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Ethiopia denies the devaluation of Birr

Ethiopia denies the devaluation of Birr

Ethiopia has denied reports of a devaluation of the Birr, the national currency. The National Bank of Ethiopia refuted a report published by the Reporter newspaper on December 03, which claimed that there were plans to make a major change in the foreign exchange rate. In a statement released by the bank, it condemned the false and misleading report, stating that it deviates from journalistic ethics. The bank clarified that during the presentation of the current fiscal year's first quarter plan performance report to the Parliament's Standing Committee on Planning, Budget, and Finance Affairs, no discussion or proposal regarding a…
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Ethiopia, UN Organizations Appeal for 73 Million USD to Assist over 750,000 Refugees

Ethiopia, UN Organizations Appeal for 73 Million USD to Assist over 750,000 Refugees

The World Food Programme (WFP), the UN Refugee Agency (UNHCR) and the Ethiopian Government Refugees and Returnees Service (RRS) appealed today for 73 million USD to feed over 750,000 refugees in Ethiopia for the coming six months. WFP will completely run out of food for refugees by October, leaving vulnerable families who are dependent on food assistance at risk of undernutrition, micronutrient deficiency, susceptibility to diseases/infection and increased protection risks, the three agencies warn. WFP’s Representative and Country Director for Ethiopia, Claude Jibidar said they have 75 million funding shortfall for refugees’ minimum needs. “We have a shortfall of 73…
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Nation Secures 500 Million USD from Export of Manufactured Goods

Nation Secures 500 Million USD from Export of Manufactured Goods

Ethiopia has secured 500 million USD from manufactured goods exported during the just concluded Ethiopian fiscal year. This was disclosed at a meeting Trade and Industry Minister Melaku Alebel held with Ethiopian Manufacturing Industries Association to solve the bottlenecks in the sector. The minister said Ethiopia earned half a million USD from export of various manufactured products during the stated period. According to him, the revenue exceeded that of last year by 100 Million USD. Affirming the existence of bottlenecks in the sector,  he pointed out that efforts have been exerted to address the problems. Indicating that most of the…
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WB Approves 180 Million USD to Step-Up Support for Refugees, Host Communities in Ethiopia

WB Approves 180 Million USD to Step-Up Support for Refugees, Host Communities in Ethiopia

The World Bank’s Board of Executive Directors approved 180 million USD to step-up support for refuges and host communities in Ethiopia. The second phase of the Development Response to Displacement Impacts Project in the Horn of Africa (DRDIP II) in International Development Association (IDA) financing will help Ethiopia improve access to basic social and economic services, expand livelihood opportunities, and enhance environmental management for refugees and their host communities. Approximately 2.5 million people in Ethiopia, of whom one-third are refugees and at least 50 percent are women, will benefit from the new financing to DRDIP. This ongoing project has already…
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Ethiopia Generated About 514 Million USD From Gold Exports

Ethiopia Generated About 514 Million USD From Gold Exports

Ethiopia has generated 513.9 million USD from the export of gold in the last 11 months, according to Mines Minister Takele Uma during a press conference. It was said that gold, which is exported through the National Bank of Ethiopia, has become the second most valuable export product in terms of foreign currency after coffee exports. The ministry is working with the National Bank of Ethiopia to improve the country’s gold reserves and export business. Furthermore, the government has been overhauling the mining business in recent years in order to maximize the benefits the nation gains from the resource. The…
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FDRE Ministry of Finance and The World Bank Inked A Financing Agreement Worth US$ 715 Million

FDRE Ministry of Finance and The World Bank Inked A Financing Agreement Worth US$ 715 Million

Ethiopia and the World Bank have inked a financing agreement worth US$ 715 million (about 36.5 billion ETB), according to a press release from the ministry of finance. The financing agreement, amounting to 600 million USD (200 million USD in the form of a grant and 400 million USD in the form of credit), is for the implementation of the Food Systems Resilience Program (FSRP). The Horn of Africa Project’s De-risking, Inclusion, and Value Enhancement of Pastoral Economies (DRIVE) will be carried out with the remaining 115 million USD in the form of a grant. Increased food system resilience and…
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Over $1.2bln Loan Dispersed to Private Sector Engaged in Agriculture this year

Over $1.2bln Loan Dispersed to Private Sector Engaged in Agriculture this year

Authorities allocated a total of 267 billion Birr loans to the private sector in the 2021/22 Ethiopian budget year. More than 34% of the loan was allocated to those engaged in the agriculture sector, Abiy told membera of parliament today, adding at least 1.2 billion dollars (73bln birr) has already been disbursed. This decision is a part of the government’s effort to boost agricultural productivity in Ethiopia, said the PM. In addition, the PM said several steps are being taken to increase productivity with a focus on expanding mechanized farming and the application of cluster farming methods. In the current…
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Ethiopia, UAE Business Relation Surpass 2.5 Billion in Five Years

Ethiopia, UAE Business Relation Surpass 2.5 Billion in Five Years

The trade relations between Ethiopia and the United Arab Emirates (UAE) over the past five year have surpassed 2.5 billion USD, according to Ministry of Trade and Regional Integration. Trade Relation and Negotiation Director-General at the ministry, Mussie Muddeye disclosed this at a webinar held today under the title “Creative Economy between the UAE and Ethiopia.” Muse said that Ethiopia’s export to the UAE was more than 650 million USD between the years 2016 and 2020 while Ethiopia’s import from the UAE was more than 1.8 billion USD during the stated period.    This signifies the fact that the potential…
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Fuel imports to surpass USD 5.6 billion, Bahrain company wins contract

Fuel imports to surpass USD 5.6 billion, Bahrain company wins contract

Ethiopia is likely to spend USD 5.6 billion to import fuel next year, twice the amount recorded this year, the Ethiopian Petroleum Supply Enterprise said. It is significantly higher than the USD three billion in export proceeds registered this year.  The Enterprise picked Vitol Bahrain to supply 1,600 metric tons of diesel and 860,000 metric tons of benzene for the upcoming budget year, adding to an estimated over half a million ton of jet fuel. Even though the aggregate amount that is going to be paid to the oil supplying company depends on the global price of oil, an agreement…
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