Tag Archives: Ethiopia Economy

Ethiopia’s Hard Currency Shortage Will Last Many More Years: PM Abiy

Shortage of Hard Currency Crippling Ethiopia’s Economy
A declining export, acute shortage of hard currency, an insatiable demand for imports, widening trade deficit and a crushing $40b  foreign debt will continue to stagnate the economy for many more years to come.

BY REUTERS

Ethiopia’s new prime minister said on Monday that a foreign exchange shortage will last for years and more cooperation with the private sector is essential to solve it, state television reported.

Abiy Ahmed, who was sworn in on April 2, addressed the local business community at a session of more than two hours in a hotel in the Ethiopian capital. His paraphrased remarks were later broadcast by state-owned Ethiopian Broadcasting Corporation. Continue reading Ethiopia’s Hard Currency Shortage Will Last Many More Years: PM Abiy

IMF Chief to Visit Ethiopia as Hard Currency Crunch Harming Economy

IMF to the Rescue…. as acute shortage of foreign currency, dwindling export trade and foreign investments are having a crippling effect on the country’s economy.

BY ENGIDU WOLDE | ESAT NEWS

Shortage of foreign currency, dwindling export trade and foreign investment are having a crippling effect on the country’s economy at a time when IMF’s director is expected to pay a working visit to Ethiopia.

According to a well-placed source, the foreign currency reserve in the coffers is only about 700 million dollars that could only run for three weeks. Continue reading IMF Chief to Visit Ethiopia as Hard Currency Crunch Harming Economy

Why the Arrest of Saudi Arabia’s 2nd Richest Man is Causing Shockwaves in Ethiopia

Sheik Mohammed Hussein Al-Amoudi owns 4.7% of Ethiopia’s economy and employs 14% of its private workforce

Following the unprecedented purge, it is believed that many of the detainees will choose to cut deals with the Saudi authorities and win back their freedom. If Sheik Al-Amoudi is forced to cut a deal with the authorities, some of his substantial Ethiopian assets could end up as Saudi government properties. Damn Egypt.

BY ROGER BAIRD | IBTIMES

Saudi Arabia has arrested the country’s second richest man, Sheik Mohammed Hussein Al-Amoudi, as part of a wide-ranging ‘anti-corruption’ drive .

The specific charges against the 71-year-old Ethiopian-born billionaire, who holds Saudi citizenship are unclear, but he joins dozens of Saudi royal figures, ministers and businessmen being detained at the Ritz-Carlton in Riyadh. Continue reading Why the Arrest of Saudi Arabia’s 2nd Richest Man is Causing Shockwaves in Ethiopia

Shortage of Hard Currency Crippling Ethiopia’s Economy: Governor

A declining export, acute shortage of hard currency, an insatiable demand for imports, widening trade deficit and a crushing foreign debt of $40b causing the economy to nosedive.

Shortage of foreign currency stagnated the economy, the Governor of the Ethiopian National Bank told the Parliament.

BY ESAT NEWS

The serious shortage in foreign currency has stagnated the economy, the Governor of the Ethiopian National Bank says, as the country’s telecom fails to pay loans and carry out its routine operation.

The Governor told the Ethiopian Parliament that the low turnover in foreign currency that the country derives from export trade has dwindled, which he said could lead to the collapse of the entire economy. Continue reading Shortage of Hard Currency Crippling Ethiopia’s Economy: Governor

Ethiopia President Says Country is Broke

A declining export, acute shortage of hard currency, an insatiable demand for imports, widening trade deficit and a crushing foreign debt. Ethiopia’s economy is heading to a crisis.

Going down, down, down … Country already sunk in a bagful of public debt – close to $40 Billion …

BY ESAT NEWS

Ethiopia will devalue its currency to attract foreign investment and close the gap in foreign trade, President Mulatu Teshome said at the opening of the bicameral parliament on Monday.

He said his government is faced with a serious shortage of hard currency and export trade has dwindled in last three years. Continue reading Ethiopia President Says Country is Broke

Official: UN Emergency Food Appeals Tarnish Ethiopia’s Image

The Ethiopian government has ordered the campaign by UN agencies to raise funds to buy emergency food needed to feed the over 10 million starved-to-death Ethiopians stopped because it “tarnish” the “glaring” image of the country.

By ESAT News,

The Ethiopian government has stopped the fundraising campaign by UN agencies to help millions of Ethiopians facing famine, according to ESAT’s sources from Addis Ababa. The sources said the Special Envoy for the Prime Minister, Ambassador Berhane Gebrekiristos has asked the Addis Ababa representative of the United Nations Office for the Coordination of Humanitarian Affairs (UNOCHA) to stop the fundraising campaign that began on March 23, 2016. Continue reading Official: UN Emergency Food Appeals Tarnish Ethiopia’s Image