Ethiopia's Wheat Procurement Drops by 75pc

Aug 1 , 2020


[ssba-buttons]

Ethiopia's wheat procurement expense fell by 75pc in the just ended fiscal year, from 11.1 billion to 2.8 billion Br. The sharp decline, from 1.7 million tonnes to 440,000tn, is due to the country procuring one million tonnes of wheat in June at the end of the 2018/19 fiscal year, according to Melkamu Defali, public relations director at the Public Procurement & Property Disposal Service. "What was procured at the end of that year was utilised during this fiscal year," he said. The Service had spent an overall 5.1 billion Br for public procurement in the past year, while it had allocated 14.6 billion Br in 2018/2019. It also generated 51.8 million Br from the disposal of public property during the last fiscal year, hitting 85pc of its target. The revenues were obtained from the disposal of vehicles and scrap, among others. Frequent cancellation of tenders happened due to the outbreak of the COVID-19 pandemic, according to Melkamu, which had impeded the bidding process.


Radar

Ethiopia, IFAD Sign 69.2m Dollar Deal to Promote Lowland Resilience

The Ethiopian Government and the International Fund for Agricultural Development (IFAD) have signed a 69.2 million dollar grant agreement to implement Phase II of the Lowland Livelihoods Resilience Project (LLRP II). The grant agreement was signed by Finance Minister Ahmed Shide and IFAD President Alvaro Lario. The project targets climate resilience and improved livelihoods for three million people in pastoral and agro-pastoral communities. Co-financed by the World Bank, LLRP II covers eight reg...


Radar

NBE Expands Diaspora Warning Over Unlicensed Remittance Firms

The National Bank of Ethiopia (NBE) has issued an expanded public warning targeting unlicensed remittance operators abroad, flagging four U.S.-based companies it says are undermining Ethiopia's financial regulations. The warning includes newly disclosed findings and specific cases that underscore growing concerns about illicit cross-border financial activity. Remittance flows remain a vital lifeline for Ethiopia's economy, supporting households and supplying critical foreign currency. But as...


Radar

Stricter Standards Unveiled for Public Auditors, Accounting Firms

The Accounting & Auditing Board of Ethiopia (AABE) has issued a new directive aimed at strengthening oversight and professional standards in the accounting and auditing sector. Grounded in the Financial Reporting Proclamation, the directive addresses long-standing regulatory gaps while preparing the sector for the country's emerging capital market. Key provisions introduce stricter licensing standards for public auditors, professionals permitted to audit public interest entities. Applican...