US Provides 80% of  Food Aid

The United States (US) is closely working with the Ethiopian government in the efforts being made to alleviate the food shortage currently prevailing due to Belg rain failure, US Ambassador Donald Yamamoto disclosed. The Ambassador further revealed that 4.6 million Ethiopians are so desperate for a life-sustaining situation. The US government will proceed more devotedly with this charitable donation of food. Currently, 80% of the emergency food in foreign aid supplied to Ethiopia is provided by the US.

Credit Institution to Lend over 350m Br

Credit and Savings Institution has earmarked over 350 million Br for lending to over 50,000 clients in the upcoming budget year, the institution revealed. Since its establishment, the institution has lent a great deal of money to more than 120,000 beneficiaries, Institution General Manager, Awash Biten, disclosed while opening a panel discussion for clients organized by the Addis Credit and Saving Institution,  Arada branch. Arega Abate, Arada Sub-City Trade and Industry Bureau Head, on his part said that of the programmes the government has devised to curb unemployment and to effect poverty reduction efforts, the Credit and Savings Institution is playing its role.

Irrigation Farming Rakes in 43m Br

Farmers in Ambalage Woreda of South Tigray Zone have accrued 43 million Br income executing irrigation development activities, the woreda Agricultural and Rural Development Bureau revealed. Hadar Hagos, an expert with the bureau, stated that some 14,000 farmers obtained the stated amount from the sale of vegetables and fruits grown over 2,500hct of land. The farmers employed agricultural technologies and more than 10,800 quintals of fertilizers to secure 43 million Br.

MOTI Applauds Private Sector’s Economic Contributions

MOTI Private-sector investors were appreciated for their contribution to various projects, The Ministry of Trade and Industry (MoTI) announced. In his opening speech at the 3rd yearly conference of the private sector at the Economic Commission for Africa Hall, Deputy Minister of MoTI disclosed that the private sector has played a commendable role in engaging in road construction, banking and insurance, power and materials supplies, information and technology and many other undertakings. The major goal of private establishments must not only aim at amassing profit, but also at securing an overall benefit for the society, stated the globally-celebrated scholar from South Africa University, Professor Mervin King in a research paper, ‘Business Management for Private Sector Development’ which he presented at the conference.

Oil Price Increase, Rising Inflation Impede Economic Development

Oil price increase and rising inflation have become the most critical and pressing challenges to Ethiopia’s economic growth, Sufian Ahmed, Minister of Finance and Economic Development disclosed. These challenges that the country experiences have adverse effects on maintaining the economic growth registered in the last five years. Sufian revealed this to economists converged for the Sixth International Conference on the Ethiopian Economy, which kicked off on the 3rd of July at the United Nations Conference Hall. The Minister further pointed out the pressing hurdles that demand pressures and structural factors, combined by external factors, contribute to the high inflationary situation observed in the last three years.

FDARO Secures over 34 million Br Revenue

The Federal Documents Authentication and Registration Office revealed that it has collected over 34 million Br in revenue in the last 11 months. The office secured the stated amount providing services to over 258,000 clients during the reported period. The collected revenue exceeded the set target for the budget year, office Head Tirga Tadesse pointed out. He further stated that utilization of modern technologies, with an aim to enhancing its efficiency and the feedback of its customers, contributed a lot to the achievement of the office.

Investment Bureau Issues 510 Licenses to Diaspora

City Administration Investment Bureau disclosed that Ethiopians residing abroad, nationals of Ethiopian Origin, and those of double citizenship have enhanced their participation in the investment sector. In the last nine months, investment licenses have been issued to some 510 projects; about half of them owned by Ethiopians in the Diaspora, revealed Samuel Mekonnen, Investment Project Licensing, Registration and Supervision Department head with the bureau revealed. The Head further pointed out the investors have been registering high participation in the machinery, rent construction, industry, hotel entertainment, and sport sectors in the aforementioned period.