Ministry Announces Tariff Cut for Export Commodities

Apr 25 , 2020


[ssba-buttons]

The Ministry of Transport has decreed new price reductions to support the export manufacturing industry and alleviate economic pressure caused by the Novel Coronavirus (COVID-19). The decision includes having the Ethio-Djibouti Railway provide free transport for industrial parks using it to export goods for a period of three to five months depending on the unfolding situation, effective May 1, 2020. Similarly, the Ethiopian Shipping & Logistics Services Enterprise will reduce port and transport fares at Modjo Dry Port for the manufacturing export industry for the duration of the state of emergency. All products from the Hawassa Industrial Park designated for the port will be given a 50pc reduction on transportation fees. Additionally, all dry port service fees will be reduced by 50pc. The Enterprise is also availing up to a 73pc reduction of the market price on all export items travelling from Djibouti to different parts of the world for all of its customers. For materials difficult to transport by railway, the Ethiopian Shipping & Logistics Services and transport companies will avail their services at a 50pc reduced rate.


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...