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.
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