Business

IMF Completes Second ECF Review for Ethiopia, Approves US$248 Million Disbursement

The International Monetary Fund (IMF) Executive Board has completed the second review under the Extended Credit Facility (ECF) arrangement for Ethiopia, enabling the immediate disbursement of approximately US$248 million (SDR 191.7 million). This brings total disbursements under the program to about US$1.611 billion since its approval in July 2024. The four-year ECF arrangement supports Ethiopia’s

January 18, 2025 • By Addis Insight

Business

IMF Completes Second ECF Review for Ethiopia, Approves US$248 Million DisbursementJanuary 17, 2025 | Washington, D.C.

The International Monetary Fund (IMF) Executive Board has completed the second review under the Extended Credit Facility (ECF) arrangement for Ethiopia, enabling the immediate disbursement of approximately US$248 million (SDR 191.7 million). This brings total disbursements under the program to about US$1.611 billion since its approval in July 2024. The four-year ECF arrangement supports Ethiopia’s

January 18, 2025 • By Addis Insight

Business

IMF to Decide on Ethiopia’s $3.4 Billion Program, Unlocking $250 Million Boost

Addis Ababa – The International Monetary Fund (IMF) Executive Board is set to meet on Friday, January 17, 2025, to evaluate Ethiopia’s progress under its $3.4 billion Extended Credit Facility (ECF) program. If approved, the second review could unlock over $250 million in funding, providing a significant boost to Ethiopia’s ongoing economic reform efforts. This

January 17, 2025 • By Addis Insight

Business

FirstBank Expresses Interest in Entering Ethiopia’s Financial Market

In a move that highlights the growing appeal of Ethiopia’s financial sector, FirstBank, one of Nigeria’s leading financial institutions, has announced its intention to expand into the Ethiopian market. This decision follows Ethiopia’s recent efforts to liberalize its banking industry, opening the door for foreign players to establish a presence in the country. Speaking to

January 16, 2025 • By Addis Insight

Business

TikTok Ban Threat: Will Ethiopian Creators Lose Their Diaspora

TikTok, one of the most popular social media platforms globally, is facing a potential ban in the United States. The Supreme Court is preparing to uphold the removal of TikTok from Apple and Android app stores unless its parent company, ByteDance, sells its US operations by January 19. This drastic move has sparked debates about

January 16, 2025 • By Addis Insight

Business

Dashen Bank Unveils Ethiopia’s First Chat-Based Banking in New Super App

Addis Ababa (January 14, 2025) – Dashen Bank has announced the launch of its new Super App, spotlighting a first-of-its-kind “Chat Banking” feature in Ethiopia’s banking industry. The announcement was made at a formal event held at the Sheraton Addis Hotel, where bank executives and industry stakeholders gathered to discuss the app’s capabilities and the

January 15, 2025 • By Addis Insight

Business

Wegagen Bank Officially Launches Wegagen e-Birr Mobile Wallet Service

Wegagen Bank has announced the launch of its mobile wallet service, Wegagen e-Birr, in collaboration with e-Birr Mobile Financial Services. This service enables customers to open wallet accounts, transfer funds, make payments, and manage their accounts without visiting a bank branch. The launch event took place in Shire town in the presence of numerous customers

January 14, 2025 • By Addis Insight

Business

Ethiopia’s Parallel Forex Rate Surges to 150 ETB, Testing Government Reforms

Ethiopia’s forex parallel market continues to experience significant volatility, with the rate soaring to 150 ETB per USD, a sharp increase from the 130 ETB per USD recorded just two weeks ago. This fluctuation underscores the challenges of aligning the official and parallel exchange rates, despite ongoing efforts by the government and commercial banks to

January 14, 2025 • By Addis Insight

Business

Ethiopia-Djibouti Railway Reports First-Time Profitability

Addis Ababa, Ethiopia – The Ethiopia-Djibouti Railway has reported achieving profitability for the first time since its inception. The announcement was made by Takkele Uma, Chief Executive Officer of the Ethiopia-Djibouti Railway Transport Corporation, stating that the railway became financially viable in the last quarter of 2024. According to Takkele, this development reflects the impact

January 13, 2025 • By Addis Insight

Business

Washington Dulles Becomes Ethiopian Airlines’ Top Route for Airbus A350-1000 Flights

Ethiopian Airlines has officially taken delivery of Africa’s first Airbus A350-1000, registered as ET-BAW, on November 5, followed by a second aircraft, ET-BAX, which arrived in Addis Ababa on December 7. While these aircraft are deployed on multiple routes, Washington Dulles is expected to see more A350-1000 flights than any other destination in the airline’s

January 13, 2025 • By Addis Insight