Not the Right Time for a New Program: IMF

Nov 13 , 2021

During a press briefing held last week, representatives of the IMF stated that it would be difficult to kick off any new projects in Ethiopia given the heightened uncertainty in the country and its impact on the macroeconomy. The IMF's Director of Communication Gerry Rice, however, highlighted the Fund is ready to engage when the time is right and will continue to support authorities on an ongoing basis to provide policy advice and technical assistance. Ethiopia's extended credit facility and extended fund facility had expired in September, and government authorities had requested to begin negotiations on a new programme to replace them. "Like everyone else, we're watching the situation in Ethiopia with concern and continue to monitor that," said Rice.


Pivots in Business Maze

A set of projects spearheaded as part of ease of doing business reform with a 7.2 million euro finance from the European Union (EU) is set to improve and navigate the lingering concerns in Ethiopia's business landscape. E-governance projects are undertaken by GIZ International Services and Mckinsey & Company in cooperation with five federal agencies, including the Justice, Trade,  Innovation, Revenues ministries and National Bank of Ethiopia (NBE) are part of the wider plan to improve the d...


Dashen Bank Board Reinstates its Chair

Dashen Bank re-appoints Dula Mekonnen as its Board Chairman, extending his tenure for another three years. The decision was made during a board of directors meeting held at the Sheraton Addis Hotel last week. Dula holds a first degree in electrical engineering from the Adama Science & Technology University and a graduate degree in business management. With a diverse leadership background spanning three decades, Dula has served as a manager at Ethio-Leather Industry Plc and managed Wenji S...


Digital Fuel Transactions Soar Amid Subsidy Drop

Nationwide digital fuel transactions have exceeded the 155.4 billion Br mark, as the Ethiopian Petroleum & Energy Authority released a half-year report last week. Consistent reductions in fuel subsidies have led to the fuel price stabilisation fund hitting an all-time low of 117.4 billion Br, a decrease of 79.6 billion compared to the previous year. The report highlights the successful monitoring of subsidies across the country's 1,589 fuel stations, benefiting nearly 200,000 transporters...