Ethiopia Loses 14.3b Br to Franco Valuta

Dec 10 , 2018


[ssba-buttons]

Ethiopia has lost 14.3 billion Br in franco valuta, a license issued to importers of goods on which no foreign exchange is payable in the past three years. The system was given to people living in peripheral areas of the country where the infrastructure development is very low, according to State Minister of Revenues Zemede Tefera. The Ministry found out that the scheme was misused for commercial purposes inside the country. “We will implement strong controls on this system, from issuing the permits to tracking the merchandise,” says Adanech Abebe, minister of Revenues. The investigation on the scheme also pointed out that government official have been engaged in the fraud. “Since government officials are also part of the problem, an extensive investigation must be done to get a lasting solution,” she added.


Radar

New Directive Hikes Service Fees for Foreign Investors in Free Trade Zones

The Ethiopian Investment Board has issued a new directive revising the service fees from foreign investors payable in dollars to the Ethiopian Investment Commission (EIC), introducing updated rates for both the One Stop Shop and designated Free Trade Zones. The revised directive came into effect this April following its publication on the websites of the Ministry of Justice and the EIC. Issued pursuant to Article 23 of the Special Economic Zone Proclamation, the directive outlines charges for...


Radar

City Tables 350B Br Budget Plan for Upcoming Fiscal Year

The City Administration has approved a resolution to submit a proposed budget of 350 billion Br for the 2025/26 fiscal year to the City Council for deliberation. According to the Administration's statement on its official social media page, the draft budget is designed with a central focus on poverty reduction, encompassing targeted subsidies for sustainable development, investment in large-scale job-creating projects, and enhanced service delivery to address the growing demands of the reside...


Radar

Ethiopia, UN Launch Joint Plan to Drive Development Through 2030

The Ethiopian government and the United Nations (UN) have signed a five-year development plan outlining national priorities from 2025 to 2030. Signed on June 20 at the Ministry of Finance, the United Nations Sustainable Development Cooperation Framework (UNSDCF) with implications that it aligns with Ethiopia's reform goals and the Sustainable Development Agenda. The plan is backed by a projected 6.5 billion dollars, though only 1.5 billion dollars is currently secured. It focuses on closing t...