UN Agencies, Gov't Appeal for $73m in Refugee Funding


UN Agencies, Gov't Appeal for $73m in Refugee Funding

The United Nations World Food Programme (WFP), the UN High Commissioner for Refugees (UNHCR), and the Refugees & Returnees Service are appealing for 73 million dollars in funding to provide food to over 750,000 refugees in Ethiopia. Funding shortfalls have already forced the WFP to cut rations for refugees residing in 22 camps and five sites in the Afar, Amhara, Benishangul-Gumuz, Gambella, Somali, and Tigray regional states.  The Benishangul-Gumuz Regional State hosts the highest number of camps and refugees, while refugees from South Sudan comprise 46pc of the refugee population. Food rations fell by 16pc in November 2015, by 40pc last November, and by half in June 2022. The lack of funding and prevailing global food strains brought on by the pandemic and Russia's war in Ukraine, pose a serious risk to refugees. A study conducted by the UN agencies and the Service found that households in refugee camps are coping by reducing the number of meals they eat, consuming less appealing food, engaging themselves and children in income-generating activities, and borrowing cash.


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Electricity Bills Get the VAT Jolt

The new Value Added Tax (VAT) has begun implementation on electricity consumption and various service fees affecting customers who use more than 200 kilowatt hours of electricity per month. Based on a directive from the Ministry of Finance, the tax will be applied to the excess amount of electricity consumption above 200 kilowatt hours. The Ethiopian Electric Utility (EEU) began implementing the VAT on bills starting from November though both prepaid and postpaid customers will have to pay V...


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Gadaa Bank Expands Reach, Faces Lending Constraints

Gadaa Bank closed its first full fiscal year of operations with a net profit of 90.2 million Br. The 18-month-old Bank held its annual general assembly at Millenium Hall on Africa Avenue last week where the board announced that during the year, the Bank opened 15 branches and now has 85 operational branches. “Due to recently enacted policy measures on credit by NBE and unmet resource mobilization during the fiscal year, the Bank was unable to make loan disbursements,” stated Wolde...


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Oromia Bank's Branch Expansion Weighs on Profits

Oromia Bank reported a 47pc decline in net profit to take in 840.9 million Br for the past fiscal year. Interest income grew by 21pc to reach 7.19 billion Br while personnel expense grew by 36pc to hit 3.16 billion Br. The opening of 72 new branches, bringing the total to 575, led to a four percent growth of deposits to 56.4 billion Br. The profits are “unsatisfactory against our ambitious moves,” said Assefa Seme (PhD), board chairperson. “The deviation is primarily attributed to our aggr...