IMF Omits Ethiopia in Growth Forecast

Oct 16 , 2021


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


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Ethiopian Seafarers Contribute $50m Annually in Remittances

Ethiopian Maritime Authority disclosed 50 million dollars in annual remittances from seafarers deployed internationally. Abdulber Shemsu, the director general of the Authority, said Ethiopia's membership in the International Maritime Organisation (IMO), establishes global standards and guidelines for safe, secure, and environmentally sustainable shipping practices. With 176 member countries and three associate member countries, including Ethiopia, the IMO provides a framework for ensuring...


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AfDB Launches $1.5m Initiative to Propel Agro-Industrial Parks

A 1.5 million dollar initiative for the development of three Agro-industrial parks was commenced last week. Financed by the African Development Bank (AfDB), the project includes feasibility studies, a master plan, and an environmental and social impact assessment. The Phase Two project, which includes capacity building for stakeholders, was initiated last week with an agreement between Semereta Sewasew, state minister for Finance and Gunther Beger, managing director of UNIDO. Semereta said...


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Cabinet Approves Public Service Legislation

Council of Ministers has unanimously approved the legislation that aims to raise the competency and professionalism of public service in the country. The Federal Civil Servants Proclamation is pending ratification from Parliament. The decision was made during the 30th meeting of the Cabinet last week, which follows the ratification of the public service and administrative policy. Currently, the 176 federal agencies within 22 ministries, collectively employ around two million people. The polic...


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