Ministry Injects Billions in Revised Budget

Aug 11 , 2024


Leaders from the federal institutions gathered at the halls of the Ministry of Finance on King George VI St. last week to overhaul the fiscal year's budget. A dramatic surge is on the cards, with an additional 551 billion Br earmarked to combat pressing economic challenges. This massive boost will bring the total budget to over 1.52 trillion Br, marking a staggering 56.7pc increase compared to the initial allocation approved just a month ago. Finance Minister Ahmed Shide said the supplementary budget reflects the government's commitment to enhancing social welfare and mitigating risks associated with policy implementation. He said transparency and responsiveness in public service delivery are vital, promising that citizens would receive respectful and efficient service from all government offices. The funds will be used to subsidise essential commodities and ensure the continuity of public services with 240 billion Br going towards social development initiatives. Eyob Tekalign (PhD), state minister for Finance, said the additional funds will primarily be directed towards alleviating economic pressures, particularly in sectors such as oil, fuel, and pharmaceuticals. He characterised the ongoing macroeconomic reforms as the most comprehensive in the country's history and called for exceptional performance from the Ministry and its affiliated institutions. "It's a defining moment for Ethiopia's future," said Eyob.


Radar

Parliament Nods for Cabinet Appointments

Federal legislators have approved five cabinet-level positions last week with a member of Parliament (MP) voted against and two abstentions were counted. Gedion Timotheos (PhD) leads the charge as the new minister of Foreign Affairs, filling in Taye Asqeselassie's shoes, where he stayed briefly before becoming the country's president. With law degrees from Addis Abeba and Central European universities, Gedion was previously Attorney General and Minister of Justice. Joining him in the redev...


Radar

Abyssinia Group Eyes Expansion with IFC Funding

Abyssinia Group of Industries (AGI), a leading East African steel producer, is poised for significant expansion owing to a proposed investment from the International Finance Corporation (IFC) which is considering a financing package of up to 50 million dollars, including parallel loans in local currency. Headquartered in Kenya, AGI operates two steel plants in Ethiopia, six in Kenya, and has mining activities in Uganda. AGI currently produces 660,000 metric tons of steel annually and employs...


Radar

Fitch Acknowledges Easing Financial Pressures, Enhanced Macroeconomic Stability

Fitch Ratings has upgraded Ethiopia's Long-Term Local-Currency Issuer Default Rating (LTLC IDR) to 'CCC+' from 'CCC-', citing easing financing pressures, improved macroeconomic stability, and increased confidence that local-currency obligations will not be part of the ongoing debt restructuring. This positive development comes as the government implements key reforms and secures renewed concessional external financing. The ratings agency has taken note of the introduction of a market-based ex...


Back
WhatsApp
Telegram
Email