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Stifled by a runaway inflation whose year-on-year average
picked to 22.9pc this month, what ails Ethiopia’s economy
has been a subject of fierce debate in parliament last week.
Tamrat G. Giorgis
and Endale Assefa, Fortune Staff Writers, and Tesfalem
Waldyes, Special to Fortune, have followed the
parliamentary discourse and the mixed public reaction that
has followed.
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IMF Closes Shop in Ethiopia |
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Forced to bridge 400 million dollars in budget
deficit, the International Monetary Fund (IMF) is
closing shop in 30 countries across the world,
including in Addis Abeba, some sources disclosed.
However, it will only be IMF’s office here that is
due to be closed in Africa. |
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Office of Prime Minister
Rejects Mayor Brehane’s Directive |
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The Office of the Prime Minister has called off a
directive issued by Brehane Deressa, the Mayor of
Addis Abeba, regarding the treatment of city
officials who have been released on bail after being
charged with corruption. The mayor had thought of
reinstating such officials back to their position.
He had formed a committee which would determine the
fate of such city officials. |
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Derba East Africa Coal Mining
Company on the Edge of Extracting Coal |
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Derba East Coal Mining Plc, a joint venture of Debra
MIDROC and East Africa Holdings, has finally
acquired legal status and registered at the Public
Notary Office in December 2008. The newfound company
intends to produce over one million tonnes of coal a
year by engaging in surface and underground mining. |
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Oromia Regional State Puts Revised Lease
Prices into Practice |
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The implementation of new lease prices set off by
the Oromia Works and Urban Development Bureau in
regional towns has begun. The revised lease prices
also apply to those who took plots before the
issuance of the latest lease price adjustments on
August 3, 2007 signed by Abadula Gemeda, president
of the Regional State. |
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Forming Consumer Group, Adama
Responds to PM Plea |
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The town of Adama (Nazareth), 100Km east of Addis
Abeba, seems to have been the first town to respond
to Prime Minister Meles Zenawi’s plea to the public
to take the initiative in forming consumer
associations, in the bid to fight inflation. |
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World Bank
Grants a 100 m Br Soft Loan to MoFED |
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The Ministry of Finance and Economic Development (MoFED)
this week will sign a 100 million Br soft loan
agreement with the World Bank aimed at financing
infrastructure installations in 19 regional towns.
Beneficiaries of the loan are Addis Abeba, Bahir
Dar, Awassa, Dire Dawa and Harar. |
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The
Mekuria Marru Scholarship |
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The
fourth annual award ceremony for the Mekuria Marru
Scholarship for Civil Engineering was held at the Faculty of
Technology Conference Hall of Addis Abeba University. Three
students were awarded for their outstanding performances and
over 9,000Br was given in prize money. Run by its president,
Workinesh Shalemu, the foundation awarded Habib Jemal,
Matyas Kabtamu and Kidase Kefyibelu as gold, silver and
bronze medals. |
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Latest
Inflation Fighting Frowns Commercial Banks |
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Disappointment is felt among Ethiopia's commercial
banks following last week's decree issued by the
National Bank of Ethiopia (NBE), which raised
reserve requirements on deposits to 15pc. The latest
revision is intended to control headline and core
inflation that have galloped up from 12.9pc and
6.1pc in 2006 to a current 22.8pc and 10.1pc
respectively in 2008. |
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Commodity
Exchange Gets Management Board, CEO |
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The Ethiopia Commodity Exchange (ECX) finally
completed its management board late last week. In an
inaugural assembly of the founding members on
Friday, March 22, at the Global Hotel, five
management board members representing the private
sector were elected. |
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Three Million Dollar Baro Project to Start Up |
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Discussions will be held regarding Baro-Akobo-Sobat,
the multi-purpose project that is to be implemented
by the Eastern Nile Technical Regional Office (ENTRO),
under the Nile Basin Initiative (NBI), Mekuria
Tafesse, the executive director of the office, has
disclosed. |
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Protests over Plot Granted for Parking Lot |
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The Merchandise Wholesale and Import Trade
Enterprise (MEWIT) is to procure 50 containers of
eidble oil with a projected cost of 24 million Br.
The Enterprise has opened a Letter of Credit (LC) at
the Commercial Bank of Ethiopia, and is planning to
import the oil within one month, a reliable source
told Fortune. |
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New
Private Industrial Zone for Dukem |
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After months of negotiations, the Ministry of Trade
and Industry (MoTI) has signed an agreement with the
Chinese company, Eastern Industrial Zone Group (EIZG)
based in Jiangsu City, to construct the first
private industrial zone in Dukem, 37km east of Addis
Abeba. The industrial zone will lie on five square
kilometers of land in the Oromia Regional State. |
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Addis
Abeba to Frankfurt Daily! |
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Ethiopian Airlines (EAL) is to launch a daily flight
from Addis Abeba to Frankfurt as of March 31
following a code share flight agreement with
Lufthansa German Airlines (Lufthansa). |
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Ethiopians for Obama |
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Ethiopians in the
United States are rallying behind Senator Barak
Obama in his race to the presidential election in
the United States, provided that he beats his rival
Senator Hillary Clinton to the Democratic
nomination. “Ethiopians for Obama” has developed the
above poster with a slogan “Yichalal”, an echo of
the home front message attached to Haile G. Sellasie.
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