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Economy of Ethiopia

economy of Ethiopia

 May 20, 2024 (FBC) – The Ministry of Planning and Development (MoPD) has announced that Ethiopia’s economy is on track to achieve the projected 7.9 percent growth rate for the 2023/24 fiscal year.

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Feb  19, 2024

Addis Ababa, February 19, 2024 (FBC) – The World Bank has reaffirmed commitment to a comprehensive support for Ethiopia’s development goals.

Finance Minister Ahmed Shide, alongside National Bank of Ethiopia Governor Mamo Mihretu and their team, engaged in fruitful discussions with Victoria Kwakwa, the World Bank Vice President for East and South Africa.

During the meeting, both parties explored avenues through which the bank could bolster Ethiopia’s ambitious reform initiatives outlined in the Homegrown Economic Reform Agenda. Minister Ahmed also provided an update on recent progress in macroeconomic reforms and ongoing endeavors in recovery, reconstruction, and Disarmament, Demobilization, and Reintegration (DDR) efforts.

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feb 19, 2024

Addis Ababa, February 19, 2024 (FBC) – The Ministry of Finance and the Arab Bank for Economic Development in Africa (BADEA) signed 49.5 million dollars financing agreement, the Ministry revealed.

The objective of the agreement is to co-finance the Productivity Enhancement Support for the Integrated Agro-Industrial Parks and Youth Employment (PESAPYE) project which is playing a key role in strengthening government’s efforts to enhance productivity and create employment opportunities in Ethiopia.

The PESAPYE project, which is currently supported by the African Development Bank (AfDB) and the Ethiopian government, focuses on four Integrated Agro-Industrial Parks.

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feb 07, 2024

Addis Ababa, February 7, 2024 (FBC) – Governor of National Bank of Ethiopia (NBE), Mamo Mihretu met and had a discussion today with Ryan McInerney, CEO of VISA, NBE confirmed via a social media post.

According to NBE, their discussion aims to enhance partnership in reliable, innovative digital payments leveraging VISA’s global network and scale.

Note that the VISA chief McInerney also held a meeting with Prime Minister Abiy Ahmed this morning to discuss on VISA’s undertakings in Ethiopia.

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Jan 19, 2024

Addis Ababa, February 3, 2024 (FBC) – The Ministry of Finance of Ethiopia and the World Bank Group jointly conducted a workshop on Energy Sector Reform, at Addis Ababa today, the Ministry indicated.

The workshop brought together officials from the Ministry of Finance, the World Bank, the Ministry of Water and Energy, Ethiopian Electric Power, Ethiopian Electric Utility, Ethiopian Investment Holdings, and other key stakeholders.

Mr. Ahmed Shide, Minister of Finance, at the opening of the workshop emphasized the importance of having enough clean energy that is affordable, accessible, and of high quality for the citizens.

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Jan 19, 2024

Addis Ababa, January 24, 2024 (FBC) – Ethiopia has registered remarkable economic growth over the past six months enduring domestic and global challenges, the Finance Minister Ahmed Shide stated.

The Finance Minister said Ethiopia’s economy has withstood domestic and external pressures over the past six months and has seen better achievements in major development sectors.

The Central Committee of the Prosperity Party has also discussed major national issues and diverse party agendas and passed resolution accordingly.

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Jan 19, 2024

Addis Ababa, January 19, 2024 (FBC) – During the Partnership Council (PC) Meeting for the Ethiopia Economic Reform Multi-Donor Trust Fund (MDTF), the Donors reaffirmed their commitment to supporting the economic reform and transformation of Ethiopia.

Minister of State for Finance, Ms. Semereta Sewasew, and Ousmane Dione, World Bank Country Director co-chaired the Partnership Council (PC) meeting, the Ministry of Finance indicated.

It is learned that the PC is the principal governing body of the MDTF which comprises the Ministry of Finance, the World Bank, and the 5 contributing donors, namely Global Affairs Canada, KFW (Germany), the French Agency for Development (France), Irish Aid (Ireland), and the Foreign Commonwealth & Development Office (United Kingdom).

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Jan 19, 2024

Addis Ababa, January 17, 2024 (FBC) – The National Bank of Ethiopia (NBE) today disclosed that it has launched the design and implementation of the Central Securities Depository (CSD) Project in partnership with Montran, a U.S. based technology solution provider.

The CSD is a critical market infrastructure that will enable modern monetary operation and securities trading for the upcoming Ethiopia Securities Exchange, NBE said in a social media post.

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Jan 16, 2024

Addis Ababa, January 16, 2024 (FBC) – Ambassadors and senior officials of the Ministry of Foreign Affairs of Ethiopia deliberated on the investment climate in the country, priority areas of the Government, incentives and challenges of Foreign Direct Investment (FDI).

The annual meeting of Ethiopian ambassadors and senior officials of the Ministry of Foreign Affairs of Ethiopia is underway, ENA reported.

On the third day deliberation the ambassadors and senior officials of the Ministry exchanged views on issues related with investment.

They deliberated on the investment climate in the country, priority areas of the Government, incentives and challenges of FDI.

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Jan 09, 2024

Addis Ababa, January 9, 2024 (FBC) – Ethiopia is endeavoring to establish a robust and enduring logistics infrastructure, according to the Ministry of Transport and Logistics (MoTL.

This information surfaced during a half-day validation workshop on Ethiopia’s Logistics Masterplan Phase I Diagnostic, commencing today and hosted by the Ethiopian Maritime Authority.

Speaking at the validation workshop, State Minister of Transport and Logistics, Denge Boru, said his government is striving to forge a resilient and sustainable logistics framework.

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Jan 03, 2024

Addis Ababa, January 3, 2024 (FBC) – Ethiopia’s securing seaport through diplomacy and mutual development as well as its foreign affairs principles is critical to the realization of economic integration and strengthening of cooperation with countries in the region and beyond, Trade and Regional Integration Minister Gebremeskel Chala said.

It is to be recalled that Prime Minister Abiy Ahmed and President Muse Bihi Abdi signed the historic MoU in Addis Ababa on Monday.

The Memorandum of Understanding (MoU) for Partnership and Cooperation includes wide scopes of cooperation in social, economic, political and military fields. 

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Jan 03, 2024

Addis Ababa, January 3, 2024 (FBC) – The Ethiopian government, in partnership with the United Nations Development Programme (UNDP) and the Global Environment Facility (GEF), has officially launched a major project to tackle deforestation, promote forest restoration, and integrate sustainability into the country’s coffee value chains and food systems, the Ministry of Planning and Development (MoPD) confirmed.

Aptly named “Preventing Forest Loss, Promoting Restoration, and Integrating Sustainability into Ethiopia’s Coffee Value Chains & Food Systems” (FOLUR), the project was inaugurated by Fitsum Assefa, Minister of Planning and Development, at the first FOLUR Project Steering Committee Meeting held Tuesday in Addis Ababa.

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..... 

 READ MORE

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:

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