Business

IMF Agrees to $950 Million Exemption for Koysha Hydroelectric Dam and Project Completion

IMF Support for Ethiopia’s Macroeconomic Reform Program The Board of the International Monetary Fund (IMF) has recently endorsed Ethiopia’s macroeconomic reform program, detailing the decision and the agreements made with the Ethiopian government. A central aspect of this support is the Koysha Hydroelectric Dam project, a pivotal development initiative for the country. Koysha Hydroelectric Dam

August 4, 2024 • By Addis Insight

Entertainment & Arts

TV Icon Danayit Mekbib Leaves Kana TV After 8 Years

After eight remarkable years, the iconic TV host and internet sensation Danayit Mekbib is bidding farewell to Kana TV. Known for her dynamic presence on the popular show #Time, Danayit has captivated audiences across Ethiopia with her charm and charisma. Danayit’s journey with Kana TV began eight years ago, and she has since become a

August 3, 2024 • By Addis Insight

Business

Ethiopian Airlines Under Fire: Kenyan Woman Plans to Sue Over Passport Confiscation and Video Deletion

Kenyan Woman Removed from Ethiopian Airlines Flight Speaks Out A Kenyan woman who was removed from an Ethiopian Airlines flight to allegedly make room for a minister has shared her distressing experience, sparking a wave of public outrage. In a viral video, she revealed that despite having confirmed reservations, she and her husband were offloaded

August 3, 2024 • By Addis Insight

News

7 Suspects Arrested After Dramatic Kidnapping and 20 Million Birr Ransom in Addis Ababa

The National Intelligence and Security Service (NISS) has announced the arrest of seven suspects who received 20 million birr after kidnapping an investor in Addis Ababa. Kidnapping and Ransom Demand The suspects demanded 100 million birr initially but settled for 20 million birr after several negotiations, according to the service office. Mr. Engidaw Wudu, an

August 2, 2024 • By Addis Insight

Business

NBE Governor Mamo Mehretu Announces $2.5 Billion Transfer from IMF and World Bank

The governor of the National Bank, Mamo Mehretu, said that so far, 2.5 billion dollars have been transferred to the National Bank from the International Monetary Fund (IMF) and the World Bank. On the other hand, he stated that only 18 percent of imported consumer goods are imported using foreign currency. He pointed out that

August 2, 2024 • By Addis Insight

Business

Birr Falls 58 % to 90.78 as Dashen Bank Takes the Lead in Currency Float

Ethiopia recently made a significant shift in its monetary policy by floating its currency, the birr. This move has led to a sharp devaluation, with the exchange rate plummeting from 57 birr per US dollar a week ago to the current rates as indicated by Dashen Bank. This represents an astonishing devaluation of approximately 58%.

August 2, 2024 • By Addis Insight

Business

Ethiopia’s Birr Plummets by 82% to 103.94: CBE Leads the Charge in Currency Float

Ethiopia recently made a significant shift in its monetary policy by floating its currency, the birr. This move has led to a sharp devaluation, with the exchange rate plummeting from 57 birr per US dollar a week ago to the current rates as indicated by the Commercial Bank of Ethiopia (CBE). This represents an astonishing

August 2, 2024 • By Addis Insight

Business

Prime Minister Calls Banks’ Efforts Inadequate in Closing the Exchange Rate Gap with the Black Market

In a recent address to various segments of the public, including regional leaders, ministers, and investors, Prime Minister Abiy Ahmed urged Ethiopian banks to take decisive action to reduce the significant gap between the official exchange rate and the black market rate. Highlighting the urgency of the issue, the Prime Minister emphasized that the current

August 2, 2024 • By Addis Insight

Business

Ethiopia Announces 300% Salary Increase for Low-Income Government Employees

Salary Increase for Government Employees: A Response to Economic Challenges In a recent address, Prime Minister Abiy Ahmed (Dr.) outlined significant salary revisions for government employees as part of the Ethiopian government’s broader macroeconomic reforms. This decision comes in response to the economic challenges posed by inflation, particularly affecting low-income workers. Prime Minister Abiy Ahmed

August 1, 2024 • By Addis Insight

Business

All Self-Proclaimed Pan-Africanists are Yielding to the Will of Western Financial Institutions

All Self-Proclaimed Pan-Africanists are Yielding to the Will of Western Financial Institutions: My Take on Ethiopia Changing Course to Float Its Currency Against the Dollar By- Gatkek Kuajien Chuol From Ghana to Kenya to Ethiopia, no African country seems spared from the influence of Western financial institutions, which pressure them to align with their interests.

August 1, 2024 • By Addis Insight