Economy - ENA English
Economy
Ethiopian Airlines Striving to Always Excel in Service Delivery, Customer Convenience: CEO
Mar 18, 2024 238
Addis Ababa, March 18/2024 (ENA) Ethiopian Airlines Group CEO Mesfin Tasew reaffirmed that the airline always strives to excel in service delivery and enhance customer convenience. In his press briefing he gave today, the CEO mentioned the various infrastructure facilities undertaken by the airline to this effect. The CEO outlined that the airline's ongoing efforts to enhance convenience and efficiency in its services include infrastructure expansion, increased fleet size and number of destinations, as well as improved service delivery. New procedures are in place to further improve services in a sustainable manner, the CEO stressed, adding that all the stakeholder institutions in the airport are demonstrating commitment to discharging their responsibilities accordingly. Ethiopian Airlines has won several prestigious awards over many years, for recognition of, among others, its continued rapid growth, increased profitability and outstanding contribution to aviation development in Africa. The airline has transported over 13.8 million passengers and 713,875 tons of cargo in the year 2022/23, it was learned.
WB Country Director Concludes Tenure
Mar 18, 2024 315
Addis Ababa, March 18/2024 (ENA) Prime Minister Abiy Ahmed extended gratitude to Ousmane Dione, World Bank(WB) Country Director, as he concluded his tenure in Ethiopia. "Thank you for your unwavering support throughout the past few years," PM Abiy posted on X.
Indian Companies Invited to Seize Investment Opportunities in Ethiopia
Mar 18, 2024 354
Addis Ababa, March 18/2024 (ENA) Ethiopian Ambassador to India, Demeke Atnafu called on Indian companies to further invest in Ethiopia and seize the untapped business opportunities in the east African nation. Ambassador Demeke addressed the CII Gujarat State Annual Session on Opportunities in Africa, by presenting business and investment opportunities in Ethiopia, according to the Ethiopian Embassy in New Delhi. The ambassador underscored that Ethiopia is a preferred destination for investment. Demeke further elaborated the positive factors such as conducive economic climate, favorable market, abundant young and educated labor force, rich and diverse natural resources, cheapest electricity and water rate as well as sheds at nominal rate at industrial parks. Moreover, he elucidated in detail ample opportunities existing in agriculture and agro-processing, manufacturing, mining, ICT and tourism sectors and invited companies to invest in these and other emerging sectors such as telecom, finance, transport and logistics, health and housing development. The session was attended by more than 110 business leaders drawn from diverse industry sectors, it was learned.
Green Legacy Initiative Improving Nation’s Water Resource: Water and Energy Minister
Mar 16, 2024 670
Addis Ababa, March 16/2024 (ENA) Ethiopia’s Green Legacy Initiative (GLI) has been playing a paramount role in improving the nation’s surface and ground water as well as maintaining the safety of dams, Water and Energy Minister Habtamu Etefa said. Ethiopia is implementing the initiative, which is considered as a massive campaign aimed at combating environmental degradation and keeping Ethiopia as the water tower of Africa, it was indicated. The plant seedling campaign as part of GLI, was promoted by Prime Minister Abiy Ahmed in 2019 to reach national green environmental goals, and has so far planted over 32.5 billion tree seedlings. Approached by ENA, Habtamu indicated that the Green Legacy Initiative is playing a major role in improving the spring water resources of the country that have been affected by climate change. Moreover, this national environmental initiative has significantly resulted in increasing the level of surface and underground water, the minister revealed. He further mentioned the Green Legacy Initiative is also helping dams are not filled with silt by preventing soil erosion. “The Green Legacy Initiative that we are implementing is giving a life-sustaining for our water resources. This is instrumental to the hydrologic cycle by bringing about better water storage. Therefore, we are witnessing the results of this initiative on our rivers and water resources because of the massive tree planting campaign carried out in the last five years.” Besides, the initiative is supporting the nation to mitigate the drought induced threat that has been caused by climate change, the minister elaborated. To this end, Habtamu added the Ethiopian government has embarked on implementing various projects to deal with droughts in some parts of the country. He said that underground and surface water projects have been built in more than 80 districts of the country. Furthermore, the minister pointed out that the government is working hard in in ensuring access to safe drinking water to the citizens, adding that special attention has been paid to the completion of the projects in this regard.
Ethiopia Obtains Over 1 Billion USD from Electricity Export
Mar 15, 2024 5622
Addis Ababa, March 15/2024 (ENA) Ethiopia has earned more than 1 billion USD from electric power export to neighboring countries in 18 months, Water and Energy Minister Habtamu Itefa told the Ethiopian News Agency. In an exclusive interview with the agency, the minister stated that the revenue was generated during the months up until the end of 2015 Ethiopian fiscal year. According to him, the performance underscores the nation's burgeoning role as a regional energy powerhouse, catalyzing regional integration. While acknowledging fluctuations, Habtamu highlighted the growing demand for Ethiopian electricity, with recipient countries witnessing a 15 percent annual surge. We are successfully supplying energy to Sudan, Djibouti, and Kenya, the minister noted, lauding the pivotal interconnection between Ethiopia and Kenya's power grids that extend the possibility of exports as far as South Africa via the East African Power Pool. He further pointed out that "Ethiopia is blessed and conveniently positioned to provide clean, inexpensive electricity without harming the environment, fueling escalating demand." With a staggering 93 percent of Ethiopia's electricity derived from hydropower, the country plans to extend exports to South Sudan, it was learned. The minister revealed that the nation has also made significant strides domestically, with 4.5 million customers connected to the grid in the past six months alone. However, challenges persist due to the scattered population with only 52 percent accessing power at present. The remaining 48 percent residing off-grid necessitates a concerted push towards decentralized solutions, the minister said. To bridge the gap, the ministry is actively implementing off-grid projects by harnessing solar, wind, biogas, and geothermal energy while promoting clean cooking technologies. Habtamu disclosed that ambitious initiatives have been underway in Oromia and the Somali regions to leverage solar power until grid connectivity is established in remote localities. As Ethiopia forges ahead in optimizing its diverse energy portfolio, the nation's electricity exports emerge as resounding testament to its pivotal role in fostering regional cooperation, economic development, and sustainable growth through renewable energy leadership.
Dev't Bank Avails 40.5 Million USD to Increase Off-grid Solar Penetration Benefiting 3.7 People
Mar 15, 2024 520
Addis Ababa, March 15/2024 (ENA) The Development Bank of Ethiopia (DBE) has availed 40.5 million USD to finance the implementation of the Sub-component 3.2 of Access to Distributed Electricity and Lighting in Ethiopia (ADELE) project. During the one-day awareness raising workshop held today, Project Design and Appraisal Team Manager at DBE Mengistu Desalegn said that the finance will be provided to facilitate the importation, distribution and deployment of off-grid solar systems and productive use equipment in rural and deep rural areas. The project is part of the ADELE in which the World Bank supports 500 million USD for the 6 year project to phase out in 2027, he added. Thus, the team manager emphasized that the availed access to finance will increase off-grid solar penetration. Mengistu noted that the project will benefit 750,000 households or about 3.75 million people from the solar off-grid energy. DBE Vice President, Getachew Wakie said finance institutions should play their due role in channeling the availed finance towards the successful implementation of the project. He added that ADELE is aimed at increasing access to reliable electricity for households, social institutions, and enterprises in the country. Advisor to the Ministry of Water and Energy, Gosaye Mengistie said that the government of Ethiopia is implementing National Electrification Program (NEP) towards achieving universal electricity access nationwide. To this end, the advisor pointed out that efforts are underway to boost access to reliable electricity for households, and social institutions. Development Bank of Ethiopia (DBE), Ministry of Water and Energy, and Ethiopia Electric Utility (EEU) are implementing agencies of ADELE.
Ethiopia Signs 9.5 Million Euros Grant Agreement with Finland
Mar 15, 2024 634
Addis Ababa, March 15 /2024 (ENA) Ethiopia signed a 9.5 million Euros grant agreement today with Finland, according to the Ministry of Finance. The Agreement was signed by Semereta Sewasew, State Minister of Finance and Finland's Ambassador to Ethiopia, Sinikka Antila. The purpose of the grant agreement is to implement the third phase of the Responsible and Innovative Land Administration (REILA-III) project. The REILA-III project aims for better land tenure security, incentives, and knowledge for smallholder farmers to invest in climate-smart agriculture, and provide grounds in long-term for improved livelihoods, income generation and climate resilience, it was learned. Furthermore, the third phase of Responsible and Innovative Land Administration will build on the previous phases of the project to strengthen the sustainability of the National Rural Land Administration and Information system and will further improve land governance and use of climate-smart agriculture practices. Finland’s financial contribution to the previous and REILA II phases which started in 2011 amounts to more than 21 million Euro, it was indicated.
Dev't Bank Avails 40.5 Million USD to Increase Off-grid Solar Penetration Benefiting 3.7 People
Mar 15, 2024 313
Addis Ababa, March 15/2024 (ENA) The Development Bank of Ethiopia (DBE) has availed 40.5 million USD to finance the implementation of the Sub-component 3.2 of Access to Distributed Electricity and Lighting in Ethiopia (ADELE) project. During the one-day awareness raising workshop held today, Project Design and Appraisal Team Manager at DBE Mengistu Desalegn said that the finance will be provided to facilitate the importation, distribution and deployment of off-grid solar systems and productive use equipment in rural and deep rural areas. The project is part of the ADELE in which the World Bank supports 500 million USD for the 6 year project to phase out in 2027, he added. Thus, the team manager emphasized that the availed access to finance will increase off-grid solar penetration. Mengistu noted that the project will benefit 750,000 households or about 3.75 million people from the solar off-grid energy. DBE Vice President, Getachew Wakie said finance institutions should play their due role in channeling the availed finance towards the successful implementation of the project. He added that ADELE is aimed at increasing access to reliable electricity for households, social institutions, and enterprises in the country. Advisor to the Ministry of Water and Energy, Gosaye Mengistie said that the government of Ethiopia is implementing National Electrification Program (NEP) towards achieving universal electricity access nationwide. To this end, the advisor pointed out that efforts are underway to boost access to reliable electricity for households, and social institutions. Development Bank of Ethiopia (DBE), Ministry of Water and Energy, and Ethiopia Electric Utility (EEU) are implementing agencies of ADELE.
Ethiopia, USAID Launch Fleet Management System to Boost Ethiopia-Djibouti Trade
Mar 15, 2024 339
Addis Ababa, March 15 /2024 (ENA) Ethiopia and U.S. Agency for International Development (USAID) have launched integrated fleet management system (iFMS) to boost Ethiopia-Djibouti trade. Spearheaded by SmartWatch Solutions Ltd and supervised by the Ethiopian Ministry of Transport and Logistics, this project will streamline fleet operations along the Ethio-Djibouti corridor. The integrated fleet management system developed with a cost of 550,000 USD, it was learned. In 2023, USAID awarded TradeMark Africa (TMA) 2 million USD to improve food security through agricultural trade along the Ethio-Djibouti corridor. Logistics are at the center of these efforts. Every truck that goes to Djibouti already has a tracker, according to government regulations. This new activity ensures that each truck will share its location data with the Ministry of Transport and Logistics so they can have 21 overall view of the transport corridor and target bottlenecks accordingly. Ethiopia's State Minister of Transport and Logistics, Bareo Hassen said on the launching ceremony that fleet management is essential for the efficient operation of the logistics sector. "The project represents a significant investment in our future and it will bring about numerous benefits to our organization, the transport and logistics community and the country's trade logistics." Amber Lily Kenny, Director, Office of Economic Growth and Resilience at the USAID Ethiopia said on her part the integrated fleet management system will enable real time visibility on freight traffic flowing between Ethiopia and the port of Djibouti. The system will provide efficient tracking and freight management through data driven coordination and supervision of the trucks, she added. "Together USAID hopes that these efforts will increase the availability of food, fertilizer and other related goods across key markets in Ethiopia to improve the lives of Ethiopian brothers and sisters in the country." She reiterated that USAID is remain committed to supporting food security in Ethiopia and we hope that fleet management will help with this these endeavors. Smartwatch Solutions CEO Nicholas Ogoma said “We are eagerly looking forward to collaborating with the government and all stakeholders in the next few days to ensure that the project is delivered in less than seven months.” The Ethio-Djibouti corridor serves over 95 percent of Ethiopia's import-export trade, utilizing 15,000 trucks, with peak season necessitating an additional 3,500 trucks.
High Level Development Forum Commits to Establishing Renewed Partnership with Ethiopia
Mar 14, 2024 412
Addis Ababa, March 14/2024 (ENA) The high level development forum meeting which took place in Addis Ababa today has underlined its commitment to establishing a renewed partnership to strengthen a democratic and peaceful Ethiopia that is on a path towards prosperity. In a communique the 2024 high-level development forum issued today, it welcomed the leadership demonstrated by the Ethiopian Government working with other stakeholders in implementing the Cessation of Hostilities Agreement (CoHA) as well as enabling further progress towards an inclusive National Dialogue for a lasting peace. It also reaffirmed the strong commitment by all parties to supporting Ethiopia’s efforts towards economic recovery, growth, and prosperity to the benefit of all Ethiopians. The participants also stated that they recognize peace dividends must be based on, and stem from, the significant economic, social, political, and development gains already achieved by Ethiopia and be based on an inclusive implementation of CoHA with meaningful participation of women and youth, as well as ethnic, religious, and other minorities. In connection with this, the communique underscored the importance of the Government of Ethiopia’s efforts, with the support of the international community, to fulfilling its commitment to peace, social and economic development, human rights and prosperity. Furthermore, the participants have collectively recognized the challenges posed by shocks triggered by the compounding effects of climate change, conflict, COVID-19 pandemic and global economic downturn and expressed continued readiness and commitment to support the Government of Ethiopia in its effort to ensure climate resilience as well as inclusive and sustainable development in all its dimensions. The meeting also welcomed the progress made in implementing the Home Grown Economic Reform Agenda and the Ten-Year Development Plan, facilitating the implementation of the 2030 Agenda for Sustainable Development. Moreover, it acknowledged the importance of the on-going discussions with the IMF, World Bank and G20 Credit Committee, to support a major package of economic reform with substantial debt relief and adequate external financing. "We are committed to supporting the implementation of the reforms and the adequate financing, which will be essential for restoring favorable macroeconomic conditions for the Ten-Year Development Plan and HGER as well as making an important contribution to sustaining peace," the communique read. According to the communique, the participants also recognized the urgent and growing need for humanitarian assistance to avert a serious humanitarian catastrophe and noted that humanitarian aid is needed now more than ever. They, therefore, called on sustained and predictable financial flows from all parties to support the delivery of life-saving aid and committed to transparent, accountable, and protected delivery of the required assistance to all vulnerable groups in the country in accordance with international principles and standards. The communique finally welcomed the continued and sustained commitment of the Government of Ethiopia to host refugees from neighboring countries and meet the needs of communities affected by internal displacement. The 2024 High Level Development Forum meeting was co-hosted by the Government of Ethiopia and the Development Partners Group, with the participation of officials from federal ministries and agencies, regional states, ambassadors, heads of development cooperation agencies as well as representatives from international organizations, the private sector and civil society organizations.
Measures to Combat Illegal Gold Mining, Enhancing Sector's Benefits Underway in Tigray Region
Mar 14, 2024 477
Addis Ababa, March 14/2024 (ENA) Concerted efforts are underway in Tigray region to effectively combat illegal gold mining operations and maximize the gains from the sector, the Interim Administration Land and Mines Bureau disclosed. Over 300 youth associations are being given licenses and workplaces to produce gold in traditional way, the deputy bureau head Tesfalem Hadgu told ENA. According to him, the youth members of the association are actively involved in prospecting activities across the 26 woredas where gold mines are found. Tesfalem emphasized that the peace and stability in the region has provided a window of opportunity for the organized youth associations to participate in traditional gold extraction practices. Each association consists of 25 young individuals, and job opportunities have been created for seven thousand youth. The official further stated that licensed associations have been granted access to up to 5,000 square meters of gold mining area in their preferred locations since the beginning of February. The deputy bureau head pointed out that illegal actors have exploited the region's challenges to plunder gold mines. Investigations and surveillance are underway to take legal action against these wrongdoers. Tesfalem underscored the responsibility of the newly licensed associations to produce and market gold through legal channels. He further revealed that the bureau aims to exploit mineral, including gold, in a coordination with the Revenues and Trade, Agriculture and Natural Resources, and Justice and Security bureaus.
Ministry Revokes Licenses of 3,300 Illegal Brokers
Mar 13, 2024 525
Addis Ababa, March 13/2024 (ENA) The Ministry of Trade and Regional Integration has revoked the licenses of 3,300 illegal brokers engaged in manipulating the marketing system of vegetables, fruits, livestock, and crops. Trade and Regional Integration Minister, Gebremeskel Chala revealed today that the government took the measure because they had been playing destructive role in the market chains. Their licenses will not be renewed since they are illegal, he added. According to him, the ministry is working in collaboration with regional states to implement the measure taken by the ministry to remove the illegal brokers who controlled and manipulated the marketing system. At the moment, for instance, such brokers are not operating in the livestock market as it is easy to monitor them physically. Gebremeskel further pointed out that the ministry will continue collaborating with other pertinent stakeholders to track, monitor and control the brokers. Citing that the commercial law of the country was improved after the national reform, the minister said such improvements will enable the country to integrate with the world trade system. The commercial law, which has been amended to have international business content and competitiveness, has made it possible for consumers and the business community to get technology-supported services, it was learned. The minister finally revealed that businesses that were open only to Ethiopians for years are now also opened for foreign investors.
Nat'l Reform Made GERD Success Story, Says Water and Energy Minister
Mar 13, 2024 455
Addis Ababa March 13/2024 (ENA) Water and Energy Minister Habtamu Itefa said the national reform has made the Grand Ethiopian Renaissance Dam successful by bringing it out of the complex construction process. In an exclusive interview with ENA, the minister said the dam had almost stalled before the national reform. In particular, he elaborated that the funds raised by Ethiopians for the dam had been managed by incompetent contractor and the funds embezzled, he revealed. The minister pointed out that the improper project management and deliberate malpractice had negative impact on the overall construction process and that was a sad moment. Following the reform, special attention was given to determine the next process of the dam and that is considered the biggest success factor in getting the dam out of the problem. Habtamu explained that the first visit to the GERD by Prime Minister Abiy Ahmed was the beginning of the utmost journey of success with his wise leadership and guidance to determine the fate of the project. Accordingly, the first step taken was changing the contract management and contractors as well as suppliers, which were the major impediments of the project. The work of assigning qualified experts in the field had also been done, the minister said. Thus the national mega project was saved from the danger that it was in through those efforts Habtamu said, adding that since the reform the works done on the GERD have recorded victory to restart the dam. According to him, the project existed only in name and there was no real work before the reform. After the national reform, however, concrete results have been registered year after year. For instance, two turbines have begun generating electricity, he added. Moreover, Habtamu elaborated that the GERD has not only at present increased its height but also record successive triumphs by filling water in different rounds. Not only that, the dam has now reached an irreversible stage and is built at a level of standard that could give lesson to Africa and beyond. The minister underscored that GERD is a major national project that has taught Ethiopians they can do miracles when they stand together. The construction of the dam has reached 95 percent, it was learned. He stated between in June and July of this Ethiopian year, the dam will reach its final level of water capacity. The GERD project was one of the five institutions/projects awarded the Ethiopian Institutional Success Award yesterday.
HPR Standing Committee Chair, Pakistani Ambassador Discuss about Bolstering Relations
Mar 13, 2024 393
Addis Ababa, March 13/2024 (ENA) House of People’s Representatives (HPR) Foreign Relations and Peace Affairs Standing Committee Chairperson Dima Negewo and Pakistan Ambassador Atif Sharif held talks today about further bolstering the bilateral relations between the two countries. The standing committee chairperson said on the occasion the two sides discussed about ways of further enhancing trade exchange and investment as well as tourism between the countries. They also stressed the need to further bolster parliamentary cooperation and promised to conduct exchange of visits of the speakers of the parliaments and their counterparts, Dima added. Pakistan Ambassador to Ethiopia, Atif Sharif pointed out that the parliamentary relationships between the countries could further strengthen bilateral relations. According to him, Pakistan attaches very high importance to its relations with Ethiopia, which is one of the largest countries in Africa and the lynchpin in the Horn of Africa. “We have close cooperation on the multilateral affairs. We also have strong trade relations and there's a lot of potential to increase bilateral trade,” the ambassador stated. Pakistan is now looking to have more parliamentary exchanges as parliamentary cooperation is the key to improve bilateral relations, Sharif said. Moreover, he indicated that there is room for cooperation in tourism as Ethiopian Airlines is now going directly to Karachi four times a week. And the Ethiopian government opened embassy in Islamabad last year, which is also playing an active role in connecting both countries together, the ambassador stated. “So, we are looking for an exciting period of cooperation ahead of us.”
Maltese Companies Exploring Areas of Collaboration with Ethiopian Counterpart
Mar 13, 2024 416
Addis Ababa, March 13/2024 (ENA) Maltese companies that attended the 1st Ethiopia-Malta Business Forum held yesterday in Addis Ababa are assessing areas of collaboration with Ethiopian counterparts. In an exclusive interview with ENA, TradeMalta Promotion Head Richard Scerri said the company assists Malta-based businesses to unlock new opportunities. TradeMalta is a local enterprise that helps Maltese companies to become exporters all over the world. “That is why we are here to help the collaboration between Ethiopia and Malta,” Scerri said, adding that there is a very good opportunity for Ethiopian business people to meet up and collaborate with Maltese counterparts. “We are here to do business with Ethiopian counterparts. We are here to help the collaboration of the business community in Ethiopia understand that there is business in Malta as well, ” the head stated. The companies, which attended the 1st Ethiopia-Malta Business Forum held yesterday, are from 16 different sectors. Business 1st CEO Marika Tonna said on her part that Malta has very good diplomatic relations with Ethiopia and the next step is fostering business between the countries. “From what I can see we can collaborate especially in information technology and many other areas because I think you have what we don't have. We don't have a large labor force because we are very small country. And we don't have many resources. Over here electricity supply is ample. So, I think we can share experiences and work together to see where we can collaborate.” Institute of Tourism Studies of Malta Chief Operating Officer, Professor Glen Farrugia said tourism is one of the most important pillars of the economy in Ethiopia. The country is a cradle of humanity and the hospitable character of Ethiopians is something that attracts everyone. Therefore, Ethiopia should capitalize on this important asset as much as possible. According to him, “Malta has a lot of experience when it comes to tourism. We feel that we should share our knowledge with Ethiopian friends in order to ensure the quality of services that Ethiopia offers to its tourists or clients.” When it comes to tourism and the quality of service being provided in Ethiopia, we have seen a lot of improvements, Professor Farrugia noted. Being the seat of the African Union, Ethiopia also presents attractive opportunities for Malta-based businesses exploring new avenues for export and international expansion, the chief operating officer observed. Moreover, Ethiopia serves as a hub in Eastern Africa, acting as a vital gateway to tap into the broader East African market which provides huge potential for fostering mutually beneficial economic growth and collaboration between the two nations.
Ethiopian Institutional Success Award Will Intensify Cooperation, Competitiveness
Mar 13, 2024 332
Addis Ababa, March 13/2024 (ENA) The Ethiopian Institutional Success Award will strengthen cooperation and competitiveness, officials of institutions, who received the award yesterday from Prime Minister Abiy Ahmed during a ceremony, held at the Adwa Victory Memorial yesterday said. Prime Minister Abiy honored five institutions/projects with the Ethiopian Institutional Success Award, celebrating their significant achievements and global impact. The distinguished awardees include the Ministry of Agriculture’s wheat program, Ethiopian Airlines, Ethio Post, Ethio Telecom, and the GERD Project, each a testament to Ethiopia's growth and innovation. Officials of the institutions said that the recognition not only motivates them on to greater efforts, but also sets an example for other institutions. Kifle Horo, General Manager of the Grand Ethiopian Renaissance Dam (GERD) project, said the award has given recognition not only to the project but also to all Ethiopians. Moreover, he elaborated that the honor will create motivation and encourage all institutions to work hard in their respective fields. Ethiopian Airlines CEO Mesfin Tasew said on his part the award gives morale to the employees who work day and night for the success of the airlines. The recognition will help to create robust and viable institutions at the national level as it encourages other institutions to intensify efforts for successful achievements, he added. The CEO of Ethio-Telecom, Frehiwot Tamru said that following the national reform, the institution has carried out many activities to provide better and effective services to its customers. Thus, the award not only recognizes achievements, but also creates inspiration to do better works in the future, she elaborated. Minister of Agriculture, Girma Amente stated that the successes registered in wheat production in recent years demonstrates the fact that effective work can be accomplished by creating a better plan and incorporating all relevant parties. The award has given recognition to all Ethiopian farmers and pastoralists, the minister added. Prime Minister Abiy Ahmed said on the awarding ceremony that the institutions were awarded for doing work that made them competitive at the continental level. He also stated that the awards given to the institutions stimulate them to do more in the future.
Reform Works Created Institutions Competitive at Continental Level: PM Abiy
Mar 12, 2024 375
Addis Ababa, March 12/2024 (ENA) Prime Minister Abiy Ahmed said the reforms made on institutions have enabled to create competitive institutions at continental level. The premier made the remark at the award ceremony at Adwa Victory Memorial Museum to honor five institutions today. The PM said on the occasion that the institutions were awarded for doing work that made them competitive at the continental level. Noting that success is not a goal but a journey that continues with needs, Abiy stressed that the awards given to the institutions stimulate them to do more in the future. The prime minister recalled that Ethiopia was one of the African countries that imported much wheat. The country has now become the leading wheat producing country in Africa with the work done in a short period of time, he said, adding that the Ministry of Agriculture has played a major role in this success. Similarly, he pointed out that Ethiopian Airlines was able to continue as a competitive institution by performing actions that redeemed the season when faced by COVID-19 pandemic. According to him, the airline is currently a huge institution that dominates Africa in the field and the recent acquisition of aircraft and terminal expansion works will further enhance its competitiveness. Following the reform, Ethio telecom has also more than doubled the number of customers and has now over 76 million customers. The number of Tele Birr users has reached 43 million. Abiy underscored that the recognition given to the institution will create incentive to build capacities in the sectors. Ethio Post was able to be effective in a short period by implementing reform works. The PM pointed out that the institution has not only come out of bankruptcy, but has been able to become a model on a continental level in some of its procedures. The leaders and employees of the institution have contributed a lot to this, he stated. Abiy further noted that the reform works done on the construction of the Great Ethiopian Renaissance Dam are a demonstration of the effectiveness of institutional reform. Passing through the challenges, the history of the dam construction process has been accomplished. He said the dam will be a center of regional integration in the continent. Winners of the Ethiopian Institutional Success Award are Ministry of Agriculture’s wheat program, Ethiopian Airlines, Ethio Post, Ethio Telecom, and the Grand Ethiopian Renaissance Dam (GERD) project.
Oromia Region Expecting 105 Million Quintals of Wheat from Summer Irrigated Land
Mar 12, 2024 268
Addis Ababa March 12/2024 (ENA) Ethiopia's Oromia region announced that it is expecting to harvest over 105 million quintals of wheat from its summer irrigated land. Crop Development Director at the Oromia Agriculture Bureau, Mustefa Hussein, stated that the 2.6 million hectares initially planned to be cultivating during the summer season has been surpassed by over 1 million hectares across the region's 21 zones. The director expressed optimism about the development, stating that "the progress in all zones is encouraging, and we anticipate exceptional results." He confidently predicted that this year's irrigated wheat production in the region would exceed 105 million quintals. Currently, farmers are actively harvesting the crop with the aid of modern agricultural equipment and the average yield per hectare stands at 45 quintals with some high-yielding areas achieving over 60 quintals per hectare. As the wheat fields are being cleared, farmers are cultivating onions, tomatoes, potatoes, and other fruit and vegetable crops, maintaining soil fertility and enabling a three-crop rotation system annually, Mustefa elaborated.
Gov't Implementing Multi-pronged Strategy to Rein in Inflationary Pressures: Finance State Minister
Mar 12, 2024 314
Addis Ababa March 12/2024 (ENA) The Government of Ethiopia has been taking monetary, fiscal and development policy measures that stabilize inflation, Finance State Minister Eyob Tekalign told ENA. According to him, the government is enforcing stringent budgetary discipline on government institutions for the remainder of the Ethiopian fiscal year. "Our budget is constrained with high demand and limited resources," Eyob said, adding "this compels institutions to optimize cost, enhance efficiency and find innovative solutions with fewer resources." In tandem with this, the National Bank has implemented reforms restricting large transactions, capping bank lending at 14% annual growth to curb money supply, and regulating government borrowing rates. Loan dependence is aggressively cut with direct government borrowing limited to one-third of the previous year's level through deficit reduction efforts, the state minister elaborated. Combating food price inflation is a central priority, according to Eyob. "The key lies in producing goods in large quantities and ensuring well-regulated market distribution, which undoubtedly brings about positive pricing changes," he stressed. Therefore, increased budgetary allocations are targeting productive agricultural sectors, while the Homegrown Economic Reform Agenda aims to streamline the business environment and distribution efficiencies. While initially challenging, the policy actions are gaining encouraging traction, the state minister noted, pointing out "price stability and significant reductions in some sales, while prices remain stable in others." Yet, the inflationary buildup necessitates a measured, long-term strategy, he said. With regard to product price reductions, Eyob revealed that regulatory bodies are directed to robustly monitor against unjustified price hikes. "If civil servants, leaders and businesses prioritize curbing inflation, stable price can be attained for improved economic conditions nationwide," he stated, reiterating the government's resolute commitment to this agenda through monetary, fiscal and development-driven interventions." Recall that Prime Minister Abiy Ahmed, while addressing the 28th regular session of the House of People's Representatives, said the government's preventive measures against inflation have yielded promising results. According to him, inflation was reduced to 28.5 percent from the previous 30 percent. This achievement is regarded as a positive beginning, and there are high expectations for further improvements this Ethiopian fiscal year.
Italy Pledges Support for Ethiopia's Development Aspirations
Mar 12, 2024 429
Addis Ababa March 12/2024 (ENA) A high-level delegation from the Italian Ministry of Foreign Affairs led by the Director-General for Development Cooperation Stefano Gatti visited the Ministry of Finance. The state ministers of finance, Eyob Tekalign and Semereta Sewasew, who welcomed the delegates, expressed gratitude to the government of the Republic of Italy for their support aligned with the government’s priorities, emphasizing the urgent need for accelerated financial assistance. The Italian delegates for their part expressed satisfaction with the progress and a willingness to collaborate closely to expedite ongoing projects in areas of agro-processing, energy, jobs creation, improving coffee productivity and enhancing its value chains, urban development and expand development cooperation. Moreover, as president of the G7, Italy pledged support for Ethiopia's development aspirations, urging the Ethiopian team to leverage climate funds and the "Mattei Plan" for African development, announced by the Italian government in early 2023. With a focus on five major pillars—education and training, agriculture, health, energy, and water—the Mattei Plan will initially comprise nine pilot projects in Algeria, Democratic Republic of the Congo, Egypt, Ethiopia, Ivory Coast, Kenya, Morocco, Mozambique, and Tunisia. The Plan seeks to establish a new kind of cooperation with African nations. In conclusion, both sides agreed to strengthen communication channels to work closely for the mutual benefit of both nations and their people. Stefano Gatti was accompanied by the Director of the Italian Development Cooperation Agency, representatives of Italian enterprises, Cassa Depositi Prestiti, and Agostino Palese, Italian Ambassador to Ethiopia, according to Ministry of Finance.