with a registration coverage rate of 109.63pc, is largely attributed to the efficiency of the one-centre birth registration service system, which has been rolled out across health centres and courts. The total number of vital events registered, including births, adoptions, marriages, divorces, and deaths, reache...