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Corporation Gets New Deputy CEO

June 26 , 2021

Corporation Gets New Deputy CEO

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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Leather Industry Struggles to Meet Expectations

The struggling leather industry managed a little over 33 million dollars in export earnings over the first 10 months of the financial year. It is less than half of officials' aspirations to generate 69 million dollars over the same period, and highlights the troubles faced by the industry over the past few years. Exports from finished leather goods plunged 72pc last year from three years ago. Only eight finished leather manufacturers accounted for 89pc of last year's export earnings, sh...

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Corporation Calls on Suppliers for 200,000tn Sugar Procurement

Executives of the Ethiopian Sugar Corporation have taken steps to procure 200,000tn of sugar from international suppliers. The Corporation had invited shortlisted companies to submit offers, after an attempt to procure the sugar through an international tender went awry. However, officials at the Ministry of Finance instructed its executives to scrap the invitation and proceed to float a second bid. The shortlisted suppliers have also been invited to take part in the bidding process. T...

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Youth in the National Theatre area are waiting for the bus to start moving. They have found a handle to grab and accelerate them ones its starts moving as they ride their skateboard. Although skateboarding is nearly unheard of in Ethiopia, over the past few years, young people have developed a taste for it. Safety, though, leaves a lot to be desired...

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