| Over 130 Billion Birr Stolen Public Funds Not Recovered
By Staff Reporter
 September 28, 2020 (Ezega.com) -- The office of the federal attorney general said more than 130 billion Birr public funds stolen from Ethiopia are still hidden in foreign countries and at home.
The study conducted by the office indicates that a significant portion of the stolen funds were embezzled by government officials and affiliate investors and diverted to foreign countries.
Since it came to power, the government of Abiy Ahmed has vowed to pursue illicit money stashed in foreign countries. “So far 700 million birr stolen funds have been recovered from foreign countries,” the
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| Ethiopia Introduces Birr 200, Replaces 10, 50, 100 Currency Notes
By Staff Reporter
 September 14, 2020 (Ezega.com) -- In a dramatic move, the government of Ethiopia has introduced the first 200 Birr note and replaced Birr 10, 50, and 100 notes with new ones.
Governor of the National Bank of Ethiopia Yinager Dessie said the introduction of the new banknotes aims to fight corruption, counterfeiting, and money laundering.
The new banknotes have unique security features and designs and the new 200, 100, 50, and 10 banknotes feature peace, history, economy, and unity respectively.
The existing birr 5 note will remain unchanged for some time until it is replaced by a coin i
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| Foggy Weather in Addis Ababa Diverts Incoming Flights to Nearby Airports
By Staff Reporter
 August 4, 2020 (Ezega.com) -- Foggy weather in the Ethiopian capital disrupted air traffic as several flights coming to Addis Ababa Bole international airport were forced to divert to nearby airports, the Ethiopian airlines said in a statement.
Fog enveloped the central capital and its adjoining areas in the morning and the situation deteriorated in the afternoon.
According to the airline, the cloudy weather and fog had reduced visibility at the runway of the airport at noon, forcing authorities to reschedule flights leaving the capital.
The foggy weather condition has disrupted several schedul
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| Ethiopian Economy to Grow by 6 Percent Despite Pandemic: PM Abiy Ahmed
By Staff Reporter
 June 8, 2020 (Ezega.com) -- Ethiopian economy is forecast to grow by 6 percent this concluding fiscal year of the country amid global coronavirus pandemic, Prime Minister Abiy Ahmed has said.
Speaking at the 5th extraordinary session of the parliament on Monday, Abiy said Ethiopia is likely to register 6 percent economic growth, down by 3 percent from previous forecast owing to COVID-19 pandemic.
The premier told the MPs that the outbreak COVID-19 pandemic has brought about not only challenges but also opportunities enabling the nation to register 16 percent growth on the export sector. The Ethiopian export
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| Trust as an Economic Force
By Abel Merawi
 June 8, 2020 (Ezega.com) -- Most economic theories begin with the assumption that personal and selfish interests are the primary driving forces of the economy. While there is some truth in this hypothesis, it practically fails since it leaves out a major economic force – trust. As our economic life is the reflection of our social life, assuming we are only interested in gratifying our self-interest cannot explain many areas of our lives. It doesn’t explain why we help strangers or why we even support our family. Such social conduct could be explained when we include trust and other social virtues in the calculation. In the following
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| 88 Percent of Hotels in Addis Ababa Shut down or Reduce Services Due to COVID-19
By Staff Reporter
 April 27, 2020 (Ezega.com) -- Eighty eight percent of hotels in Addis Ababa are forced either to shut down or reduce services due to lack of occupancy arising from coronavirus pandemic.
The remaining 12 percent are being used as isolation centers of COVID-12 suspects who arrived in the capital from different parts of the world.
A survey conducted by the Addis Ababa Hotel Owners’ Association revealed that out of 130 hotels, which are members of the association, 56 percent of them are closed, 32 percent have suspended service partially due to the pandemic.
“Foreign nationals
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| Determinants of Market Value: Part II
By Abel Merawi
 February 25, 2020 (Ezega.com) – It is common in Ethiopia, to hear people talk of how they will be successful if only they could go to Dubai and bring items. Well, the things we bring from Dubai or China may bring prosperity to the individual importer, but it harms the domestic market of our country. To illustrate the point with an example, think of the traditional cloth weaver in Ethiopia, and the printed traditional cloth importer from China. Since the imported material is cheaper, thanks to the technological advancements in foreign countries, the local producer will not have a chance
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| The Benefits and Risks of Ethiopia’s Massive Loans
By Dr. Aklog Birara
“The ugly reality is that most poor people in most poor countries most of the time never receive or even make contact with aid in any tangible shaper or form: whether it is present or absent, increased or decreased, are thus issues that are simply irrelevant to the ways in which they conduct their daily lives.” --Graham Hancock, Lords of Poverty
Part II of V
 December 30, 2019 (Ezega.com) -- In Part I, I expressed my personal
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| Ethiopia Lifts Import Taxes on 624 Agricultural Machines
By Staff Reporter
 December 14, 2019 (Ezega.com) -- The Ethiopian Ministry of Agriculture has announced the lifting of import taxes levied on 624 types of agricultural machines.
Speaking in a relevant meeting in Adama on Saturday, capital of Oromia region, Minister of Agriculture Umer Hussien said the tax holiday will greatly contribute to the expansion of mechanized farming which currently stands at less than 10 percent in Ethiopia.
“Directive has been prepared on how the tax exemption would be used for intended purposes after consultations between the Ministries of agriculture, finance, and revenues
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| Ethiopia to Get $3 Billion Additional Development Assistance: PM Abiy
By Staff Reporter
 December 13, 2019 (Ezega.com) -- Ethiopian Prime Minister Abiy Ahmed said Development Assistance Group (DAG) have pledged $3 billion assistance to Ethiopia.
According to the United Nations Development Programme (UNDP) website, the Development Assistance Group comprises of 30 bilateral and multilateral development agencies providing development assistance to Ethiopia. The DAG was established in 2001 as a forum for donors to share and exchange information to foster meaningful dialogue with the Government.
“I am pleased to announce that the Government of Ethiopia is finalizing additional funding for the on-going econ
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| More Than 70 People Arrested for Stealing Over 60 Million Birr
By Staff Reporter
 November 8, 2019 (Ezega.com) -- The Addis Ababa Police have arrested more than 70 individuals on suspicion of stealing over 60 million birr using stolen and fake bank cheques as well as forged documents.
The commission in a statement said the suspects were apprehended by the joint operation of the federal and Addis Ababa police members following tips received from the National Information and Intelligence Service.
Yared Alemayehu, the head of Severe Robbery and Theft Investigation Department with the Addis Ababa Police Commission said the suspects are accused of stealing cheques from different private compan
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| Ethiopia to Build Integrated Agricultural Processing Industrial Parks in Four States
By Staff Reporter
 October 8, 2019 (Ezega.com) – Ethiopia is to build Integrated Agricultural Processing Industrial Parks in four states at a cost of $84.22 million.
The project fund was originally pledged during an event organized by Ethiopian Ministry of Trade and Industry on October 8, 2019 in Bishoftu’s Pyramid Resort. The event was organized by the Ministry of Trade and Industry after African Development Bank pledge for project funding.
Minster of Trade and Industry, Fetlework G/Egziabher, the state minster, higher level regional officials and project managers were present during the pledging ceremony.
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| Ethiopia Looking for Transaction Advisor to Partially Privatize Ethio Telecom
By Staff Reporter
 September 26, 2019 (Ezega.com) -- Ethiopia has issued expression of interest for a transaction adviser which will be controlling the privatization process for state-run Ethio Telecom, says Ethiopian official.
In a press briefing on Thursday September 26, 2019, State Minister of Finance and International Cooperation Eyob Tekalegn said “We are working on hiring a capable and neutral transaction advisory firm to lead the partial privatization of the Ethio Telecom.”
Among other things, the advisory team will be involved in the pricing of the partial privatization of the ethio-telecom
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| Ethiopian Mining Sector Registers Dismal Performance
By Staff Reporter
 September 7, 2019 (Ezega.com) -- Mineral exports which Ethiopia considers as one of its main foreign currency earners has registered a dismal performance this past budget year, which ended in July 2019, an Ethiopian official has said on Friday.
The country earned only $50 million against projected earnings of $450 million in the stated period, according to the Public Relations Head of the Ministry of Mines and Petroleum.
Michael Mengesha, Public Relations Director at the Ministry said only 11.1 percent of the target amount was attained. He blamed contraband trade in the mining business as the main reas
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| Why Is Ethiopia Not Producing Basic Goods at Home?
By Seble Teweldebirhan
 August 11, 2019 (Ezega.com) -- The Ethiopian market has been flooded with imported goods for decades. The country imports almost everything these days, from construction materials, to fuel, to medicine, and to commodities like clothing and cosmetics. Most things processed or value-added are likely to be made outside the country. From the street vendors to supermarkets, large and small stores, all sell goods that are imported. Even those who manufacture things inside the country, they import many inputs or ingredients, and even as small as packaging labels. This has made foreign exchange needs for the country extremely high. The rece
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| Deteriorating Security in Hawassa City Threatens Foreign Businesses - PM Abiy
By Staff Reporter
 July 24, 2019 (Ezega.com) -- The deteriorating security situation in Hawassa city, the seat of South Nations, Nationalities and Peoples State of Ethiopia has badly affected businesses of foreign companies in one of the largest industrial parks in the country, Prime Minister Abiy Ahmed has said.
While evaluating performance of a national committee in charge of improving doing business in Ethiopia on Tuesday, PM Abiy Ahmed said foreign companies are insisting on leaving the industrial park as employees have been staying away from work due to political problems in the state where protesters are demanding for stateh
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| Bottled Water Manufacturing Companies to Discontinue Putting Neck Seal
By Staff Reporter
 July 21, 2019 (Ezega.com) -- Bottled water manufactures in Ethiopia are set to supply thier products without neck seal as of Tuesday July 23rd, 2019.
With registered capital of over $2 billion Birr, a total of 85 bottled water producing plants with varying brands have been operating in Ethiopia.
Since the introduction of the product to the country through the Highland Springs brand by Appex Bottling Company in 1999, the sector has seen tremendous growth and almost all have been supplying their products with neck seal.
In a meeting it held in Addis Ababa, the Ethiopian Bottled water
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| Ethiopia Shuts Down the Internet to Prevent Exam Leaks
 June 13, 2019 (Ezega.com) -- Ethiopia has shut down the internet once again, this time to prevent exam papers from leaking out.
Internet has been largely inaccessible all over Ethiopia for the last three days now.
Access to the web was “totally cut off” on Tuesday morning, and there’s been only an intermittent restoration of services since then, according to NetBlocks, an advocacy group that monitors cybersecurity, and as reported by Bloomberg.
Internet is considered an extremely vital part of life and business in much of the world these days. However, in Ethiopia and in some parts of Africa, internet is somethi
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| Ethiopia Avoiding International Commercial Loans - Ministry
 June 5, 2019 (Ezega.com) -- Ethiopian Ministry of Finance has disclosed the country is avoiding commercial loans due to worries of accumulated debt.
Finance Minister Ahmed Shide said the country stopped borrowing commercial loans the past ten months of the fiscal year.
According to the report, Ethiopia's external and domestic accumulated debt has hit 27 billion US dollars or 731 billion birr.
In his performance report to the HPR, Ahmed Shide said the country has paid 9.4 billion USD of its external debt.
Ethiopia's Gross Domestic Product (GDP) to debt ratio is currently 44 percent, which is modest. The government wants to li
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| Land Grabbing, Illegal Constructions on the Rise in Addis Ababa
By Staff Reporter
 May 23, 2019 (Ezega.com) -- The Addis Ababa city administration on Thursday said it has gathered pertinent evidences that land grabbing and construction of illegal houses are on the rise in the city and will take legal actions against the perpetrators.
In a stakeholders meeting in which members of the Addis Ababa police commission participated, it was disclosed that organized and armed groups were grabbing land illegally.
Deputy mayor of Addis Ababa city administration, Engineer Takele Uma, said his adminstration will re-arrange the necesssary documents and evidences to take actions in two weeks time if the alleged i
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