ESAT English News

Ethiopia: Specter of economic crisis looms large due to forex crunch

by Engidu Woldie ESAT News (June 11, 2018) The effect of Ethiopia’s foreign currency crunch is beginning to show signs of an impending economic crisis that could lead to a serious socio-economic catastrophe unless an immediate fix is sought to address the issue, the Finance Minister told Parliament.   Presenting the country’s budget to the Parliament, the Minister of Finance ...

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    Protesters in Afar demand release of political prisoners, fair share of resources

    by Engidu Woldie ESAT News (June 8, 2018) Residents of towns in Afar region took to the streets demanding the release of political prisoners and objecting interference by the neighboring Tigray region in the affairs of the Afaris. Video received by ESAT show police firing shots as demonstrators chant slogans denouncing the regional government. It was not clear if there ...

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      Ethiopia: METEC squanders hundreds of millions of dollars, says Parliament

      ESAT News (June 7, 2018) A parliamentary committee has found that the Metals and Engineering Corporation (METEC) has squandered hundreds of millions of dollars in producing machineries without a thorough study of the market for its products. The Parliamentary committee found that machineries worth 326.4 million dollars were made by METEC but were left to sit and decay at its ...

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        US donates C-130 Hercules transport aircraft to Ethiopia

        ESAT News (June 7, 2018) Ethiopia has received from the United States a surplus Lockheed Martin C-130 Hercules transport aircraft. Mike Raynor, Ambassador of the US to Ethiopia has participated in a ceremony to deliver a C-130 transport aircraft on behalf of the United States to Ethiopia yesterday, according to the US Embassy in Addis Ababa. Jane’s Information Group, a ...

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          Ethiopia: PM appoints chief of staff and chief of intelligence

          ESAT News (June 7, 2018) Prime Minister Abiy Ahmed today appointed General Seare Mekonen as the new Chief of Staff of the National Defense Forces of Ethiopia replacing General Samora Yunis. The Prime Minister also appointed general Adem Mohammed as Chief of the national Intelligence and Security Agency. Fitsum Arega, Chief of Staff at the Prime Minister Office said in ...

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            Forty-six Ethiopians drowned on Yemen’s shore

            ESAT News (June 7, 2018) Forty-six Ethiopians have reportedly drowned yesterday when their vessel capsized in high waves as it approached Yemen’s shore, according to the International Organizations for migration (IOM). Sixteen migrants who remain missing are presumed dead. The UN Migration Agency said the 37 men and 9 women were among the about 100 migrants crammed onto a smuggler’s ...

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              Residents made homeless in Addis Ababa call for help

              ESAT News (June 6, 2018) About 3,000 residents of Addis Ababa took to the streets protesting the demolishing of their houses to provide land for investors. Residents of a subdivision in the capital locally known as Hanna Mariam say they had bought the land from farmers and lived in the area for over 10 years until authorities demolished their cribs ...

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                Ethiopia opens up key sectors of economy for private investors

                by Engidu Woldie ESAT News (June 6, 2018) The meeting of the ruling EPRDF that decided to “fully accept” the ruling of the Ethiopian Eritrean Boundary Commission and the Algiers agreement yesterday, has also made a decision to open up key sectors of the economy that has so far been closed for private investors. The statement issued by the EPRDF ...

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                  Loans to govt projects by Commercial Bank of Ethiopia reaches 14.5B USD

                  ESAT News (June 5, 2018) Loans to various government run projects by the Commercial Bank of Ethiopia (CBE) has reached a whooping 14.5 Billion USD; and despite their maturity, no payment has been made by borrowers, according to ESAT sources. Major among the borrowers is the Ethiopian Electric Power Corporation (EEPCO) which has borrowed about 10 Billion dollars for feasibility ...

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                    Ethiopia lifts state of emergency

                    ESAT News (June 5, 2018) Ethiopia’s parliament, the House of People’s Representatives today lifted the state of emergency imposed in February. On Saturday, the cabinet of Prime Minister Abiy Ahmed sent a draft law that lifts the State of Emergency to the Parliament for approval. Ethiopia imposed a state of emergency in February, the second martial law in two years, ...

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