IMF Omits Ethiopia in Growth Forecast

October 16 , 2021


IMF Omits Ethiopia in Growth Forecast

The IMF has omitted Ethiopia in its latest GDP growth forecast, citing uncertainty. This is the first time the organisation has failed to include the country in the report it publishes biannually. Last year, the IMF initially projected the Ethiopian economy would not exhibit any growth before amending the figure to two percent. "For Ethiopia, projections for 2022–26 are omitted due to an unusually high degree of uncertainty," reads the World Economic Outlook document published last week. Experts caution the missing projection could further tarnish investors' outlook on the country. Neighbouring Kenya is expected to maintain an average GDP growth of close to six percent over the coming four years


Radar

Ministry Revokes Hundreds of Mining Concessions

The Ministry of Mines has revoked the licenses of 972 for alleged non-compliance with the terms of their exploration and production permits, and involvement in illicit trade.  Among those on the receiving end of the measure is Kefi Gold, a firm that has been conducting gold exploration in the Western Wellega Zone of the Oromia Regional State for over a decade. The 2,000hct exploration area is estimated to hold deposits of close to 50,000Kg of gold. Last week, the National Bank of Ethiopia ap...


Radar

World Bank, Fed Agree on $715m in Funds to Fight Food Insecurity

The World Bank Group and the Ministry of Finance have signed an agreement for 715 million dollars to go towards fighting food insecurity. Most of the financing (600 million dollars) is earmarked for the implementation of a Food Systems Resilience Programme. A third of the amount is in the form of grants, while the balance is credit. An additional 115 million dollars is pledged for improving access to financial services and bolstering economic activity in pastoralist areas. The areas target...


Radar

DISRUPTION HOPEFULS

Youths checkout a booth at the AddisRupt Expo 2022, which was hosted at Safari Hotel on June 25, 2022. The expo focused on technological and entrepreneurial work, showcasing over 20 startups to visitors. The promoters of the expo aimed at connecting startups with investors and was organized by firms such as LinkUp Addis, Profit Marketing and Afromile Trading...