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Banking & FinanceData from the National Bank of Ethiopia covering the first six months of the fiscal year reveal significant shifts in key economic indicators, particularly in inflation, exports, and market rates. Inflation at a Five-Year Low Inflation has seen a sharp decline, with the overall rate falling by 13.9 percentage points year-over-year, from 29.4% to 15.5%.
Banking & FinanceInternational Monetary Fund (IMF) Managing Director Kristalina Georgieva paid a working visit to Ethiopia, where she met with Prime Minister Abiy Ahmed (PhD) and senior federal officials. She also issued a joint statement with Finance Minister Ahmed Shide, addressing the country’s economic challenges and reform efforts. During her remarks, Georgieva acknowledged the difficulty and time-consuming
EconomyIn Ethiopia, informal enterprises are a vital part of the economy, operating outside formal regulations and characterized by their small scale and lack of legal recognition. These businesses encompass a wide array of activities, including street vending, small-scale manufacturing, and services across various sectors like retail, recreation, hospitality, construction, transportation, manufacturing, and agriculture. They are
BusinessIn a significant step toward modernization, Ethiopia has launched its Digital Agriculture Roadmap (DAR), designed to leverage digital technology to transform the nation’s agricultural sector. Developed in collaboration with government agencies, experts, and donor organizations, DAR marks a strategic shift in how agriculture will be managed and developed in the coming years. The roadmap adopts
EconomyAccording to the IMF report, Ethiopia is undergoing significant economic reforms supported by a four-year arrangement with the IMF under the Extended Credit Facility (ECF), which was approved in July 2024. The program aims to correct macroeconomic imbalances, ensure external debt sustainability, and establish a foundation for robust, private sector-led growth, all while navigating challenging
Capital MarketIn a recent interview on the Ethiopia in Focus program with Billene Seyoum, Dr. Brook Taye discussed key initiatives being undertaken by Ethiopian Investment Holdings and shared insights on its future outlook. Ethiopia is undergoing a significant economic transformation, spearheaded by its newly launched Sovereign Wealth Fund, Ethiopian Investment Holdings (EIH). Dr. Brook Taye, CEO
EconomyEthiopia’s ongoing macroeconomic reforms, implemented six months ago, have significantly impacted the manufacturing sector, with the demand for birr doubling during this period, according to Industry Minister Ato Melaku Alebel. Speaking at the House of People’s Representatives today, the minister outlined the challenges and achievements in financing the manufacturing industry while emphasizing the need for
EconomyEthiopia has achieved remarkable success in its coffee export sector, earning $908 million over the past six months, surpassing its initial targets, the Ethiopian Coffee and Tea Authority (ECTA) revealed. Shafi Umer, Deputy Director General of ECTA, announced at a media briefing that the country exported over 200,000 tons of coffee during this period. He
EconomyThe International Monetary Fund (IMF) has completed the second review of Ethiopia’s Extended Credit Facility (ECF) arrangement, unlocking $248 million (SDR 191.7 million) to support the country’s balance of payments. This milestone is part of a broader $10.7 billion financial support package coordinated with development partners and creditors to aid Ethiopia’s economic reform agenda. The
Banking & FinanceThe Council of Ministers has discussed and approved two draft proclamations submitted by the Ethiopian government in partnership with the International Development Association (IDA). The agreements focus on securing financing for two major development initiatives. The first loan, amounting to SDR 53.3 million, is designated for the implementation of the Ethiopia Modern Public Service Improvement
BusinessEthiopia has achieved a record-breaking milestone, earning over $1 billion from gold exports within just five months, the Ministry of Trade and Regional Integration (MoTRI) announced. This remarkable achievement is attributed to the country’s ongoing macroeconomic reforms, which have been instrumental in curbing illicit trade and boosting export revenues. Speaking at the third National Anti-Illicit
Banking & FinanceThe National Bank of Ethiopia (NBE) is expected to revise its policy rate, or National Bank Rate (NBR), early next year. Set at 15% at the start of this fiscal year, the NBR reflects the NBE’s shift to an interest-rate-based monetary policy framework, replacing the previous credit ceiling approach. This change aims to better align
