Ethiopia described as model in capturing jobs exported from abroad (Dec 26, 2017)

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Helen Hai, CEO of Made in Africa Initiative said Ethiopia could be a model in Africa in capturing jobs opportunities exported from abroad as a result of rising labour costs. According to Hai, what Ethiopia has been following is China’s model and she advised African governments to follow this development replica and aim to become a light manufacturing hub to undergo a fruitful economic transformation within the next 30 years. more

Ethiopia, AfDB Sign Close to 3 Billion Birr Agreements for Power Supply in Addis Ababa (Dec 21, 2017)

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Ethiopia and African Development Bank (AfDB) have signed about 2.77 billion birr agreements which will be used for Addis Ababa Power Supply Improvement Project today. Of this, some 2.35 billion birr and about 415.66 million birr is in the form of loan and grant, respectively, and will be used to address existing constraints in electric infrastructure and meet the growing demand in the city and its surroundings. During the signing ceremony, Finance and Economic Cooperation State Minister, Dr. Admasu Nebebe said the project will help to create sufficient and reliable electric power transmission and distribution capacity. more

Ethiopia, World Bank Sign 470m USD Financing Agreements (Dec 21, 2017)

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The government of Ethiopia and the World Bank today signed two financing agreements amounting to 470 million USD to improve quality of education, and productivity in livestock and fisheries. A grant amounting to 300 million USD to support the General Education Quality Improvement Project for Equity (GEQIP-E) is the first agreement that the two sides have signed. Finance and Economic Cooperation Minister, Dr. Abraham Tekeste said during the occasion that project aims to support government’s efforts towards improving access and quality education. more

Ethiopia targets U.S. rose market (Dec 19, 2017)

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Ethiopia’s burgeoning flower-growing industry is setting its sights on the U.S. in a bid to break the dominance of Latin American producers in supplying roses and other blooms to the world’s largest economy. State-owned Ethiopian Airlines Enterprise is evaluating freighter flights through Miami — the main entry point for U.S. flower imports – Los Angeles or New York, regional manager Girum Abebe said in an interview. The company currently transports stems there only in the bellies of passenger jets. Ethiopia has become a major force in global floriculture in the past two decades, exploiting a tropical high-altitude climate that provides year-round natural light combined with hot days and cold nights perfect for bringing plants into bloom. more

Ethiopia widens economic lead in East Africa (Dec 14, 2017)

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Ethiopia continues to widen its lead as the fastest growing economy in East Africa, Kenya’s The Standard reported. Latest economic data by the Institute of Chartered Accountants in England and Wales (ICAEW) showed Ethiopia as the region’s largest contributor to growth during the turbulent fourth quarter period of 2017. Ethiopia recorded a massive 7.1 per cent growth in GDP over the last four months of 2017 against Kenya’s 4.6 per cent that was adjusted downwards to reflect challenges arising from a long drought and a general election. more

Ethiopia’s economy doing very well in terms of growth, says IMF chief (Dec 14, 2017)

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Prime Minister Hailemariam Dessalegn held discussion with Managing Director of the International Monetary Fund (IMF), Christine Lagarde, on various issues of mutual concern today. The Managing Director arrived in Addis Ababa for an official visit yesterday. Speaking about the objective of her visit, she said “I am here to better understand the economic development model which has been implemented in Ethiopia.” This morning, the Managing Director also conferred with President Mulatu Teshome at the National Palace. Lagarde told journalists after the discussion that “we had a very productive discussion about the Ethiopian economy, which is doing very well in terms of growth and which is clearly at the juncture where it is looking at alternative drives of growth.” more

Ethiopia “doing very well in terms of economic growth”: IMF Chief (Dec 14, 2017)

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The International Monetary Fund (IMF) Managing Director, Christine Lagarde appreciated Ethiopia’s fast economic growth. The Managing Director expressed her appreciation following the discussion with the President of Ethiopia Mulatu Teshome at the national palace today. “We had a very productive discussion about the performance of the Ethiopian economy which is doing very well in terms of growth”, she told journalists. The Managing Director is visiting the country to witness for herself the economic development that the country has registered in the past two decades. “I’m very proud to come and visit. I really had a better understanding of the economic development model which has been implemented in Ethiopia” the Managing Director. more

Ethiopia model for fast growth, poverty reduction and stable inequality: UNDP study

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Addis Ababa, December 7, 2017 (FBC) – The United Nations Development Programme launched its Income Inequality Trends in Sub-Saharan Africa report this week in Addis Ababa, Ethiopia.

Income Inequality Trends in sub-Saharan Africa: Divergence, Determinants, and Consequences explores and analyzes country trends and provides policy guidance that can help Sub-Saharan Africa reduce income inequality.

The study underlines the absence of economic diversification, high concentration of means of production, and limited distributive capacity of the state as the key drivers of inequality in the region.

The 2030 Agenda for Sustainable Development is couched within the commitment to ‘leave no-one behind’, and UNDP is thus analyzing trends in inequality to help countries develop their integrated policy approach in order to achieve the SDGs.

The study reveals that the leading countries in terms of income inequality are South Africa, Botswana, Namibia, Zambia, Central African Republic, Comoros and Lesotho. Countries such as Burkina Faso, Mali, Niger, Burundi and Guinea were ranked among the most equal in the world.

According to the study, Ethiopia offers a good example of fast growth, rapid poverty reduction and stable inequality.

The report also highlighted that the country also offers useful policy lessons for other African countries facing low agricultural productivity, high population growth and weak distributive institutions.

“Our productive safety net program which is one of the largest rural safety net programs in the developing world is instrumental in reducing poverty and inequality in rural areas,” noted Dr. Abraham Tekesete, Ethiopia’s Minister of Finance and Economic Cooperation, during the launch of the study in Addis.

He explained that a similar program was now being initiated in urban areas “to further make a dent in inequality in cities and towns.”

The UNDP study recommends that governments focus on population, macro-economic fundamentals, human development and growth, while nurturing the seeds of equity.

Ethiopia to Become Victorious in Nation Building as Its Foundation Strongly Built

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Semera December 08/2017 Prime Minister Hailemariam Desalegn said that Ethiopians will overcome the challenges and become victorious in nation building as the foundation of the “New Ethiopia” is strongly built.

The Premier made the remark while addressing the gathering in the town of Semera, Afar regional state to celebrate the annual nations, nationalities and peoples day.

Hailemariam said the day, observed to commemorate the 23rd anniversary of the adoption of the constitution, which is the foundation for freedom and equality of people and democratic rights.

The day has also signifies the strengthening of the unity of Ethiopians, the Premier said.

He said the day also signifies the decision of nations and nationalities of Ethiopia to rectify wrong practices of the past and build a single political community.

Celebrating the day sets a platform to discuss on issues related to nation building and future of the country, Hailemariam added.

He also noted that there are some forces that are trying to destroy the achievements of the country and always ready to hold back development.

“We will overcome our challenges and defeat those forces as we always do since Ethiopia’s unity is not fragile as those forces thought” the premier emphasized.

The fight against corruption and maladministration will be consolidated as wiping out these practices is crucial for the sustainability of the development.

He also urged the public, the primary beneficiary of the development, to actively participate as ever in the process of rooting out corruption and maladministration.

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