Addis Ababa October 7/2024 (ENA)The newly appointed President Taye Atske Selassie remarked that the Grand Ethiopian Renaissance Dam (GERD) is a mega project that represents Ethiopia’s outstanding achievement in its modern history. Earlier this afternoon, Taye Atske Selassie was sworn in as the President of the Federal Democratic Republic of Ethiopia during the joint session of the House of Peoples Representatives and House of Federation. Addressing the two houses, President Taye emphasized the dam's completion and its fifth round of water filling, marking a major milestone in nation's development journey. He also disclosed the completion of its civil engineering work. Acknowledging the remarkable contributions of Ethiopians, Taye revealed that their collective efforts will be remembered in history. The dam not only serves as a vital source of electricity but also it fulfills the country’s overdue national aspiration, he stated. For him, the successful construction of the GERD demonstrates Ethiopia's capability to achieve its developmental goals in its own capacity. Furthermore, the President highlighted that the dam will benefit neighboring countries, fostering regional development and reducing risks associated with river basin management. This year marks a significant victory for Ethiopia, he emphasized, reaffirming the government’s determination to reinforce progress of the country.  

Addis Ababa October 7/2024 (ENA) Ethiopia's economy is at a new turning point in history President Taye Atske Silassie has said. The joint session of the 6th year and 4th tenure of the House of Peoples’ Representatives and the House of Federation opened today. The joint session has appointed Ambassador Taye Atske Silassie as head of state of the Democratic Republic of Ethiopia. Addressing the two houses, President Taye Atske Silassie stated that Ethiopia's economy is at a new turning point, highlighting the country's transition to a multi-sector economy. He noted that this shift is gradually increasing the number of citizens who benefit from economic growth. Ethiopia's economy recorded a growth rate of 8.1 percent in the concluded Ethiopian fiscal year. He mentioned that the agricultural sector alone registered a growth of 6.9 percent and added that some 700 million quintals of major crops were produced in the last fiscal year. He mentioned that 230 million quintals of production were achieved through harvesting in the Meher irrigation season. The president pointed out that efforts to supply wheat to the export market have also been strengthened. He added that initiatives like Ye Lemat Tirufat (Bounty of the Basket) and fruit cultivation have contributed to stabilizing inflation. Taye stated that 3.8 billion USD in revenue was generated from the export of goods, which also managed to substitute by local products worth of 2.8 billion USD. In connection with the economic revival, more than 4.2 million jobs were created in the last fiscal year, he explained. President Taye also noted that 379,000 citizens have been provided with employment opportunities abroad.  

Addis Ababa October 5/2024 (ENA)- The intertwining of fashion with Ethiopia’s rich cultural and historical tapestry enhances the country’s global identity. The global fashion industry is a USD 1.7 trillion industry. “With a strategic focus and contemporary design, Ethiopia’s cultural outfits have the potential to become globally recognized, positioning the country as a global hub for fashion and apparel,” according to the Ministry of Foreign Affairs. Fashion is a vibrant expression of culture, and in recent years, we’ve seen this come to life through the evolving exploration of local design as our traditional attires gain mainstream appeal.

Addis Ababa October 4/2024 (ENA) Ethiopian Airlines Group announced today that it has suspended all flights to Beirut until further notice and to Tel Aviv until 7th October 2024 due to the current situation. “We are closely monitoring developments and are in contact with the relevant authorities,” said the Airlines in its social media post. Airlines also encourages passengers to check flight status online regularly and prepare for possible last-minute changes.

Addis Ababa October 4/2024 (ENA)- The National BRICS Ministerial Steering Committee has finalized Ethiopia’s BRICS Engagement Strategy, which has been reviewed over the past few months. The National Steering Committee convened its session on Thursday, according to the Ministry of Foreign Affairs. The Strategy will provide overall guidance for Ethiopia’s engagement as part of the BRICS family. The National Steering Committee further reviewed Ethiopia's participation in BRICS activities over the past ten months based on an assessment report submitted by the Senior Officials Technical Committee and the BRICS Secretariat. The Committee was briefed about the outcomes of the BRICS Foreign Ministers' Meetings, which took place from 10-11 June and 26 September 2024, preceded by the Sherpa and Sous-Sherpa meetings. The Committee discussed preparations for the XVI BRICS Summit scheduled to take place in Kazan, the Russian Federation, from 22-24 October 2024, it was indicated. The meeting identified contributions from stakeholders to finalize preparations for Ethiopia’s participation in the Summit. Ethiopia’s BRICS Sherpa, and the Governor of the National Bank, His Excellency Mamo Mihretu, stated that the BRICS framework is an additional high-level platform to protect Ethiopia's national interests. He explained that since becoming a member of BRICS, Ethiopia has actively participated in various activities to advance its national interests. Ethiopia's Deputy Sous Sherpa, and State Minister for Foreign Affairs, Ambassador Mesganu Arga also said Ethiopia's membership in BRICS has elevated the country’s diplomacy.

Addis Ababa October 4/2024 (ENA)-The Common Market for Eastern and Southern Africa (COMESA), a regional economic organization in Africa, urged African countries to implement targeted policies to improve access to information and communications technology (ICT) services on the continent. COMESA Director for Infrastructure and Logistics Bernard Dzawanda made this remark at the start of a meeting on enhancement of governance and enabling environment in ICT program in Lusaka, the Zambian capital, according to Xinhua. While acknowledging that access to and use of affordable ICT services was important to ensure economic development, Dzawanda said only 37 percent of Africa's population uses the internet compared to the global average of 67 percent. Furthermore, only 25 percent were connected to the internet compared to the global average of 57 percent. "The issue of affordability is very critical in achieving universal and inclusive access to ICT services. Even where service is available, internet use is constrained by low affordability of both the data a digital device," he said. He reiterated the importance of ICT in driving development and regional integration within the COMESA bloc, noting that the organization has a strategic plan to foster digital transformation through appropriate policies and legislation. Dzawanda emphasized the potential of ICT in addressing various challenges, including climate vulnerability, gender inequality, and health emergencies. He stated that COMESA's initiatives in enhancing governance and creating an enabling environment for ICT have led to significant progress, including the completion of studies related to roaming, interconnection, and optic fiber policies.

Addis Ababa October 4/2024 (ENA)- Ethiopia will host the World Without Hunger Conference from 5th to 7th November 2024 that consists of solution-oriented technical sessions, an investment forum, and a high-level political forum. The conference will be held in Addis Ababa, Ethiopia, co-organized by UNIDO, the African Union Commission (AUC), and the Government of Ethiopia, with technical assistance of the Food and Agriculture Organization (FAO). Over 1,500 high-level stakeholders, including Heads of State/Government, Ministers, UN agencies, the private sector, financial institutions, donor community, DFI/IFI, civil society, non-governmental organizations, academia, and media are anticipated to attend the conference.   Hunger and food insecurity are global problems which require global efforts’ it was learned. That is why UNIDO said it has been bringing together influential leaders, policymakers, and experts from around the world to discuss and deliver real solutions at the World Without Hunger Conference. Currently, Ethiopia has been becoming a model in its effort to realize food self-sufficient and achieve the goal of Zero Hunger. To this effect, Prime Minister Abiy Ahmed received the award this year for his vision, leadership and commitment to food security and nutrition as well as the pursuit of innovative solutions in wheat self-sufficiency in the context of fast-changing and challenging circumstances. Ethiopia's remarkable endeavors have been recognized by the United Nations Industrial Development Organization (UNIDO) itself. In his remarks at an award ceremony hosted by FAO to the Prime Minister Abiy in Italy, Rome this year, Director General of UNIDO, Gerd Müller the efforts being undertaken in Ethiopia to achieve the vision of zero hunger has really been showing great progress. He also cited the nation’s achievement in doubling the yield in the food sector and becoming an exporter.

Addis Ababa October 4/2024 (ENA)-Ethiopia is fully committed to exploring avenues for capacity building, investment promotion, and trade facilitation with Indonesia, according to Ministry of Foreign Affairs. The Embassy of the Republic of Indonesia in Ethiopia held a diplomatic reception in Addis Ababa on Thursday to commemorate the 79th Anniversary of the Independence of the Republic of Indonesia.   The reception was attended by Ethiopian high ranking officials, foreign Ambassadors, diplomats, academicians, among other invited guests. Speaking at occasion, Ambassador Negus Kebede, Director General for Middle East, and Asia Pacific at the Ministry of Foreign Affairs said the diplomatic relation between Ethiopia and Indonesia has flourished from time to time. "While celebrating our shared history, we must also seize this opportunity to focus on converting our strong political ties into substantial economic partnerships." Hence, he reaffirmed that Ethiopia is fully committed to exploring avenues for capacity building, investment promotion, and trade facilitation with Indonesia. Moreover, he added we are deeply appreciative of the academic scholarships offered by the Indonesian Government, which have played a vital role in advancing academic exchange and human resource development. Both Indonesia and Ethiopia have the potential to be significant global players in addressing shared challenges such as climate change, peace and security, food security, and global health issues. Deepening the economic collaboration is vital as we navigate these challenges together, he added. Indonesia's Ambassador to Ethiopia, Al Busyra Basnur said Indonesia and Ethiopia enjoying over six decades of diplomatic relations. "Our relationship is growing rapidly from year to year. Our bilateral cooperation between our two countries is expanding significantly in all sectors, especially in economy, social and people to people contact," the ambassador added. Moreover, he elaborated that Indonesia and Ethiopia have an excellent cooperation in the non-aligned movement since its establishment in 1961.            

Addis Ababa October 3/2024 (ENA)- Ethiopia’s Deputy Prime Minister Temesgen Tiruneh launched today the National Corruption Crime Reporting Digital System (NCRS) to enhance the ongoing efforts aimed at mitigating corruption in the country. The Deputy Prime Minister said in the launch program that the government is working to modernize the functioning of institutions, improve accountability and transparency.   He said that NCRS, which officially started working today, is part of the reform process to increase the capacity of institutions. Corruption is the result of a corrupt thinking and practices, so the reform is being done to address these problems. The Federal Ethics and Anti-Corruption Commission in collaboration with the Ethiopian Artificial Intelligence Institute developed the National Corruption Crime Reporting Digital System (NCRS). It is a robust system that properly protects the confidentiality of the information. Federal Ethics and Anti-Corruption Commission Commissioner Samuel Urkato said that during the reform years, several activities have been implemented to build a strong and independent institution.  

Addis Ababa October 3/2024 (ENA)-Ethiopia's Ministry of Transport and Logistics is carrying out a reform on road and rail transportation systems with a view to realizing the nation's growth and prosperity. The Ministry conducted a workshop on the reform of Ethiopia's rail and road transport in collaboration with the World Bank. The workshop mainly focused on addressing bottlenecks in administration, service, policy and infrastructure of the sector.   Speaking at the occasion, Transport and Logistics State Minister, Dengue Boru said that the logistics sector has a significant role for the success of Ethiopia's journey towards development and prosperity. However, he added that if the performance of logistics is not effective and go in parallel with the rapidly growing economy of the country, it impedes the intended transformation of the nation. Dengue further underlined the need for an enhanced logistics system that adequately accommodate the new development, pointing out that the nation's export and import trade, which currently exceeds 16 million metric tons, will double in recent years. Hence, fundamental reform in rail and road transport is believed to be crucial to continue these positive developments, he underscored. According to the state minister, the port of Djibouti currently handles 95 percent of Ethiopia’s import and export trade, but this is insufficient given the size of the country's economy. He also indicated the inefficiencies being observed on the Ethio - Djibouti Railway as it is operating below its capacity due to several reasons including the limited amount of speed due to the fact that there are many animals moving on the railway tracks, so the trains are forced to travel at a much slower speed than it can travel. In this respect, the reform is crucial to bring about real changes in railway infrastructure, services, finance and others, the state minister underlined. The State Minister said that, with a formulated national logistics strategy, remarkable achievements have been registered over the past five years, noting that connecting rail and road transport lines with dry ports will be another focus of the ministry. He mentioned the supports being provided by the World Bank in the sector.  

Addis Ababa October 3/2024 (ENA)-Ethiopia needs to modernize its marketing strategies and enhance farmers' access to market information in order to boost income from sesame production, according to the International Center for Agricultural Research in the Dry Areas (ICARDA). The International Center for Agricultural Research in the Dry Areas (ICARDA), in collaboration with the International Water Management Institute (IWMI) and the International Food Policy Research Institute (IFPRI), hosted a workshop titled “Stakeholder workshop on innovation scaling preparedness and strategy.”   The event is part of the CGIAR Initiative on Rethinking Food Markets and Value Chains for Inclusion and Sustainability which aims to transform the food sector by scaling innovative approaches to improve efficiency, equity and sustainability, and generate more jobs and better incomes for youth and women. The CGIAR Initiative provides evidence on the innovations, incentives and policies most effective for creating equitable income and employment opportunities in food markets while reducing the environmental footprint from the agrifood sector. The two days workshop brought together local and international experts involved in sesame production, marketing, and consumption as well as pertinent stakeholders from across the sector. Principal Agricultural Market Economist at International Center for Agricultural Research in the Dry Areas (ICARDA), Girma Kassie said sesame is Ethiopia’s leading oil crop and the second most exported agriculture commodity. However, low adoption of technologies, weather variability, poor finance and infrastructure, low crop diversity in the sesame growing areas, among major constraints of sesame value chain the country. Therefore, he elaborated this workshop focuses on developing a strategy on how we can scale up the innovations that we have been testing over the last three years in northwestern Ethiopia. “We are going to talk about what our progress we have made, and what ways of scaling up would be useful to think about impact at farmhouse alone, in terms of the price they receive, market participation, in terms of the quantity they take to the market as well as their income as well,” he stated. Moreover, Girma pointed out that we have been providing training for farmers on market information in collaboration with pertinent stakeholders. “The experiences so far show that farmers are quite happy with the information they have been receiving, and our monitoring surveys have shown that farmers are really interested in forming their own groups for collective action, and that's meant for marketing.”   Senior Program Manager in the Markets, Trade, and Institutions Unit at IFPRI, Rajalakshmi Nirmal on her part said we have been working on the rethinking food markets initiative for the last three years. “Our objective is basically to work with smallholder farmers and help them with some innovative means to improve their marketing strategies on how they can get better prices for their sesame,” she added. She stated that sesame is very important for Ethiopia's economy, but the farmers face a lot of problems in terms of lower productivity and volatility in global market prices. Hence, in the workshop today, we will see how to address these two challenges that smallholder farmers are facing and how we can help farmers with the market information in terms of the demand in terms of prices.   Senior Researcher Innovation Scaling at International Water Management Institute, Thai Thi said this workshop is one of the, in a series of stakeholder engagement activities, we try together with stakeholders to assess and identify scalable innovations and see how to scale it. We see scaling up innovations by cooperating with stakeholders and learn from success and failures into the current designs of innovation, she added. In this regard, the researcher stated that “researchers have multiple roles in this process. We are knowledge partners. We share knowledge, insights and expertise in the areas and innovation.”  

Addis Ababa October 3/2024 (ENA)Ethiopian Airlines’ new airport will boost its connectivity and promote the capital Addis Ababa to become an aviation and air transport hub, said Ethiopian Airlines Group CEO Mesfin Tassew. Recall that Ethiopian Airlines Group has inked a technical advisory and consultancy contract with Dar Al-Handasah Consultants (Shair and Partners), a partner with the world-renowned signature architects Zaha Hadid Architects, to embark on the design and supervision of a Mega Airport City at Abusera in Bishoftu city. This state-of-the-art airport city, located just 40km from Addis Ababa Bole International Airport, is poised to revolutionize air travel in Ethiopia. Upon completion, the new airport is projected to have the capacity to serve 110 million passengers each year, which is four times the current capacity of Bole International Airport. With its exceptional capacity and world-class facilities, this new airport promises to elevate African aviation and strengthen partnerships, marking a significant advancement for the region's air travel infrastructure”. In an exclusive interview with ENA, Ethiopian Airlines Group CEO Mesfin Tassew said that the primary objective is not to get recognition to promote air transport in Africa and to make Addis Ababa the hub of passenger and cargo transport. It will also help Ethiopian enhance its activities and operation and there by promote its business, he added. “Construction of this airport will help us to provide better connectivity for our passengers who transit through Addis Ababa and it will also help us to enhance connectivity within Africa in line with the African Continental Free Trade Agreement. So it will boost air transport in Africa and Ethiopia,” emphasized the CEO. Ethiopian is the leading airline in Africa today, Mesfin stated, and noted “we want to maintain our leadership by enhancing our air transport service in Africa and by partnering with African airlines as well.” Furthermore, he pointed out that Ethiopian is always working improve and enhance its customer service and experience both on ground and air. “Ethiopian airlines today flies to 139 cities around the world; these are international destinations and we want to enhance that to 207 by 2035. Meaning we have to add new destinations every year until we reach there. By doing that we want to enhance our reach and connectivity using Addis Ababa as a hub,” he elaborated. Mesfin affirmed Ethiopian airlines unparalleled commitment to serve its customers with enhanced services. Ethiopian, which is one of the fastest-growing airlines brand globally, has become one of the continent’s leading carriers, unrivalled in efficiency and operational success. Ethiopian commands the lion’s share of the African passenger and cargo network operating the youngest and most modern fleet. The Airlines is committed to achieving annual revenue of 25 billion USD and transporting approximately 67 million passengers by 2035. To support this goal, the airline is investing in new aircraft and expanding its international network.      

Addis Ababa October 2/2024 (ENA)The implementation of Ethiopia's comprehensive macroeconomic reform, particularly the foreign exchange administration, have begun to deliver positive outcomes for the economy over the past two months, Governor of the National Bank of Ethiopia, Mamo Mihretu stated. The reform, particularly in foreign currency administration, led to a decrease in the black market premium, increased exports including gold, remittances, and foreign exchange reserves in the banking system, Mamo pointed out. Following the reforms, the total foreign currency reserves in the banking system have increased by 80 percent over the past two months. Prime Minister Abiy Ahmed chaired a macroeconomic meeting today. The Governor stated that the performance of the foreign currency administration in the past two months was discussed and evaluated during the meeting. The Governor stated the substantial progress made in stabilizing the foreign currency market and the black market premium has narrowed to less than 3 percent from 100 percent prior to the reforms. “So it has literally collapsed. The black and bank markets are more or less adjoining. Less than 10 percent is successful in many countries. Ours is less than 3 percent. This is a key success. This kind of strong and historic reform being implemented without causing huge price inflation makes Ethiopia’s reform so unique.” Exports have also witnessed a surge, with exports during the month of September increasing by 53 percent compared to the same period last year. Compared to the first quarter of the past year, remittances have grown by 145 percent, and gold exports have seen a remarkable 540 percent increase. Only 58 million USD was earned from gold export in the first quarter last year while it is 488 million USD in this similar period. “Last year 255 million USD was earned from gold export. This year we earned almost 500 million USD in the first three months. It means that we earned double of the past annual earning in three months. This is the result of the reform.” The reforms have encouraged the legal export of gold, which was previously smuggled out of the country. The foreign currency reserves of both the National Bank of Ethiopia and commercial banks have experienced significant growth. In the two months following the reforms, the total foreign currency reserves in the banking system have increased by 80 percent. “In general, if you take the foreign currency reserve in the banking system, including the National Bank of Ethiopia, the private banks, increased by 80 percent in the two months,” Mamo said. Governor Mamo emphasized the positive impact of the reforms on the availability of foreign currency. Individuals and businesses can now obtain foreign currency from banks, improving the efficiency and competitiveness of the economy. To sustain these positive results, the governor suggested that exporters and remitter companies be served by banks at similar exchange rates. Additionally, the National Bank of Ethiopia granted licenses to five foreign exchange bureaus today. The Ethiopian government has been implementing comprehensive macroeconomic reforms aimed at stabilizing the economy and attracting investment. These reforms have focused on various areas, including foreign currency administration.  

Addis Ababa October 2/2024 (ENA)State of the art duty free mall is to be built in Addis Ababa adjacent to the Bole International Airport Cargo Service with a total investment of 4.399 Billion Birr. Ethiopian Airlines Group CEO, Mesfin Tassew and Ethiopian Tourist Trading Enterprise (ETTE) CEO, Rahel Getachew signed today a memorandum of understanding to build the first-ever duty-free retail mall of the country to transform the shopping experience in the region. Speaking at the occasion, Foreign Affairs State Minister and Board Chairman of Ethiopian Tourist Trading Enterprise, Ambassador Mesganu Arga said Ethiopian Airlines is the first and preferred airline that is doing a great job in transporting many travelers and tourists that would support the development of tourism industry in the country. In this regard, building duty free mall and other infrastructures around the airport is crucial for travelers and tourists to buy products being provided by Ethiopian Tourist Trading Enterprise. The state of the art duty free mall will generate foreign currency, significantly contribute in product promotion as well as expand tourism economy in the country, he added. Ethiopian Tourist Trading Enterprise CEO, Rahel Getachew on her part said that the agreement is expected to help realize the first duty-free retail mall in the country. The duty free retail mall will feature a curated selection of luxury products, specifically designed to cater to the needs of in-transit customers, the diplomatic community, international travelers and tourist, she pointed out. Moreover, the agreement will boost tourism and stimulate the national economy of the country, she noted. Ethiopian Airlines Group CEO, Mesfin Tasew said Ethiopian Airlines has been striving for the growth of tourism, stressing that air transport and tourism are closely related activities. Mesfin reiterated that the agreement will help to develop the tourism sector, reaffirming his company's determination for the realization of the project. It was learned that Ethiopian Tourist Trading Enterprise is a pioneer enterprise in duty-free operations in Ethiopia with over 60 years of experience.  

Addis Ababa October 2/2024 (ENA)Finance Minister Ahmed Shide said that Ethiopia’s macroeconomic reform efforts have achieved greater success than that of many other nations. A macroeconomic team chaired by Prime Minister Abiy Ahmed assessed in detail the performance of the reform over the past two months today. In his presser, Finance Minister Ahmed emphasized that the reform has been highly successful when compared to similar efforts in other countries. He noted that one of the primary objectives of the reform was to ensure overall economic stability. Ethiopia’s economy, despite significant social challenges, has continued to progress steadily, he added. The minister further highlighted that inflationary pressures have not escalated and there are in fact signs of decreasing inflation. According to him, macro economy reform in general and free-floating currency exchange in particular and the implementation of a new monetary policy in many countries have been creating problems. In Ethiopia, the reform has been executed smoothly, contributing to stable conditions both within the economy and in the society, Ahmed noted. The other major goal of the macroeconomic reform is to boost revenue, it was learned. The minister revealed that Prime Minister Abiy Ahmed had initiated the formation of a new task force and it has been striving over the past two months to enhance revenue. Ministries of Finance and Revenues, alongside the Customs Commission and other key government bodies, including the premier, have been working collaboratively to execute the plan. This joint effort has already shown positive results, with higher revenue performance compared to last Ethiopian fiscal year. The prime minister has instructed the macroeconomic team to continue focusing on these areas, he said, adding that significant dialogues have been held with taxpayers, and agreements reached to further improve tax compliance in the past two months. The government has also been cautious about ensuring that the reform does not lead to excessive social strain, especially on lower-income communities. Accordingly, a new policy measure was introduced to protect vulnerable groups, and the salary increment for low-wage earners approved yesterday would be implemented. This initiative requires an additional 92 billion Birr in budgetary allocations. Details of the salary increment would soon be announced by the Civil Service Commission, he added. Despite the inflationary pressures over the past two months, price has remained stable, Ahmed said, adding that the government’s proactive approach in managing price hikes, particularly through the importation of essential commodities like cooking oil and sugar, has helped ease inflationary burdens on the public. The minister remarked that efforts are ongoing to stabilize the prices of essential goods, including medicines and other necessary supplies, ensuring continued availability for the public. In this regard, two public enterprises have been importing edible oil and sugar.  

Addis Ababa October 2/2024 (ENA) Ethiopia has registered 8.1 percent economic growth during the concluded Ethiopian Fiscal Year, Planning and Development Minister Fisum Assefa revealed. The macroeconomic committee met this morning to review the performance of the new macro policy measures introduced as part of the Homegrown Economic Reform agenda. Panning and Development Minister, Fisum Assefa said the country also expects two digit growth during the current Ethiopian Fiscal Year as it has embarked on the implementation of comprehensive macroeconomic reform recently. The Minister revealed that Ethiopia has registered 8.1 percent economic growth in the concluded 2016 Ethiopian Fiscal Year. She said agriculture and manufAacturing industry sectors significantly contributed to the overall national growth as the first phase of Homegrown Economic Reform has given a great deal of attention to these sectors. Accordingly, the agriculture sector has grown by 6.9 percent, of this cereal grown by 7.8 percent. The focus given to the productive sectors, especially agriculture, since the First Homegrown Economic Reform significantly contributed to this growth, she noted. After a shift from rainfall based subsistence farming, several million quintals of crops were produced through irrigation during the dry seasons of the past year, Fisum added. According to her, national initiatives such as the Bounty of the Basket have started delivering results in this sector. Livestock has contributed 30 percent of the growth in the sector, she pointed out. The industry sector has grown by 9.2 percent, of which big and medium manufacturing industries grew by 10.2 percent. In this sector, hundreds of factories that stopped operation during the war were operationalized in the reported year, she said, adding that new factories also commenced operation. “This was the reason for the big and medium manufacturing industries to grow by 10.2 percent.” According to the minister, the service sector grew by 7.7 percent during the concluded fiscal year. In the service sector, foreign tourist flow has rebounded from the COVID-19 pandemic, Fitsum added. Ethiopian Airlines and ethio telecom played big role in the service sector growth last year, she added. There are indications for Ethiopia’s economic growth to return to double digit. For example, the past years performance, works to solve construction bottleneck like cement and operationalization of new industries, she added.              

Addis Ababa October 2/2024 (ENA) Water development programs implemented in Borena Zone of Ethiopia’s Oromia Regional State has catalyzed the transformation of local pastoralists from aid recipients to produces. It is to be recalled that the recurrent drought that has prevailed in Borena zone has inflicted serious damage on the livestock resources. Effective measures taken by the government in cooperation with citizens during the onset of drought in the zone has helped to reduce the scale of disaster that could have prevailed in the area. Various development programs have been launched to address the effects of the drought situation in a more sustained manner, it was learned. Water development projects were among the initiatives implemented in the area aimed at reducing the effects of the recurrent drought in a more sustainable manner and benefit the pastoralist in the zone. Head of Borena Zone Water Development Office, Dida Cherfole told ENA that urgent measures were taken to develop water resources in the zone aimed at combating drought in a more effective and sustainable manner. The government is running these development programs in cooperation with the private sector enabling the pastoralist to sell extra products saved from their consumption on local markets. According to the head, the water development projects that were launched in the zone has helped to resolve potable water needs of the population in the region and their livestock availing clean water in the area and resolving the daily treks and hardships they use to encounter for search of water traveling up to 30 KMs from their residential areas. Local pastoralists Huka Dadi and Sheik Abdella told ENA that projects developed by the government to reduce the devastating effects of drought have relieved them from upcoming worries from scarcity of water.   Various water development projects established in various districts of the zone including check dams have set conducive situation for animal breeding and agricultural development, they indicated. The pastoralists said these achievements have helped them to start farming and animal breeding after they have lost hundreds of livestock during the long dry season but have now managed to harvest 200 to 300 quintals of grain per hectare gradually emerging from recipients of wheat to produces, the pastoralists added. Deputy Head of Borena Zone Agriculture Bureau, Tariku Aschenaki, remarked that the pastoralists in the zone have started engaging in various agricultural development programs.   Tariku added that the projects developed in the zone have enabled the pastoralists to have access to potable water, animal feed, crop production, horticulture development and other agricultural activities. Chief Administrator of Borena Zone, Abdulselam Wariye disclosed that various development projects were launched to curtail the effects of recurrent drought in the zone in a more sustainable manner.   According to him, complaints regarding the delaying of the construction of some of the projects were resolve through the support provided to the zone by Prime Minister Abiy Ahmed and the Chief Administrator of Oromia region. He added that the water development projects, whose works have been completed, have helped to resolve multi-faceted development challenges in the zone. Abduselam called upon local and international developers to invest on various development projects from which local community members and the nation can benefit.    

Addis Ababa, October 2/2024 (ENA) Ethiopian Airlines Group has announced plan to significantly expand its global reach by adding five new international flight destinations to its network during the current fiscal year. CEO of Ethiopian Airlines Group, Mesfin Tassew outlined the airline's ambitious growth strategy, which aims to increase passenger traffic and revenue. Ethiopian Airlines, a leading African aviation company, is committed to achieving annual revenue of 25 billion USD and transporting approximately 67 million passengers by 2035. Too support this goal, the airline is investing in new aircraft and expanding its international network. Following the successful launch of five new international routes in the previous fiscal year, Ethiopian Airlines plans to add destinations including Amsterdam, Netherlands; Monrovia, Liberia; Port Sudan; and Dhaka, Bangladesh this year, Mesfin revealed. According to the CEO, the Airlines is also actively working to establish flights to Australia within the next two years, expanding its global coverage to all continents. To meet the growing demand for air travel, Ethiopian Airlines is not only purchasing new aircraft but also exploring leasing and other options to provide comfortable and extensive flight services, the CEO emphasized. The airline currently operates a fleet of 147 aircraft and serves 139 international and 22 domestic destinations, ENA learnt.

Ababa Ababa October 2/2024 (ENA)The National Bank of Ethiopia (NBE) announced today that it has granted operational licenses to five non-bank Forex bureaus. In a statement, the central bank disclosed that these five companies applied for licenses and fulfilled the minimum requirements set by the Bank per its Foreign Exchange Directive No. FXD/01/2024 will operate as Independent Foreign Exchange Bureaus. Accordingly, the licensed Independent Foreign Exchange Bureaus are said to be Dugda Fidelity Investment PLC, Ethio Independent Foreign Exchange Bureau, Global Independent Foreign Exchange Bureau, Robust Independent Foreign Exchange Bureau, and Yoga Forex Bureau. The forex bureaus are anticipated to play an important part in further developing and deepening Ethiopia’s foreign exchange market through their role in the buying and selling of cash notes of major convertible currencies. Foreign exchange bureaus are only authorized to engage in the buying and selling of cash notes and are not authorized to operate in other segments of the forex market (such as bank-based opening of Letters of Credit for export or import transactions), NBE indicated. Moreover, the statement added they shall be involved in spot transactions only, with immediate delivery of currencies bought or sold. Forex bureaus may purchase up to 10,000 USD of fx cash notes from a customer without a customs declaration and may purchase higher amounts for those presenting a customs declaration. Forex bureaus may ALSO sell fx cash notes to travelers with supporting travel documents in the amount of up to 5,000 USD for personal travel and up to 10,000 USD for business travel. The operations of Forex bureaus will be strictly monitored and supervised by the NBE to ensure their adherence to the roles and responsibilities set out in NBE’s Foreign Exchange Directive. In particular, Forex bureaus need to fulfill a number of operational, security, reporting, and record-keeping requirements as specified by the NBE. To ensure transparency for customers, forex bureaus are required to prominently display their buying and selling rates at their place of business. Customers are also entitled to be provided with receipts for all their cash note transactions. The NBE welcomes this new chapter in the on-going liberalization of Ethiopia’s financial sector and looks forward to the active growth and expansion of this segment of the foreign exchange market to help address the evolving needs of the Ethiopian economy.    

Addis Ababa October 2/2024(ENA)The government of Ethiopia held a global investors call with its Eurobond holders on October 1st, 2024. Ethiopia successfully hosted a Global Investors Call, bringing together key stakeholders and investors to discuss Ethiopia's macro- economic status, reform agenda, as well as future path. The virtual meeting, led by Ethiopia's State Minister of Finance, Eyob Tekalign provided a comprehensive update on the nation's economic outlook and its strategies for debt restructuring and long-term sustainability. During the call, Eyob highlighted Ethiopia's significant progress in implementing bold macroeconomic and sectoral reforms, all part of its Homegrown Economic Reform (HGER) agenda. The reform agenda, built on four key pillars—macroeconomic stability, enhancing the investment and trade environment, increasing sectoral productivity, and reforming civil service capacity—aims to propel Ethiopia toward sustainable and inclusive growth, realizing its vision of becoming an "African Beacon of Prosperity" by 2030. The call provided critical insights into Ethiopia's current debt restructuring efforts under the G20 Common Framework. Ethiopia outlined its approach to ensuring long-term debt sustainability, including the transition to a market-determined exchange rate and the implementation of stricter fiscal policies aimed at reducing inflation and rebuilding foreign exchange reserves. According to Ministry of Finance, Ethiopia's ongoing efforts to address its external debt challenges were a central theme of the discussion. The government reiterated its commitment to negotiating with both official and commercial creditors to restore debt sustainability and resolve liquidity and solvency issues. To ensure equitable treatment of all creditors, Ethiopia has been actively engaging with its bilateral and commercial creditors, including its bondholders. While progress has been made with official creditors, discussions with bondholders remain ongoing. The government called for continued cooperation and transparency in the negotiations, urging bondholders to engage in constructive discussions aimed at finding a restructuring solution compatible with the requirements of Ethiopia's IMF program and respectful of the principle of comparability of treatment under the G20 Common framework. Ethiopia's resilience in the face of global and domestic shocks, including the COVID-19 pandemic, global monetary tightening, and regional instability, was also emphasized. Despite these challenges, the country has maintained its dedication to reform and growth, demonstrating a strong commitment to meeting its financial obligations. "Despite turbulences, whether external or domestic, Ethiopia has consistently demonstrated resilience and strength. We take great pride in meeting our financial obligations, even during challenging times,” Eyob stated. In conclusion, it was emphasized that Ethiopia is making concerted efforts to swiftly address the debt issue and restore debt sustainability in accordance with the IMF's debt sustainability framework. The State Minister further reaffirmed Ethiopia's commitment to ensuring all creditors are treated equitably and to adhering to the principle of Comparability of Treatment.