Prime Minister Reports to Parliament

Apr 3 , 2023

Prime Minister Abiy Ahmed (PhD) showed up to Parliament last week to present a six-month report. He called for "a new normal" to survive the tectonic aftershock from the changing global order, whose impact he projected to be immense in the next five years. Fuel and fertilizer subsidies added up to 70 billion Br in the period, according to the Prime Minister's presentation while Ethiopia's debt burden both domestic and external combined with inflation, underwhelming productivity and shabby infrastructure were indicated as the biggest hurdles to economic prosperity by the PM. This analysis comes in a week at which  IMF staff visited the country to discuss debt restructuring possibilities. Parliamentarians had voiced concerns over poor performance and lack of equity in public infrastructure, mainly unfinished road projects; pervasive official corruption; inadequate public utility provisions such as electricity and water; and the absence of media accountability. The highlight of the session to most spectators was a suggestion of resignation by Christian Tadelle hurled at the PM. Christian who is part of the National Movement of Amhara (NAMA) told Abiy “the primary source of insecurity for the people is your administration.”


Ministry Secures $86m Grants

An 86.18 million dollar grant agreement was signed between the Ministry of Finance, UNICEF and UNFPA last week to support the agencies' ongoing country programs for the fiscal year. Out of the total grant, UNICEF committed 70 million dollars to support its water, nutrition, education, health, sanitation, child protection, and gender projects. Meanwhile, UNFPA pledged 16.1 million dollars for family planning, maternal health, adolescent and youth development, and gender equality and women empo...


Authority Reports Fuel Import Stats

Ethiopian Petroleum & Energy Authority (EPA) disclosed that 3.2 million tons of fuel were imported into the country during the last fiscal year. The figure includes 2.04 million tons of diesel and 767,672tns of benzene. In the past fiscal year, the digital payment system, Telebirr, facilitated transactions totalling 103 million volumes worth 61.8 billion Br. Of these transactions, 81.39pc were for diesel, while 17.82pc were for benzene. The number of fuel stations increased from 682 to...


Commercial Bank Collects $3.2b in Foreign Currency

The Commercial Bank of Ethiopia (CBE) announced robust performance in foreign currency collection for the past fiscal year, achieving 3.2 billion dollars in total mobilisation. This includes 2.07 billion dollars in remittances, with the Bank's Diaspora banking service and CBE Birr contributing 89.9 million dollars to the total. The performance details were shared during CBE's annual review meeting last week. "This achievement is particularly gratifying given the challenging economic climat...