Addis Ababa August 5/2024 (ENA) Ethiopia's Ministry of Finance has announced preparations to present an additional budget of over 550 billion Birr to be approved by the House of People's Representatives for the 2024-25 fiscal year. Recall that the House of People's Representatives has approved 971.2 billion Birr budget for the 2024/25 fiscal year last month. The budget has an increment of 21.1 percent from the previous year’s federal budget. Of the initial 971.2 billion Birr budget, 451.3 billion Birr was allocated for recurrent expenditures, while 283.2 billion Birr was set aside for capital expenditures. State Minister of Finance, Eyob Tekalign explained that the implementation of the macroeconomic policy reforms aims to lay the foundation for building a sustainable and reliable economy. He also noted that various financial sources have been providing support following the implementation of these policy reforms. Consequently, the Ministry of Finance has been preparing an additional budget for the 2024-25 fiscal year, on top of the previously announced federal government budget. The supplementary budget prepared for approval by the House of People's Representatives exceeds 550 billion Birr, of which 240 billion Birr is earmarked for social development. The State Minister clarified that as the government fully implements its macroeconomic policy, it is taking into consideration of low-income citizens. He emphasized that this additional budget will play a crucial role in providing adequate subsidies for citizens with regular income and those supported by developmental safety net programs. The supplementary budget will be used for subsidies on oil, fuel, and medicine, helping to preemptively address potential risks that may arise during the policy implementation period. Furthermore, efforts to cover national expenses through domestic revenue will be strengthened, with the policy implementation playing a vital role in increasing revenue capacity. The State Minister concluded by stating that the revenue generated by the economy will be properly collected and allocated to various development projects.      

Addis Ababa August 5/2024 (ENA) Social welfare is a key pillar of Prime Ministerial initiatives, with a focus on the annual renovation and construction of homes for the elderly and economically vulnerable, according to Office of the Prime Minister. This ongoing transformation in the Aware area in Addis Ababa aims to ensure a decent lifestyle for the intended beneficiaries and is a cornerstone of similar efforts undertaken by government actors at both the Federal and Regional levels. This year's program was launched in May by Prime Minister Abiy Ahmed, and since then, the construction process for affordable housing for the indigent has continued to accelerate.

Addis Ababa August 4/2024 (ENA) The Ethiopian Coffee and Tea Authority signed a Memorandum of Understanding (MoU) on Sunday with Oromia Tourism Commission to work together in tapping the tourism potential of Ethiopia’s coffee. The Director General of Ethiopian Coffee and Tea Authority, Adugna Debela and Oromia Tourism Commission Commissioner, Lelisei Duga signed the agreement. Ethiopia is known worldwide for its unique flavored coffee beans, which is one of the key sources of the country’s foreign currency earnings. The MoU seeks to elevate Ethiopia's coffee to the status of national tourist attractions by integrating the development of the two sectors. The two sides agreed to work together in realizing this objective. On the occasion, the director general said the nation has secured 1.4 billion USD from coffee export trade during the concluded Ethiopian fiscal year, emphasizing the ongoing efforts being underway to produce quality coffee and obtain more revenues over the coming years. Oromia Tourism Commission Commissioner, Lelisei Duga stated that the agreement aims at promoting the cultural and social values the country's coffee to a global audience, thereby augmenting the tourism industry.

Addis Ababa August 4/2024 (ENA) More than 14 million liters of edible oil have been purchased and are prepared for distribution, Ethiopia's Minister of Trade and Regional Integration, Kassahun Gofe revealed. The government has been putting more industrial and agricultural items on the market in an attempt to balance supply and demand for goods. A delegation comprised from federal and regional states and led by the Minister visited today customs stations in Adama, Oromia Regional State to see the activity of consumer goods being imported in to the country. On the occasion, Trade and Regional Integration Minister, Kassahun Gofe told the Ethiopian News Agency that more than 1,000 trucks will commence transporting the goods from Adama customs station to the market today. Highlighting the government’s efforts to stabilize the market, he affirmed that there is adequate stock of consumer goods in customs. The foreign exchange management reform and implementation of macroeconomic policy will enhance the competitiveness of the business community, the minister stated.  

Addis Ababa August 3/2024 (ENA) Ethiopia’s full-scale implementation of the macroeconomic policy has enabled it to collect a total of over 27 billion USD resources from various sources, Finance State Minister Eyob Tekalign said. Recall that the government recently revealed the commencement of full-scale implementation of the macroeconomic policy with the target to register sustainable growth and ensure inclusive benefit of citizens. Briefing the media regarding the implementation of macroeconomic policy, the state minister noted that the government has been working with determination to solve the economic, social and political problems of the country. Various reform activities have been carried out regularly to build a stable macro-economy, he elaborated. Accordingly, Ethiopia’s full-scale implementation of the timely and reasonable macroeconomic policy recently is instrumental in achieving effective operations in all spheres and solving the economic fracture in a sustainable manner. The reform activities being carried out to take Ethiopia’s economy to the desired level are registering achievements, Eyob stated, explaining that the debt relief, resource gained from IMF and World Bank Group, deposit from partner countries, and the currency swap add up to a total of over 27 billion USD. For him, the resources will be utilized for pro-poor oriented activities and for the realization of the initiatives to make Ethiopia one of the middle-income countries. According to him, all the necessary preparations have been done for the implementation of the macroeconomic reform which is not carried out at once. The reforms that have been carried out in agriculture, mining, tourism and other sectors have created huge capacity to improve the economic fracture, he elaborated. Highlighting that the economic policy implementation will change the livelihood of citizens, the state minister added that possible threats related to the implementation have been identified and resolved in advance. Revealing that Ethiopia had been under heavy debt burden before the national reform, Eyob said the government has reduced the debt burden from over 30 percent to 17 percent. Reducing debt burden is one of the benefits of the macroeconomic reform policy, along with helping the country to attract foreign direct investment by solving the challenges of foreign currency shortage in Ethiopia.  

Addis Ababa August 3/2024 (ENA) The Government has embarked on implementing sustained macroeconomic policy with the aim of achieving continuous growth and ensuring comprehensive benefits for citizens, Minister of Planning and Development, Fitsum Asefa said. The minister gave briefings on Ethiopia's full implementation of macroeconomic reform policy. Fitsum noted the dire consequences of economic and development situations which had existed before the country's reform, failing to meet the development goals of the nation, where the government resorted to prepare a Homegrown Economic Reform Policy to reverse the situation. Low level of domestic revenue and foreign exchange earnings, substandard level of project performance policy constraints and structural shortfalls, inability of the private sector to play a leading role in the economy, low level of production and productivity as well as dwindling employment opportunities were among the major features of the economy, the minister elaborated. In order to alleviate this problem, she recalled that the government put in place a Homegrown Economic Reform Policy to resolve the challenges and avoid the full-fledged economic crisis the country could have faced. The government focused on three pillars of the reform program during the first phase of the Homegrown Economic Policy implementation which registered concrete results, she said. As a result, she explained that the financial and fiscal policy sub-sectors of the macroeconomic policy reform and measures taken to modernize government revenue administration and the level of government revenue grew to a much higher level. Measures taken for effective management of government expenditure, enhanced investments as well as completing projects on schedule with the desired quality have ushered in promising results in major sectors of the economy, Fitsum added. Hence, by resolving chronic structural challenges in public development enterprises, the government has managed to ensure their profitability she said, adding by totally closing down commercial loans, it was possible to markedly reduce the huge stockpile of state debt that was accumulated over time. In terms of introducing viable structural reforms, a number of legal reform programs were conducted to streamline pathways to better trade and investment as well as enhance production and productivity, where achievements have been made in various sectors through raising competitiveness, she explained. Sustaining the results obtained during the first phase of the Home Grown Economic Reform program, the government was able to effectively embark on the implementation of the macroeconomic reforms. According to the minister, the decision made by the government was timely and would pave the way to the prosperity of the country. Moreover, she noted that the government was conducting rigorous researches for the last five years in collaboration with local and international professionals on how to implement the programs and reduce the resultant negative effects and pressures of the development programs. The minister stated that the national macroeconomic reform program rests on four pillars whose implementation will enable the country to resolve outstanding economic challenges and ensure measurable and stable economic development. Accordingly, by managing price fluctuations through short, midterm and long term measures and increasing production and productivity, the country can obtain concrete results, Fitsum said. The minister added through increasing foreign direct investment and remittances as well as curbing illicit trade and contraband, the country can register tangible results.. Further, the full implementation of the macroeconomic reform policy fosters social development, alleviating poverty reduction programs of the nation, she elaborated. The digitalization of public services which started earlier will be further strengthened, Fitsum added. According to her, reducing the economic vulnerability of various sectors of the society and to reduce the negative effects that may surface up, the government will continue to subsidize the prices of commodities like fuel, fertilizers, and other essential items. She added that developmental safety net programs will be strengthened while salaries of public servants in low income bracket will be increased to enable them to withstand possible economic shocks.

Addis Ababa August 3/2024 (ENA) Prime Minister Abiy Ahmed revealed that the abundance of wheat production in Borena demonstrates the country’s hope is real. “Seeing the Borena area, which was hit by famine a year ago, now with an abundance of wheat production, shows that our hope is real,” the Prime Minister wrote on X. The premier added that if we work hard, we can change our country and ensure food sovereignty.  

Addis Ababa August 2/2024 (ENA) National Bank Governor Mamo Mehretu remarked that the decision made on foreign exchange (FX) management system is historical aimed at fostering sustained economic growth. He emphasized that the government was not compelled by lending institutions to implement indigenous macroeconomic reforms, but rather saw it as a necessary step to address pressing economic challenges. The Governor outlined the shortcomings of the previous macroeconomic policy, which included rampant inflation, foreign currency shortages, an inefficient financial system that marginalized the private sector, and excessive reliance on foreign credit. He highlighted that economic growth was primarily driven by government investment financed through loans in unsustainable model. To rectify these issues, the reformist government devised a Homegrown Economic Reform strategy, the Governor added. The successful implementation of the first phase of this reform has yielded impressive results, such as reducing public debt to 17.4 percent from over 40 percent and significantly increasing private sector participation in the financial system. The Governor stressed the measures taken to improve the management of public enterprises and the creation of new institutions to stimulate investment. He stated that the country embarked on the full implementation of the macroeconomic policy with a view to create a solid foundation for sustained economic growth and prosperity. Mamo said the policy is in conformity with the government's plan and other development policies highlighting its importance in realizing the country prosperity by ensuring the benefit of the people. The governor emphasized that the reform is a holistic approach encompassing revenue management, finance, and foreign exchange management. It is a crucial step towards addressing the persistent foreign exchange crisis. By successfully implementing the next phase of the reform, the government aims to revitalize the economy and achieve a historic turning point. The governor expressed confidence in the reform's ability to stimulate economic growth, entrepreneurship, and job creation, citing the IMF's projection of an average 8 percent GDP growth rate over the next four years. Key benefits of the reform include enhanced revenue collection, increased foreign exchange reserves, improved export and investment climate, and greater economic equity. The governor elaborated on the foreign exchange management reform, explaining the shift to a market-determined exchange rate to address issues such as the widening gap between official and parallel market rates. The reform made on FX will bring healthy market by curbing illegal activities, encouraging export and investment. He acknowledged the potential for market challenges but assured that the National Bank will intervene as needed to stabilize the market. The governor emphasized that the foreign exchange rate policy change aligns with the government's long-term development vision and is not driven by external pressures. Ethiopia has secured substantial financial support from international lending institutions, recognizing the potential of the reform and the country's economic prospects. The governor highlighted the importance of macroeconomic adjustments for long-term national development and dismissed any opposition to the reforms. He emphasized that the reform is crucial for attracting foreign investment and increasing foreign exchange inflows. The financial institutions have provided Ethiopia with financial support and loan which is the highest in Africa by considering the country’s capacity of productivity. The Governor revealed that IMF and World Bank have deposited 2.5 billion USD to the National Bank of Ethiopia on Thursday.      

Addis Ababa August 2/2024 (ENA)-Prime Minister Abiy Ahmed said that the macroeconomic reform has sustained the existence of Ethiopian banks. In his explication about the recent macroeconomic reform yesterday, the premier noted that Ethiopia has been in a real predicament over the years because of the closed economy it pursued. The export business for example failed to generate the required amount of foreign currency, and Ethiopian products have been smuggled out. The premier noted that Ethiopia has not also been able to benefit from Foreign Direct Investment (FDI) with its potential. On the other hand, the expansion of the parallel market has led to inflation, putting pressure on citizens, he added. In this regard, the reform will lead to a more robust revival by addressing the fractures in the economy. He further explained that the reform plays a crucial role particularly in sustaining the existence of the finance sector. For instance, the Commercial Bank of Ethiopia has been making available the money it collected through bond purchases to many development projects that have failed to repay their loans. He pointed out that this would make the bank debt-ridden and collapse if it fails to pay the debt. And the collapse of the Commercial Bank of Ethiopia could have eroded trust in banks among Ethiopians, the PM noted. This situation would have threatened the existence of local banks in the market. The premier revealed that one of the issues raised by the government in its negotiations with the International Monetary Fund (IMF) and the World Bank concerned the Commercial Bank of Ethiopia. He explained that as part of these negotiations, the bank has received about 700 million USD from the institutions. Abiy emphasized that this funding has sustained the bank's existence and will further ensure its participation in the development of Ethiopia.    

Addis Ababa August 2/2024 (ENA)The macroeconomic reform will open up the closed Ethiopian economy and enable the country to benefit from the global market, including the African Continental Free Trade Area (AfCFTA), Prime Minister Abiy Ahmed said. In his briefing regarding the macroeconomic reform yesterday, Abiy stressed the need to view the reform in a wider perspective. The reform is mainly based on the principles of the Medemer development concepts that are being implemented following the national reform. He recalled that opening up the Ethiopian economy for the private sector was one of the decisions the government passed on the morrow of the national reform. Noting that activities have been carried out in opening up the economy for the private sector participation, especially during the first Homegrown Economic Reform, the premier said the macroeconomic reform is not new. PM Abiy stated that the first Homegrown Economic Reform has registered a lot of achievements by withstanding challenges.   The premier, who noted that it was only Ethiopia’s economy that has remained closed among the countries that have large economies in Africa, said it is impossible to sustain the economy under the current situation. Stressing that Ethiopia cannot benefit from the global market, including the AfCFTA, by closing its economy, Abiy added that the economy should be opened up in order to benefit from the AfCFTA as the reform will be instrumental in realizing such a target. For the PM, the reform will help to achieve the prosperity of Ethiopia by sustaining the registered successes and creating new opportunities.    

Addis Ababa August 2/2024 (ENA)The First Preparatory Session of the 4th Conference on Financing for Development held in Addis Ababa last week has revitalized the conference tourism, boosted Ethiopia's image demonstrating the country's ability to host successful international meetings, Foreign Affairs Spokesperson Ambassador Nebiyu Tedla said. Ministry of Foreign Affairs Spokesperson Nebiyu Tedla held biweekly press briefing today. Nebyu said the 24 newly appointed ambassadors who sworn in yesterday in the presence of President Sahle-work Zewde have all worked in the ministry. The appointment of all the ambassadors from the ministry is a new trend, spokesperson disclosed. The ambassadors are expected to play a crucial role in advancing diplomacy and national interest, he said. The spokesperson also spoke about the successful outcomes of the First Preparatory Session of the 4th Conference on Financing for Development held in Addis Ababa from July 22 to 26. According to him, the conference attracted over 1,000 participants from 140 countries, including 40 ministers. About 12 sideline meetings were held during the conference where Ethiopia voiced development concerns of developing countries. Sideline meetings also created opportunities for Ethiopian authorities, high-level officials from participating countries and leaders of multilateral organizations to discuss various issues of mutual concern. “We saw the conference as a big achievement as it re-stimulates our ability to organize such inter-governmental conferences.” According to him, the event revitalized the conference tourism industry and boosted Ethiopia's image while demonstrating Ethiopia's ability to host successful international meetings. The conference has contributed a lot for Ethiopia’s diplomacy, economy and image building, he noted. This conference rebuked the false claims that Ethiopia is unable to organize such conferences following the COVID-19 pandemic and other problems, he stressed. Additionally, the ministry has actively engaged with China, Italy and Greek to strengthen bilateral relations over the past weeks. The briefing session also highlighted investment opportunities currently being discussed with visiting members of the Ethiopia-China Friendship and Cooperation Committee. He also mentioned ongoing efforts to ensure the well-being of Ethiopian migrants stranded in some countries.

Addis Ababa,August 2/2024(ENA)- The new macroeconomic policy of Ethiopia will be implemented in such a manner as to sustain the economic growth of the country and prioritizing the living standards of low-income citizens, Finance Minister Ahmed Shide said. He added that preparation has been made for the comprehensive implementation of the Homegrown Economic Reform during the first and second phase of the reform. The macroeconomic reform will make the monetary policy reform framework to be led by market by improving the foreign exchange, monetary and financial policies as well as the public revenue and expenditures, the minster elaborated. The policy provides that wholesale and retail sale chains to be open for foreign competitors to ensure continuous, integrated and coordinated macro-economic development structure. Attention will also be given to improve the revenue of public enterprises, by supporting the local investor and creating healthy competitiveness of commercial banks and the financial system, the minister elaborated. According to him, the integrated macroeconomic reform will be implemented in coordination and in partnership with international development partners, including the World Bank and the IMF. He revealed that over the last three years plans were prepared based on the Homegrown Economic Reform and the National Bank Reform Roadmap to make the foreign exchange rate be determined by the market. The move of Ministry of Finance to take the 850 to 900 billion Birr debt of the Commercial Bank of Ethiopia and make public enterprises free from debt has played crucial role in creating healthy financial system, the minister explained. The realization of the support of international financial institutions and donor countries to sustain the economic growth of Ethiopia, has helped to boost foreign exchange reserve. The minister said the main objective of the policy is creating a stable economic by carefully preparing and managing price hike and fluctuation of foreign in the short run. Ahmed said the policy implementation and the negotiations conducted prioritized Ethiopia's benefits for Ethiopia and the 4.9 billion USD obtained will play significant role in reducing the debt burden of the country. The support in the form grant and loan will be used for debt reduction, increasing the salary of low income public servants, implementing rural and urban safety-net programs, purchasing of fertilizers, subsidizing fuel, edible oil as well as implementing regular development programs. The financial support will be disbursed under strict structural control and transparency to ease the pressure on those who would be affected by the implementation of the development programs and the reforms underway, according to the minister. He added that the macroeconomic team led by Prime Minister Abiy Ahmed has finalized preliminary preparations to organize and implement a system of financial subsidy for citizens with low salary and livelihood. The Office of the Prime Minister, Civil Service Commission, and Ministry of Finance coordinated financial preparations that will be used for subsidies salaries of low income public servants. The federal government will earmark 90 to 95 billion Birr to be used to cover the subsidies, Ahmed disclosed. Furthermore up to 100 billion Birr is earmarked for fuel subsidies to benefit citizens in rural and urban areas of the country.      

Addis Ababa, August 2/2024(ENA) Over the past few months, Bole Road has experienced significant development through the city’s corridors revitalization scheme, reflecting Addis Ababa's economic growth and urbanization. Bole Road is Addis Ababa’s bustling commercial hub known for its vibrant activity and modern amenities, according to Office of Prime Minister. It serves as a major transportation artery, providing easy access to Bole International Airport and various parts of the city, the office said. The road is lined with numerous businesses, hotels, restaurants, and shops, making it a popular destination for both locals and tourists. Over the past few months, Bole Road has experienced significant development through the city’s corridors revitalization scheme, reflecting Addis Ababa's economic growth and urbanization. The office elaborated the recent Bole Bridge to Meskel Square development includes, but is not limited to development of 4.3 km of roadworks, construction of 10 km of pedestrian walkways as well as development of 13.2 km of bike lanes and installation of 30,160 sqm of granite and basalt walkways, Development of 30 bus and taxi bays, construction of 10 car parking stations, development of more than 10 small public parks and plazas as well as renovation of more than 500 roadside buildings and houses have also been carried out.

Addis Ababa, August 2/2024(ENA) The establishment of the Nile Basin Commission which would be realized following the implementation of the Nile Basin Cooperative Framework Agreement (CFA) has created great hopes among the people of the basin, Minister of Water and Energy, Engineer Habtamu Itefa, emphasized. The minister made the remarks during the 32nd Annual Nile Basin Council of Ministers Meeting in Kampala, Uganda, according to the Ministry of Water and Energy. He highlighted the significant progress achieved in the past year regarding the CFA, making a crucial milestone towards establishing the Nile Basin Commission. Stating that the CFA has made millstones and reached a critical stage over the last one year for the establishment of the Nile Basin Commission, the minister called on the Nile ministerial council to set direction for the formulation of Nile Technical Committee and the Nile Basin Initiative institutional plan. Additionally, Habtamu mentioned the challenges of resource mobilization and constraints facing the Nile Basin Initiative and to this end, he expressed confidence that the conference would set direction for creating enabling environment.

Addis Ababa, August 2/2024(ENA) Ethiopian Airlines Group will be launching 5th flight destination to India. Memorandum of Understanding (MoU) was signed between the Ethiopian Civilians Aviation and the Indian Ministry of Civil Aviation on 30th July 2024 in New Delhi India to add three flights to and from Hyderabad, India. The MoU is anticipated to enhance the capacity entitlement from 35 to 38 services per week in each direction, according to Ethiopian Embassy in New Delhi. Ethiopian Airlines Group (Ethiopian) is one of the fastest-growing airlines brand globally and the continent’s largest airline brand. In its seventy-eight years of successful operations, Ethiopian has become one of the African 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 to more than 150 domestic and international passenger and cargo destinations across five continents.

Addis Ababa, August 1/2024(ENA)- The decision to adopt coffee as a strategic anchor commodity in the AU Agenda 2063 is a historic milestone for African coffee sector, Inter-Africa Coffee Organization (IACO) Chairman and Ethiopia's Minister of Agriculture Girma Amente said. This declaration which recognized coffee as a strategic commodity for the continent was adopted during the 37th AU Summit held in Addis Ababa.   Briefing the media today, IACO Chairman Girma said the decision to adopt coffee as a strategic anchor commodity and the inclusion of the Inter-Africa Coffee Organization (IACO) as a specialized agency of the African Union is a historic milestone for the African coffee sector. The Inter-Africa Coffee Organization is honored to be designated as the AU Specialized Agency and pledges to support and diligently execute the vision of transforming the coffee sector through value addition, he added. For the chair, the decision is a positive recognition of the important role coffee plays in the socio-economic transformation of the continent. “It is also an acknowledgment that only when we work as a continent, the leverage to address the challenges associated with the value addition will be overcome.” AU Agriculture, Rural Development, Blue Economy, and Sustainable Development (ARBE) Commissioner, Josefa Sacko stressed the need to transform products in the continent as the recent decision is a pilot initiative for other products in Africa.   She praised Ethiopia as the backbone of coffee, which is the home of Coffee Arabica. Inter-Africa Coffee Organization (IACO) Secretary-General, Ambassador Solomon Rutega said the vision of IACO is to transform Africa’s coffee.   Stressing the need for advocacy in the coffee sector, Rutega added that the African Continental Free Trade Area (AfCFTA) is also crucial in accessing coffee. This strategic shift underscores Africa’s determination to leverage its rich coffee resources for sustainable development, economic empowerment, and global competitiveness. The journey towards elevating coffee to strategic status began with the Kampala Declaration, a seminal document born out of the G-25 Coffee Summit convened in Kampala last August. Africa's coffee production makes up 12 percent of the overall worldwide production of coffee beans. Two countries, Ethiopia 39 percent and Uganda 23 percent, account for 62 percent of coffee beans distribution in Africa, it was learned. By prioritizing value addition, empowering local producers, and challenging the status quo of the global coffee trade, Africa is poised to chart a new course — one defined by inclusivity, sustainability, and shared prosperity.  

Addis Ababa, August 1/2024(ENA)- The ratification of the Nile Basin Cooperative Framework Agreement (CFA) will guarantee cooperation on the equitable use of the Nile River by rectifying the age old narrative of monopoly over the use this shared natural resources, member of Foreign Relations and Peace Affairs Standing Committee at the House of Peoples Representative, Sadiq Adem underscored. The agreement has been opened for ratification by member states since 2010. Between 2013 and 2023, Ethiopia, Rwanda, Tanzania, Uganda, Burundi have ratified the initiative. CFA outlines rights and obligations for the development of the Nile Basin water resources, promotes the equitable and reasonable utilization of the River. But at least six countries should ratify the framework to establish the Nile Basin Commission and bring it into full force. Its implementation will lead to the establishment of a Commission that will ensure fair and equitable usage of the water resources of the Nile. Now, the Republic of South Sudan has become the sixth nation to ratify the agreement. Sadiq Adem, a lawyer and member of the Standing Committee of Foreign Relations and Peace wrote his post graduate dissertation focusing on the significance, implications and advantages of the establishment of a Nile riparian Commission based on the agreement on CFA. Talking to ENA on the importance of the application of the CFA, Sadiq noted that despite the fact that the initiative was ratified since 2010, 14 years have elapsed since any meaningful step has been taken on its implementation. He said that efforts made to retain the 1929 and 1959 colonial agreements on the use of the waters of the Nile have continued to hinder and drag the implementation of the agreement. Disregarding the unfair and defunct agreements on the use of the waters of the Nile, the signatory countries have now resolved to work on a framework that will ensure equitable distribution and mutual development of the Nile thrusting the NBI to a decisive stage, the MP noted. The implementation of the CFA will not only annul colonial agreements on the use of the waters of the Nile but will also replace provisional agreements by a permanent agreement, Sadiq added. The ratification of the agreement, according to him, will end the age old narrative of monopolizing the use of the waters of the Nile and replacing it with new initiative that will ensure cooperation on equitable and mutually beneficial use of the water resources of the Nile. Sadiq said the implementation of the agreement will play a positive role by luring the nations that have so far not ratified the initiative to join in. Implementing the CFA will secure international recognition for the agreement which will in turn provide an opportunity to acquire technical, financial and diplomatic support from international financial institutions and governments. He mentioned that Ethiopia is one of the first countries to ratify the agreement and has contributed diplomatic and public relations efforts to make the agreement reach its current decisive stage. Ethiopia is expected to conduct integrated and comprehensive diplomatic efforts in cooperation with the riparian countries to start the implementation of the agreements in the shortest possible time, adding that Ethiopia needs to brief the rest of the world through her diplomatic channels on the importance of the initiative for accelerating the implementation of the agreement, Sadiq added. He further stated that the signatory countries should engage in collective efforts to ensure the effective implementation of the projects in the agreement and consult each other on the possibilities of faster implementation. The MP further noted that those countries that have so far not ratified the agreement need to realize the comparative and mutual advantage of working for common benefits from the water resources of the Nile. He noted the CSO, scholars and all stakeholders need to discharge their contributions towards the effective implementation of the agreement. South Sudan will be part of the implementing countries within 60 days of the ratification on July 8,2024 and approval of the of the initiative by the parliament.      

Addis Ababa, August 1/2024(ENA) The recent South Sudan ratification of the Nile Basin Cooperative Framework Agreement (CFA) will enable the Nile Basin Initiative countries to work together and use shared water resources in an equitable and reasonable manner, Nile River Basin Investment Program Regional Coordinator Adanech Yared said. The coordinator at the Nile Basin Initiative Secretariat told ENA that the ratification of the CFA by South Sudan is a big progress. “It shows the progress that the countries are making to become part of this framework from time to time by understanding the importance of the cooperation of member countries to work together and use shared water resources in an equitable and reasonable manner,” Adanech noted. The ratification is fostering regional cooperation as different countries come on board. “We already have regional cooperation through the Nile Basin Initiative temporary institution. This strengthens even more when the Nile Basin Initiative comes to the commission.” With South Sudan ratifying the CFA after Ethiopia, Rwanda, Tanzania, Uganda, and Burundi, the Nile Basin Commission can be established and come into full force. According to the coordinator, the ratification of the sixth country would unify more voices of Nile Basin countries. “This ratification unifies member countries voices, rather than one or two countries talking about the benefit of cooperation. When all member countries talk together, the difference is very high.” It would also contribute to improve water resource management, economic and investment opportunities in the basin as well as decision-making processes regarding the utilization of Nile water. Highlighting the principle of CFA, Adanech said with the CFA ratified the Nile Basin countries can manage water resources in an integrated manner. Therefore, the ratification of the CFA plays pivotal role in promoting bilateral and multilateral infrastructures that benefit the people in the basin. Furthermore, platform for dialogue, peace and stability, and conflict resolution, that ensures the interests of all countries would be created, she explained. Adanech revealed that Ethiopia has played important role diplomatically and technically with its commitments to regional importance of cooperation in the Nile Basin. The Nile Basin Cooperative Framework Agreement (CFA) outlines rights and obligations for the development of the Nile Basin water resources, and promotes the equitable and reasonable utilization of the River. The process of ratification of the CFA started in June 2013, four years after its signature, by Ethiopia, followed in August of that year by Rwanda. Tanzania ratified the CFA in 2015, followed by Uganda in 2019. Burundi ratified the CFA in 2023.    

Addis Ababa, August 1/2024(ENA) The Ethiopia-China Business Forum is being held today at the Skylight Hotel in Addis Ababa in the presence of Ethiopian high-level officials and the business community, as well as members of Ethiopia-China Friendship Committee. The forum aims to strengthen relations through business and investment, State Minister of Foreign Affairs, Ambassador Mesagnu Arga noted in his remarks highlighting the recently signed All Weather Strategic Partnership and Chinese private sector FDI strides. Ethiopia-China Friendship and Cooperation Committee Chair Betty Xu emphasized Ethiopia and China’s shared vision of industrialization, highlighting significant investment opportunities in mining, energy, construction, manufacturing, and home appliances. Deputy Mayor Zhang Dianhu of Rizhao City and Vice Chairman Zhang Renghui of the Jiaxing Municipal People's Congress Standing Committee have also expressed interest in working with Ethiopian companies. They stated that Ethiopia's recent reforms, such as a change in the foreign exchange system and the removal of restrictions on foreigners in certain sectors, will boost Chinese investment in the country. President of the Ethiopian Chamber of Commerce and Sectoral Association, Sebsib Abafira emphasized the country's strong trade and investment ties with China. CEO of the Industrial Parks Development Corporation Fiseha Yitagesu on his part emphasized the organization's one-stop shops for electricity, banks, and waste treatment technology, as well as policy frameworks such as duty-free imports and export promotion schemes. The forum marked the unveiling of the Ethiopia-China Friendship and Cooperation Committee's Light-up Villages program and the signing of an agreement with representative enterprises of the three consortiums that are working in Ethiopia.

Addis Ababa, August 1/2024(ENA)-Prime Minister Abiy Ahmed stressed the importance of understanding the Macro-Economic Reform Program Policy holistically rather than in isolation. It is to be recalled that Ethiopia has embarked on full implementation of macroeconomic reform policy with a view to achieve high and stable economic growth, maintain single-digit inflation, and build a globally competitive economic system.   The premier gave briefings to various stakeholders on the reforms this morning. “We have thoroughly evaluated what needs to be done to bring about development in Medemer (synergy),” Abiy stated on social media. He stressed that it is important to understand the Macro-Economic Reform Program Policy holistically rather than in isolation. “Our approach is pro-poor and focused on supporting the most vulnerable,” he underscored. However, Abiy added that the success of these reforms depends on all stakeholders collaboratively increasing productivity, exports, and revenue. The prime minister has also revealed that law enforcement agencies are mandated to take action against malicious traders who artificially manipulate prices.