Uncategorized

IMF Approves $3.4 Billion Aid Package to Bolster Ethiopia’s Economic Reforms

The International Monetary Fund (IMF) has granted Ethiopia a $3.4 billion Extended Credit Facility (ECF) over four years. This funding, equivalent to 2.55 billion in Special Drawing Rights, aims to support Ethiopia’s Homegrown Economic Reform (HGER) agenda, focusing on macroeconomic stabilization, reducing inflation, and enhancing the fiscal space for priority public spending. Key aspects include

July 29, 2024 • By Addis Insight

Business

NBE’s New Forex Rules: 10 Key Points to Know as Birr Drops 30%

Ethiopia’s National Bank Issues Comprehensive Foreign Exchange Directive Amid Currency Devaluation The National Bank of Ethiopia (NBE) has released a new directive aimed at regulating the foreign exchange market, introducing measures to enhance transparency, stability, and competitiveness. The directive, titled “Foreign Exchange Directive No. FXD/01/2024,” outlines comprehensive regulations affecting banks, authorized dealers, and businesses engaged

July 29, 2024 • By Addis Insight

Sport

Ethiopian Airlines Reports Record $7.02 Billion Revenue Amidst Passenger and Flight Hour Growth

Ethiopian Airlines Group made a statement today announcing that in the last fiscal year, they achieved a total revenue of 7.02 billion dollars, marking a 14 percent increase compared to the same period of the previous fiscal year. This income is equivalent to more than 402 billion birr in Ethiopian currency. The airline reported flying

July 29, 2024 • By Addis Insight

Uncategorized

Ethiopian Airlines Reports Record $7.02 Billion Revenue Amidst Passenger and Flight Hour Growth

Ethiopian Airlines Group made a statement today announcing that in the last fiscal year, they achieved a total revenue of 7.02 billion dollars, marking a 14 percent increase compared to the same period of the previous fiscal year. This income is equivalent to more than 402 billion birr in Ethiopian currency. The airline reported flying

July 29, 2024 • By Addis Insight

Business

Ethiopia Implements Market-Based Exchange Rate System

Ethiopia Implements Market-Based Exchange Rate System Addis Ababa, July 2024 – The Ethiopian government has announced the implementation of a market-based exchange rate system, marking a significant shift in the country’s economic policy. This change is part of the broader Home-Grown Economic Reform Program (HGER 2.0), aimed at modernizing the economic framework and addressing long-standing

July 28, 2024 • By Addis Insight

News

Ethiopia’s GERD Reaches 100% Completion in Civil Works

Ethiopia’s GERD Reaches 100% Completion in Civil Works Ethiopia has announced the completion of the civil works phase of the Grand Ethiopian Renaissance Dam (GERD), a significant milestone in the country’s flagship hydroelectric project. The dam, located on the Blue Nile River in the Benishangul-Gumuz region, is poised to become one of Africa’s largest sources

July 27, 2024 • By Addis Insight

Business

Ethiopian Airlines to Begin Night Flights Between Addis Ababa and Mekelle

Addis Ababa, July 28, 2024 — Ethiopian Airlines has announced the commencement of night flights between Addis Ababa and Mekelle, starting Monday, July 29, 2024. This new service aims to provide passengers with increased flexibility and additional travel options within the country. The introduction of night flights is part of Ethiopian Airlines’ ongoing efforts to

July 27, 2024 • By Addis Insight

Uncategorized

Teddy Afro Donates 1 Million Birr to Landslide Victims in South Ethiopia

Artist Tewodros Kasahun, also known as Teddy Afro, donated one million birr to the victims of the landslide in Kencho Shacha Gozdi Kebele, Gofa Zone, Geze Gofa District, South Ethiopia. Tewodros Kasahun extended his support to those affected by the sudden landslide in Kencho Shacha Gozdi Kebele and offered condolences to the families who lost

July 26, 2024 • By Addis Insight

Business

Ethiopian Shipping and Logistics Reports 8.8 Billion Birr Profit, Exceeding Targets by 32%

Ethiopian Shipping and Logistics (ESL), a major player in the transportation and logistics sector, has reported significantly higher profits than anticipated for the 2023/24 budget year. Berisso Amallo, CEO of ESL, announced that the company’s income surged past projections by 12.7%, culminating in a revenue of over 57 billion birr. The company demonstrated remarkable financial

July 26, 2024 • By Addis Insight

Diaspora

Meet Ruth Negga: The Ethiopian-Irish Actress Behind Apple TV+’s Hit Show ‘Presumed Innocent

Ruth Negga Shines in ‘Presumed Innocent’: A Deep Dive into Her Ethiopian-Irish Heritage and Acclaimed Performance Ruth Negga, an actress celebrated for her versatility and emotional depth, has captivated audiences with her recent role in Apple TV+’s “Presumed Innocent.” The series, also starring Jake Gyllenhaal, is a reimagining of Scott Turow’s classic novel, exploring the

July 26, 2024 • By Addis Insight