Quarter Year Remittance Foretell Growing Forex

Nov 12 , 2022

The remittance earned from the diaspora community has increased from the previous year. The earnings in the first quarter of the fiscal year have reached 1.3 billion dollars, showing a 25pc increase. The growth in remittance gave a signal to federal authorities that 5.2 billion dollars would be sent home by the end of the fiscal year. The IMF has recently made a disconcerting forecast that Ethiopia's foreign exchange reserves are enough to pay for the importers of 18 days. The 2017 UN reports show that Ethiopia has over one million diaspora communities worldwide. According to the Director General of the Ethiopian Diaspora Service, Mohamed Andris (PhD), over 2,000 "diaspora accounts" have been opened with a two million dollar deposit. A World Bank report shows remittances accounted for 0.4pc of Ethiopia's GDP two years ago. According to Wondwossen Girma, communications head of the federal Diaspora Agency, 175 million Br has been mobilised from the Diaspora to provide aid to the population in the war-affected areas, with a significant share of the inflow coming from the Middle East and North America. Over 24 million Br has been collected through bond purchases and gifts to finance the Great Ethiopian Renaissance Dam (GERD).


Ethiopian Seafarers Contribute $50m Annually in Remittances

Ethiopian Maritime Authority disclosed 50 million dollars in annual remittances from seafarers deployed internationally. Abdulber Shemsu, the director general of the Authority, said Ethiopia's membership in the International Maritime Organisation (IMO), establishes global standards and guidelines for safe, secure, and environmentally sustainable shipping practices. With 176 member countries and three associate member countries, including Ethiopia, the IMO provides a framework for ensuring...


AfDB Launches $1.5m Initiative to Propel Agro-Industrial Parks

A 1.5 million dollar initiative for the development of three Agro-industrial parks was commenced last week. Financed by the African Development Bank (AfDB), the project includes feasibility studies, a master plan, and an environmental and social impact assessment. The Phase Two project, which includes capacity building for stakeholders, was initiated last week with an agreement between Semereta Sewasew, state minister for Finance and Gunther Beger, managing director of UNIDO. Semereta said...


Cabinet Approves Public Service Legislation

Council of Ministers has unanimously approved the legislation that aims to raise the competency and professionalism of public service in the country. The Federal Civil Servants Proclamation is pending ratification from Parliament. The decision was made during the 30th meeting of the Cabinet last week, which follows the ratification of the public service and administrative policy. Currently, the 176 federal agencies within 22 ministries, collectively employ around two million people. The polic...