Prime Minister Confirms Fuel Subsidy Lift Begins Next Month

Jun 18 , 2022


"Fuel subsidies are sapping a vast amount of resources," Prime Minister Abiy Ahmed (PhD) told parliamentarians last week. He confirmed the federal government would go ahead with its plan to lift the subsidies off progressively beginning next month. Officials at the Ministry of Transport & Logistics have identified a quarter of a million public transport vehicles that will continue to benefit from the subsidies for the coming five years. All other vehicle owners will have to pay full price at pumping stations beginning July 2023. The state-owned Ethiopian Petroleum Supply Enterprise imports an average 2.7 million litres of fuel daily. The petroleum products are distributed through close to 40 oil companies and over 1,200 pumping stations.


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Abyssinia Bank Taps to Digital Loan Solution

The Bank of Abyssinia (BoA) is moving forward to provide banking solutions facilitating microloans. The Bank has hired an Indian-based tech vendor Newgen Software Company, that bagged the international bid on December 22, 2022. Over 10 companies have shown interest in the bid floated by the bank four months ago. The solution provider has committed to completing the project in six months with Yonas Daniel, regional manager for Newgen, and Menbereselassie Gebrekidan, procurement director at Aby...


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ROLLING CREDIT

Bank of Abyssinia rolls out banking services on a truck around Meskel square in the capital. With less than half of Ethiopian adults having access to bank accounts, financial inclusion is a major issue. The central bank revealed in August 2022 that 8,944 commercial bank branches exist in the country. The 30 commercial banks currently in operation offer credit services to less than 400,000 customers charging an average of 17pc interest on asset-backed loans...


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SPREADING HORIZONS

Left) Elias Woldu and Mesnbet Shinkute sign a Memorandum of Understanding on behalf of the Ethio-American and Addis Abeba Chamber of Commerce & Sectoral Association, respectively. Some estimates put the number of Ethiopian diaspora living abroad at over two million people, larger than the population of several small nations. Continued economic and political deprivation has forced many to leave the country for better opportunities. While migration to other countries is still high, the number...