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Economy of Ethiopia

"The premier said the homegrown economic reform is focused on three major areas; reduction of debt burden, completion of mega projects, and increasing revenue. "

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Ministry of Finance Ethiopia

Ministry of Finance is one of the key macro institutions with mandates focusing on fiscal policy, public finance and external economic. The Ministry of Finance, among others is given the following powers and duties

As per Article 16 of the Proclamation No.1097/2018 Definition of Powers and Duties of the Executive Organs of the Federal Democratic Republic of Ethiopia Proclamation, the Ministry of Finance is given the powers and duties (among others) to:

  • Formulate economic cooperation and fiscal policies that particularly serve as a basis for taxes, and duties; follow up the proper implementation of same; initiate reform recommendations.

  • Mobilize, negotiate and sign foreign development assistance and loans, and follow up the implementation of same.

  • Establish a favorable legislative framework to promote and facilitate the implementation of PPP financed infrastructure projects by enhancing transparency, fairness and long-term sustainability.

  • Prepare the Federal Government fiscal budget, make disbursements per the approved budget, and evaluate the utilization of the budget;

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Message of the Minister

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His Excellency Ahmed Shide Minister of Finance

   The Ministry of Finance has a long tradition of supporting economic growth in Ethiopia. 

However, despite the high economic growth that was realized over the past decade, Ethiopia’s economy has encountered several challenges that make it difficult for growth to sustain..... 

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Addis Ababa, September 16, 2022 (FBC) – Ethiopian Ministry of Finance has announced the implementation of a tax reform that encourages industries and importers engaged in electric vehicle investment, and benefits the society in general.

As a result of the tax reform, the Ministry confirmed that imported and domestically manufactured electric public transport vehicles, automobiles and cargo vehicles will be subject to lower customs tariffs and will be exempted from value added tax, excise tax and surtax.

The purpose of the tax reform is to make the rapid growing number of vehicles in Ethiopia compatible with environmental safety in a policy framework, to implement a transportation system that does not harm the public’s health, does not affect the climate and biodiversity, and ....

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Addis Ababa, September 14, 2022 (FBC) – In an exclusive interview with Fana Broadcasting Corporate, State Minister of the Ministry of Foreign Affairs of Bangladesh, Shahriar Alam said Ethiopia and his country have many things in common so that they can bolster partnership in multifaceted areas.

Ethiopia has registered exemplary results in social, political and economic  spheres over the last years, he said. He added the re-election of Prime Minister Abiy Ahmed has given Ethiopia a renewed energy to accelerate its development endeavors in all areas.

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Addis Ababa, September 09, 2022 (FBC) – Ethiopia and China have a comprehensive strategic partnership, which has been cemented on a principle of win-win and mutual cooperation, said Ahmed Shide, Ethiopia’s Minister of Finance.

The two friendly nations have been working to create a “community of shared destiny” amid establishing a strong relationship between their leaders, Ahmed told to Chinese media, Xinhua.

“Over the last decade, Ethiopia and China have worked together on many fields wherein China has been availing significant financial support to implement many great projects in Ethiopia like the Addis Ababa-Djibouti Standard Gauge Railway,” the Minister said.

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Addis Ababa, August 24, 2022 (FBC) – National Bank of Ethiopia announced that preparations are being made to enable foreign financial institutions to enter the country.

Prime Minister Abiy Ahmed has recently confirmed that a policy has been prepared to allow foreign financial institutions to enter the country.

Frazer Ayalew, Supervision Director at National Bank of Ethiopia, has told Fana Broadcasting Corporation that preparations are being made to allow foreign financial institutions to enter the country in line with international experience. He added that this preparation will enable to introduce advanced changes in the law and regulatory system.

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Addis Ababa, August 19, 2022 (FBC) – The Government of Ethiopia has invited investors to submit their expression of interest to participate in the tendering process of eight sugar factories.

As part of the ongoing economic reform, the Government of Ethiopia affirmed commitment to ensure efficient use of national resources by shifting towards a competitive market structure, with a greater role for the private sector in the economy.

To this end, the Government of Ethiopia initiated a holistic sugar sector reform aiming at increasing private sector participation in the ownership and control of sugar companies to sustain rapid and inclusive economic growth by laying the ground for economic transformation that leverages the increasing role of the private sector.

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Addis Ababa, September 15, 2022 (FBC) – Prime Minister Abiy Ahmed Ali is awarded as the 2022 Laureate of the Global Islamic Finance Award for efforts made in reforming Ethiopia’s finance sector towards inclusivity.  The Premier received the Award at the Global Islamic Finance Summit held in Djibouti.

Ethiopia has been undertaking vast financial sector reforms which are receiving global recognition, Prime Minister Abiy noted.

“Honoured to receive this award for the miles we are going as a nation to make the sector inclusive.

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Addis Ababa, September 14, 2022 (FBC) – According to the National Bank of Ethiopia’s (NBE) directive, which became effective on September 5, individuals entering and departing the country in possession of local currency are now subject to new restrictions.

Individuals may not hold local currency whose value exceeds $57.00 or 3,000 Ethiopian birr.

The directive also sets conditions and circumstances under which Ethiopian residents and non-residents may possess and use foreign currency.

In a statement, the National Bank of Ethiopia (NBE) outlines the exact value of both the birr and foreign currency that residents may hold.

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Addis Ababa, September 03, 2022 (FBC) – Ethiopia, South Sudan and Somalia held discussions to enable them to implement the East African Regional Digital Economy Coordination Project, announced the Ministry of Innovation and Technology – Ethiopia (MoIT).

The discussion focused on identifying the level of the three countries to enter the next process, and preparations the countries are expected to carry out accordingly.

“This regional project is part of the Horn of Africa Connectivity Initiative and the first pillar of regional infrastructure development, declared the Ministry,” stated on the occassion.

Acording to MoIT, the main objective of the project is to support the development of the region by filling the broadband infrastructure gap in the Horn of Africa and increase free movement of digital services ..

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Addis Ababa, September 14, 2022 (FBC) – According to the National Bank of Ethiopia’s (NBE) directive, which became effective on September 5, individuals entering and departing the country in possession of local currency are now subject to new restrictions.

Individuals may not hold local currency whose value exceeds $57.00 or 3,000 Ethiopian birr.

The directive also sets conditions and circumstances under which Ethiopian residents and non-residents may possess and use foreign currency.

In a statement, the National Bank of Ethiopia (NBE) outlines the exact value of both the birr and foreign currency that residents may hold.

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Addis Ababa, August 16, 2022 (FBC) – The Ministry of Industry announced commencement of e-services in a bid to streamline its operations.

The Ministry said that it has started providing 10 services through e-services (online): export tax incentive service certificate, tax refund service, cost sharing service, special service for income, and export tax incentive renewal service certificate.

It has also launched additional digital services of information desk and customer service, receiving and responding to complaints, providing appointment services, registration of manufacturing industries service, and improvement of service registration of manufacturing industries, among others.

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