Fed Transfers 35b Br in Taxes to Regional Admins

Jul 30 , 2022

The federal government has transferred close to 35 billion Br in revenues collected from taxes to regional administrations. The amount was determined by an income distribution formula set out for the budget year ended earlier this month. Prior to an amendment to the distribution formula, the federal government allocated not more than 4.1 billion Br in taxes to regional administrations. Parliament has approved a 786.6 billion Br federal budget bill for this year. Close to 45pc of the budget has been apportioned to recurrent expenditures. A little less than 236 billion Br (30pc of the budget) has been set aside for capital expenditures. Less than 200 billion Br has been apportioned to cover regional states' subsidies and pay for development projects.


DDR Initiative Gets 16m Boost

A 16 million euro initiative to facilitate the disarmament, demobilisation, and reintegration (DDR) of nearly 370,000 ex-combatants was launched last week. Financed by the European Union (EU) the program will be implemented across eight regional states. It is overseen by the National Rehabilitation Commission (NRC), the agreement was signed at the Ministry of Finance's headquarters on King George St. Key figures including Semereta Sewasew, state minister for Finance; Teshome Toga, commissioner...


Central Bank Launches Youth Enterprise Forum

A financial education program targeting youth and Medium & Small Enterprises (MSMEs) was launched by the National Bank of Ethiopia (NBE) last week. It aims to equip interested trainees with personal and professional knowledge through experts from banks and microfinance institutions who will provide comprehensive training. The training modules, developed in collaboration with The First Consult and BRIDGE, cover several angles of financial literacy, including deposits, digital financial servic...


ArifPay Takes a Leap with Massive Capital Boost

Shareholders of ArifPay Financial Technologies S.C. have taken a significant stride by resolving to raise the company's paid-up capital to 300 million Br. The decision doubles down from the current 140 million Br marking a substantial increase. ArifPay, was established by 142 shareholders and secured the distinction of being the first payment operator licensed by the National Bank in 2021. CEO Bernard Laurendeau emphasised the critical timing of this capital increase, aligning with the company...