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.


Geda Special Economic Zone Receives Prospective Tenants

East African Holding and Ethio-Chicken have been shortlisted to invest in the Geda Special Economic Zone(GSEZ), located in the tri-state area shared by Mojo, Adama, and Shashemene cities within the Oromia Regional State. The two companies were selected from 120 investors who showed interest in acquiring space in one of the largest SEZs in Africa. Close to 404hct of land has already been developed in the expansive economic zone, out of a potential 24,000 hectares, with lease prices set between...


Standard Institute Revamps Fees, Board Restructuring

The Ethiopian Standards Institute (ESI) is set to introduce fees for standards sticker, establish a new governing board, and address collaboration with other regulatory bodies. The Institute plans to strengthen its financial standing by charging fees for standards and product certification services to support its operations and annual budget. A key change involves replacing the current Council of Standards with an 11-member Board of Directors. The Minister of Trade & Regional Integration...


Safaricom Ethiopia Rolls Out its Network to Tigray

With 125 self-built towers, Safaricom Ethiopia has launched its operations in the Tigray Regional State. Executives disclosed plans to invest in an additional 166 towers and expand their reach to the remaining towns. "This is the most exciting milestone in Tigray since the return of social services," said Getachew Reda, president of the Interim Regional State Administration. In July 2021, the consortium-backed telecom giant entered Ethiopia's market, historically dominated by state-owned E...