Ethiopia receives IMF relief after easing forex curbs
Cash-strapped ased foreign exchange curbs on Monday as part of a broad economic reform package as the International Monetary Fund approved a loan to the Horn of Africa nation seeking a multibillion-dollar bailout. The value of the local currency, the birr, plunged by around 30% after the move by the country’s central bank. “The reform introduces a competitive market-based determination of the exchange rate and addresses a long-standing distortion within the Ethiopian economy,” the National Bank of Ethiopia (NBE) said in a statement. The International Monetary Fund’s board on Monday approved a four-year loan programme worth around $3.4 billion to support the reforms, with around $1 billion immediately disbursed. Among other measures, it said it would allow foreign exchange to be retained by exporters and commercial banks to boost supplies to the private sector, and announced the introduction of non-bank foreign exchange bureaus.
Source:Ethiopian News
July 31, 2024 03:04 UTC
Dubai’s flydubai revises flight schedules to Beirut amid regional tensions
Dubai: Emirates’ sister concern flydubai announced Tuesday that it will revise flight schedules to Beirut amid ongoing tensions between Israel and Hezbollah. “Passengers are advised to check the flight status on flydubai.com for the latest information regarding their flights,” the spokesperson explained. While several European airlines have cancelled flights to Lebanon amid regional tensions, most UAE airlines continue to operate as usual. Dubai’s flagship carrier, Emirates, continues as scheduled, according to flight status data on the Dubai Airports’ website. Meanwhile, a spokesperson said Qatar Airways would adjust its schedule to ensure all flights to Beirut operate during the day.
Source:Ethiopian News
July 31, 2024 03:01 UTC
World Bank provides $1B grant, $500M concessional credit for Ethiopia
While strengthening the financial sector, expanding trade options, and improving fiscal transparency, this engagement will also boost protections for poor and vulnerable households during periods of economic change. It consists of a $1 billion grant and $500 million concessional credit from the International Development Association (IDA). The World Bank Group is one of Ethiopia’s largest providers of development finance. Looking ahead, the World Bank is committed to supporting Ethiopia’s aspiration of becoming a middle-income country. IFC is planning about $2.1 billion in investments and MIGA expects to grow its engagement, including under the World Bank Group Guarantee Platform.
Source:Ethiopian News
July 31, 2024 02:37 UTC
Ad campaign and search day planned for missing girl Haymanot Kasau
The Aliyah and Integration Ministry and the Jewish Agency for Israel has launched an ad campaign that offers a prize for anyone who provides information about the whereabouts of Haymanot Kasau, a 10-year-old girl from Safed who has been missing for five months. Next Monday, August 5, the Israel Police plans to conduct a massive search for the missing child. Campaign announces rewardThe ad campaign is meant to raise awareness and remind the public that she is still missing. It offers a NIS 350,000 prize for anyone who provides information that leads to finding her. Haymanot needs us!” reads the ad, which calls on the public to not stand by but to “join efforts to find her.”“Any information, and details, could lead to the breakthrough we want,” the ad says.
Source:Ethiopian News
July 31, 2024 02:21 UTC
Chicago Firm Accused of Poaching Air Crash Client (Correct)
Chicago firm Smith LaCien, which was being advised by Jenner & Block, was accused by a Kenyan firm of poaching a plaintiff that sued over the crash of Ethiopian Airlines Flight 302 and pocketing the settlement money from the case. By July 2020, Todd Smith parted from Power Rogers & Smith to create Smith LaCien, a small personal injury firm. This led to a new agreement to be written that gave solely Smith LaCien the same 14% compensation arranged in the original agreement. Smith then hired Jenner in February 2022 to help it manage its relationship with Arwa and Muturi, Arwa said. The case is Arwa & Change Advocates LLP v. Smith LaCien LLP et al, N.D. Ill., No.
Source:Ethiopian News
July 30, 2024 21:28 UTC
From Lion’s Mane Steak to Porcini Ice Cream, Restaurants Are Mastering the Mushroom Trend
From baked scallops to fried chicken to ice cream (yes, ice cream), these innovative dishes are a must-try for mushroom lovers. Find out moreModern Love4 Modern Love’s Oyster Mushroom Fried Chick’nOmaha, NE, and Brooklyn, NYScallops, check. Ice cream, check. There’s Linguine Di Mare with king oyster mushroom scallops, for example, and Black Magic Lasagna with black truffle cream. It comes complete with meaty mushroom lentil balls, roasted garlic cashew cream, cashew mozzarella, and a hearty, rich marinara sauce.
Source:Ethiopian News
July 30, 2024 21:20 UTC
The Resurgence of Fano & Prospects of the Amhara Existential Struggle
By Desalegn BiraraFollow him on XIntroductionThe existential threat that the Amhara people faced gave rise to Fano movement & armed struggle. Currently, political leaders claim to be Fano, and Fano leaders claim to be politicians, confusing their roles and leveraging Fano for influence. However, Amhara nationalism can be defined to embrace all positive aspects of the “Ethiopia-destination” approach, including redefining who is Amhara. This dichotomous view on Amhara nationalism might divide Fano accordingly, regardless of its historical genesis and its virtues as a common heritage of all Amhara people. Hence, preservation of Fano’s unity and strategic agreement on the dialectic view of Amhara nationalism will have determining roles in the existential struggle.
Source:Ethiopian News
July 30, 2024 19:30 UTC
Morocco-Ethiopia relations and future collaborations
In an increasingly interconnected world, diplomatic relations play a crucial role in fostering stability, mutual understanding, and collaboration among nations. In this interview, we dig into Ambassador Nezha’s insights on the state of Morocco-Ethiopia relations, highlighting key areas of cooperation, achievements under King Mohammed VI’s leadership, and future ambitions for collaboration. Excerpts:Capital: As the Ambassador of the Kingdom of Morocco to Ethiopia, how would you characterize the current state of diplomatic relations between your country and Ethiopia? This relationship also underscores the importance of South-South cooperation, highlighting how African nations can work together to address common challenges and achieve shared goals. This united front can enhance their influence in international forums, such as the United Nations Climate Change Conferences, where they can advocate for the needs and priorities of African nations.
Source:Ethiopian News
July 30, 2024 17:28 UTC
Tackle the Great Ethiopian Run with Orbis UK
Join Orbis UK for a trip of a lifetime to the Great Ethiopian Run in November. By joining Orbis at the 2024 Great Ethiopian Run, you’ll be helping to save sight too. By running the Great Ethiopian Run with Orbis you will be joining them on their mission to bring sight and hope to children like Meskerem. Addis Ababa, the Ethiopian capital and venue for the Great Ethiopian Run, is an epicentre of global running. The Grand African Run Director General, Gashaw Abaza on his part said the event is a one-day, 5km family fun run.
Source:Ethiopian News
July 30, 2024 17:27 UTC
Kuwait deports visit visa overstayers and their sponsors
Dubai: Kuwait has started deportation proceedings against several individuals who overstayed their visit visas, along with their sponsors. According to the ministry’s statement, both the overstayers and their sponsors, despite holding valid residency, have been referred for deportation due to their failure to adhere to the signed pledge and visit visa regulations. The ministry emphasised that it is committed to enforcing residency laws and holding accountable both sponsors and their visitors. In a TV interview, Al Wazzan revealed that the new measures will introduce stricter penalties for both workers and sponsors who violate residency laws. Al Wazzan stressed that the amendments will protect workers’ rights, create more job opportunities for Kuwaiti citizens, and contribute to national security and stability.
Source:Ethiopian News
July 30, 2024 16:52 UTC
VOA 60: Bodies continue to be recovered after deadly Ethiopian landslides, and more
More bodies were recovered in Ethiopia's Gofa zone nearly 10 days after a landslide buried and killed hundreds of people. French President Emmanuel Macron congratulated Morocco’s King Mohammed VI on the 25th anniversary of his coronation and said that autonomy within Morocco was the "only" basis for a solution to the decades-old Western Sahara dispute. These, and more Africa-related news updates on today’s VOA 60.
Source:Ethiopian News
July 30, 2024 15:52 UTC
Ethiopia’s currency dives by 30% as IMF-backed reforms to stabilize the economy take effect
ADDIS ABABA, Ethiopia (AP) — Ethiopia’s currency lost 30% of its value Tuesday, the day after the central bank began implementing a flexible exchange rate policy backed by the International Monetary Fund as part of new measures to stabilize the eastern African nation’s economy. Following the currency float, the birr depreciated by 30% in the official market against major foreign currencies. Ethiopia has long faced a critical shortage of foreign currency. For over a year, the gap between the official exchange rate and the parallel market rate soared, a disparity the government expects to narrow after the reforms. “The floating was overdue as the parallel black market had reached its ceiling due to cash shortages in the economy,” said Samson Berhane, an economist based in Addis Ababa.
Source:Ethiopian News
July 30, 2024 15:00 UTC
Ethiopia's currency dives by 30% as IMF-backed reforms to stabilize the economy take effect – KION546
ADDIS ABABA, Ethiopia (AP) — Ethiopia’s currency has lost 30% of its value the day after the central bank began implementing a flexible exchange rate policy backed by the International Monetary Fund as part of new measures to stabilize the eastern African nation’s economy. Mamo Mihretu, governor of the National Bank of Ethiopia, said in a televised address Monday that the reforms “will introduce a competitive, market-based determination of the exchange rate and address a long-standing distortion within the Ethiopian economy.” Commercial banks can set the price of foreign exchange and non-bank entities are permitted to operate forex bureaux for the first time, a historic change in a country where the government for decades fixed those prices allowing their black market to flourish. KION 46 is committed to providing a forum for civil and constructive conversation. Please keep your comments respectful and relevant. You can review our Community Guidelines by clicking hereIf you would like to share a story idea, please submit it here.
Source:Ethiopian News
July 30, 2024 14:50 UTC
Italo-Ethiopian writer performs on last day of literature festival
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Source:Ethiopian News
July 30, 2024 14:39 UTC
Ethiopia gets glimpse of I Ching through art
An exhibition of paintings of ancient Chinese characters was held on July 13 in Addis Ababa, the capital of Ethiopia, with the aim of enhancing people-to-people and cultural exchanges. Speaking at the event, its coordinator Gossa Oda says the exhibition was a platform to showcase cultural commonalities and shared knowledge between the two countries. “In organizing this exhibition, I wanted to convey the ancient mystery of I Ching, which helps enhance connectivity between Ethiopia and China and promote their shared future. A shared future starts from shared knowledge,” says Oda, who is also the owner of the Medemer Africa Art and Sculpture Space, where the 64 paintings are housed. “The paintings are meaningful in illustrating that China and Ethiopia both have ancient histories in traditional art,” Wu says.
Source:Ethiopian News
July 30, 2024 14:27 UTC