ETHIOPIA has signed an agreement to design and construct what will become Africa’s largest airport, expected to be completed by 2029. Ethiopian Airlines CEO Mesfin Tasew announced the plans on Friday, revealing that the new airport will be located near the town of Bishoftu, about 45 kilometres (28 miles) from the capital, Addis Ababa. The … Read more
Ethiopia is set to benefit from $4.9bn in debt repayment relief as it advances its debt restructuring efforts, State Finance Minister Eyob Tekalign announced on Friday. This significant financial reprieve comes as the East African nation secures a new financing programme from the IMF, reinvigorating its long-delayed debt overhaul. Eyob detailed the upcoming steps … Read more
Ethiopia has secured a new $3.4bn financing agreement with the IMF, setting the stage for the long-awaited completion of its debt restructuring process within the next three to six months. This announcement was made by a senior finance ministry official on Tuesday. The four-year, $3.4bn programme was unveiled on Monday, just hours after Ethiopia met … Read more
ETHIOPIA stands to receive $10.5bn in financial aid over the next few years if ongoing negotiations with the IMF and the World Bank prove successful, Prime Minister Abiy Ahmed announced on Thursday. This financial boost is crucial for the East African nation, which has been struggling with soaring inflation and a severe shortage of foreign … Read more
THE Ethiopian government has announced that Africa’s largest hydroelectric power plant, the Grand Ethiopian Renaissance Dam (GERD), has exceeded its expected electricity output. Over the past 10 months, the dam has generated more than 2,700 gigawatt hours (GWh) of electricity, surpassing its initial target of 2,152.8 GWh by 26 percent. The Ethiopian Electric Power (EEP) revealed … Read more
ETHIOPIA’S coffee exports have surged, bringing in $835 million in revenue over the past nine months, reports the Ethiopian Coffee and Tea Authority (ECTA). During the first nine months of the Ethiopian 2023/24 fiscal year, which began on July 8, the East African nation exported a total of 174,596 tons of coffee to the international … Read more
ETHIOPIA finds itself at a critical juncture as it weighs the necessity of a major currency devaluation to unlock crucial funding from the IMF. With recent IMF talks yielding no agreement, the country faces increasing pressure to address economic vulnerabilities and secure vital financial support. The East African nation, plagued by high inflation and fiscal … Read more
THE Ethiopian government has announced that it earned $617 million from the export of selected agricultural products over the span of eight months, according to a press statement released by the Ethiopian Ministry of Trade and Regional Integration on Thursday. The revenue was generated from the export of commodities monitored by the ministry, including soybean, … Read more
THE Commercial Bank of Ethiopia has successfully reclaimed nearly 80 percent of the cash lost due to a system glitch, recouping $14 million out of the initially reported $40 million. Abe Sano, the bank’s president, disclosed that the glitch allowed customers to withdraw more than their account balances. He emphasised, ‘The total amount remaining is not significant … Read more
ETHIOPIAN Airlines, Africa’s largest carrier, has made a significant stride in its expansion plans with the announcement of its intention to acquire 124 aircraft from leading manufacturers Boeing and Airbus. Mesfin Tasew, Chief Executive Officer of Ethiopian Airlines Group, shared insights into the airline’s ambitious vision during a statement to state-run media on Monday evening. … Read more