IMF Urges Creditor Committee for Quick Decisions

Jul 17 , 2022

The International Monetary Fund (IMF) has called on the creditor committee for Ethiopia to hasten negotiations with federal authorities and reach an agreement for the debt restructuring process under the G-20 Common Framework. IMF representatives said the Fund's representatives and the country's creditor committee, chaired by France and China, are due for a sitdown in the coming week. Ethiopia is one of the three African countries that have applied for debt restructuring under the G-20 common framework in February 2020. The process has been moving slowly, frustrating IMF officials. Ethiopia owes external creditors close to 30 billion dollars, nearly half of which goes to China. Chad and Zambia are the other two African countries that have applied for debt rework under the framework.


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...