Category: Business

Addis Ababa: Minister of Planning and Development, Fitsum Assefa, announced that Ethiopia aims to achieve an 8.3 percent economic growth in the 2017 Ethiopian fiscal year. The government has recently evaluated the final 100-day performance of the 2016 fiscal year and plans for 2017. The Minister told ENA that based on the main macroeconomic sector performances over the past 10 months, indicators suggest a 7.9 percent economic growth for the current fiscal year. She noted that the execution in agriculture, manufacturing, mining, and other sectors is enabling the realization of the set economic growth targets. In agriculture, the harvest during the main season exceeded last year's by 100 million quintals. The summer irrigation wheat initiative and 'Bounty of the Basket' (Ye Lemat Tirufat), a national development program initiated by Prime Minister Abiy Ahmed, are also showing significant results. For instance, out of the planned 117 million quintals from summer irrigation wheat alone, 106 million quintals were harvested until the end of May. In the manufacturing sector, productivity has been increasing following the implementation of 'MadeInEthiopia' movement, which provides input and financial support to factories to operate at full capacity. The mining sector has seen improvements in gold and cement production, with cement output surpassing last year's by over 1 million tons. To stabilize the cost of living, efforts to increase domestic production and productivity, duty-free imports of essential goods, and expansion of market infrastructure have helped reduce overall inflation to 23 percent. The service sector is also showing gradual improvement. For the 2017 fiscal year, the national economy is projected to grow by 8.3 percent. This target considers current capacity and future potential, with extensive preparations made from policy reforms to budgeting. To achieve this goal, coordinated efforts will be strengthened in agriculture, manufacturing, mining, tourism, and digital sectors. The plan also foc uses on economic and social infrastructure development to reduce poverty significantly. In the coming fiscal year, efforts to stabilize inflation will continue through operational improvements, increasing production and productivity, and modernizing market infrastructure. Source: Ethiopian News Agency

Addis Ababa: Ministry of Finance provided clarification to the House of People's Representatives' Budget and Finance Affairs Standing Committee regarding the draft budget bill proposed for the 2017 Ethiopian Fiscal Year. It is to be recalled that two weeks ago the Council of Ministers referred to the House of People's Representatives a close to 1 trillion Birr draft budget for the upcoming Ethiopian fiscal year. Ministry of Finance has given clarification to the House of People's Representatives' Budget and Finance Affairs Standing Committee about this draft budget. The budget was prepared based on the performance report of the just ended 2016 federal government program budget and by taking into consideration the government's financial capacity and expected revenues as well as expenses required by executive offices. It was learned that the committee has concluded scrutinizing the budget bill, which showed 21 percent increment from the preceding year. Accordingly, the committee has raised at least a dozen questions about the budget bill, with a focus on how the government plans to finance the increased spending for development while also addressing macro and fiscal challenges. Finance State Minister, Eyob Tekalign responded that the proposed budget prioritizes domestic funding sources and invests in productive sectors to boost productivity and economic output. The state minister also highlighted plans to limit borrowing from the National Bank of Ethiopia, a measure intended to curb inflation. According to him, the budget is prepared based on domestic sources of finance and included some approved loans and financial supports. "We ensure these funds are disbursed on our priorities and this could be exemplary for Africa." Poverty reduction and sustainable development are also central to the budget plan, Eyob added. Committee Chairperson Desalegn Wedaje commended the budget's alignment with Ethiopia's Ten-year Prospective Development Plan and medium-term economic framework. He emphasized the draft's relianc e on domestic revenue, with 92 percent projected to come from tax collection. The chairperson also pointed out that the budget deficit falls within a healthy range, below the 3 percent threshold. Yet, he stressed the need to strengthen follow up of projects implementation and narrow growing audit findings of institutions. Source: Ethiopian News Agency

Addis Ababa: Ethiopian Disaster Risk Management Commissioner, Shiferaw Teklemariam, stated that effort is well underway to create a strong national posture capable of self-reliance in the face of man-made and natural disasters by eliminating dependency. Examples mentioned include achievements in the agricultural sector with summer irrigation wheat, industrial sectors and 'Bounty of the Basket' (Ye Lemat Tirufat), a national development program which focuses on nutritional opulence. In his presentation, Ambassador Shiferaw Teklemariam, Commissioner of the Ethiopian Disaster Risk Management Commission, said that to overcome the dependency mindset, food security must be ensured at the family level. The Commissioner explained that work needs to be done to eliminate dependency by increasing production and productivity. He stated that dependency denies freedom, harms the economy, and promotes a mindset of guardianship. To overcome this, he indicated that the country needs to focus on changing mindsets and takin g action, emphasizing that coordinated efforts in all sectors are crucial. The Commissioner highlighted that Ethiopia has many favorable conditions to help it tackle dependency, citing government and public commitment, best practices, and potential resources as examples. He pointed out that preparedness and hard work in all sectors are necessary to achieve the national goal of overcoming dependency. The Commissioner stated that the government has implemented a new disaster risk management policy to create a strong national posture capable of self-reliance in the face of man-made and natural disasters. He explained that institutions must work with determination to achieve this Grand National vision. In particular, he called for leadership at all levels to act as role models in eliminating mindsets and practices that lead to dependency. Ambassador Shiferaw emphasized that institutions directly related to disaster risk prevention, including agriculture, water and energy, health, irrigation, and others, hav e the responsibility to achieve the national plan. It was also noted that the government, beyond showing political commitment to eliminating dependency, is working to continue rapid development efforts by mobilizing the public. Source: Ethiopian News Agency

Addis Ababa: Ethiopia's Minister of Transport and Logistics, Alemu Sime, has emphasized that leadership must work resolutely to achieve the country's goal of eliminating aid dependency by properly utilizing its natural resources. High-ranking federal government officials are currently engaged in discussions under the theme "From Aid Dependency to Productivity for Complete National Pride, Freedom, and Sovereignty." During these talks, it was highlighted that there is a need to break free from the mindset of aid dependency and ensure food security at the household level. In his speech, Alemu Sime stated that Ethiopia is a country blessed with diverse resources in all regions. However, he noted that the country has been unable to escape aid dependency for generations due to the failure to properly develop these resources. The Minister pointed out that aid dependency is demeaning and stressed the importance of properly utilizing the country's potential resources to transition from aid dependency to productivi ty. Alemu cited recent achievements in various development sectors as evidence that it is possible to completely eliminate aid dependency. He highlighted successes in agriculture, particularly in irrigated wheat production during the dry season, as well as progress in the industry sector. The Minister emphasized that national sovereignty is fully realized when the mentality of aid dependency is eliminated and productivity is significantly increased, leading to self-reliance. In this regard, he stressed that leadership bears a great responsibility. Alemu explained that the main objective of the current discussions is to create a mutual understanding among leaders about their role in breaking free from aid dependency and enhancing productivity. Commissioner of the Ethiopian Disaster Risk Management Commission, Shiferaw Teklemariam, who presented a paper for the discussion, emphasized the need to ensure food security at the household level to overcome the aid dependency mentality. He suggested that underst anding, preparation, and accelerating development work in a coordinated manner would help eliminate the undignified state of aid dependency. The discussion was attended by ministers and other high-ranking federal government officials. Source: Ethiopian News Agency

Addis Ababa: Ethiopian Embassy in Beijing hosted Ethiopian Livestock Value Chains Experience Sharing and Business Dialogue Forum today. The forum aimed to bolster bilateral cooperation and investment in Ethiopias thriving livestock sector, according to Ethiopian Embassy in Beijing. Ambassador Tefera Derbew in his keynote speech highlighted the sector's important role in Ethiopia's national economy and its vast potential for growth. He emphasized the government's strategic initiatives to modernize the livestock value chain, enhance productivity, and ensure sustainability. Senior Advisor, Office of the state minister for Livestock and Fisheries in the Resources Development Sector of the Ministry of Agriculture, Alemayehu Mekonnen provided a detailed narration of these initiatives. UNIDO Representative of the Regional Office in China, Kargbo Stephen also shared his experiences during his time in Ethiopia and China. In conclusion, Ambassador Tefera invited and encouraged Chinese livestock-product importers to consider Ethiopia for quality organic livestock-products. He also urged Chinese Investors to invest in Ethiopia, exploit the huge market access in and around Ethiopia for livestock products, and utilize the incentives available for Investors. Source: Ethiopian News Agency

Addis Ababa: Oromia region president, Shimelis Abdisa has today launched a 150 km state -of - the art road development project connecting all sub-cities in the newly established Sheger City Administration. Mayor of Sheger City Administration, Teshome Adugna, Abba Geddas and other high ranking government officials attended the launching ceremony held in Kurajida Sub-City. It was discovered that the project's goal is to link Sheger City administration's all sub-cities. The 150 km project will be implemented with phases of construction. The first phase will be carried out with a cost of over 4.5 billion Birr to construct a 38.5 km of the total road. The objective is to connect all of the five sub-cities under the administration of Sheger City: Kurajida, Legetafo, Legedadi, Gelan, and Koyefech. Source: Ethiopian News Agency

Addis Ababa: The Ethiopian Airlines Group officially launched domestic flight service today to Nekemte Gudina Tumsa International Airport in the Oromia region. House of People's Representatives Speaker Tagese Chafo, Transport and Logistics Minister Alemu Sime, Ethiopian Airlines Group CEO Mesfin Tasew, Oromia region Vice President Awelu Abdi, and other government officials participated in the launching ceremony. The strategic airport, built with the total outlay of 1.3 billion Birr in Nekemte town, is anticipated to serve as a vital link for domestic and global destinations. With the launch of flights to Nekemte, the residents will be having easier access to air transport. Most importantly, this Ethiopian flight will have a paramount role for the domestic and global markets accessibility of agricultural products which Nekemte and its surrounding areas are known for coffee and fruits production. It will also improve trade connections. Ethiopian Airlines currently flies to 22 domestic destinations, includi ng Nekemte. Source: Ethiopian News Agency

Addis Ababa: Farmers in West Guji Zone, Oromia region are expanding the cultivation of higher-yielding coffee varieties, zone Administrator Adula Hirbaye said. A delegation comprising officials from Oronia region visited coffee cultivation and maize developed in a cluster in Abaya Woreda of West Guji Zone. After the visit, West Guji Zone Administrator Adula Hirbaye said coffee is the major cash crop of the Zone, cultivated in six out of its nine woredas. He added that the farmers are replacing the previous coffee plants with the improved coffee varieties after the rigorous training provided to farmers. These new coffee varieties mature for harvest within one year and eight months and have the capacity to yield 12 quintals per hectare, a significant increase compared to older varieties. West Guji Zone contributes a substantial 28 percent of coffee supplies at the national level, according to the administrator. Currently, farmers and semi-pastoralists in almost all districts are fully engaged in producing various crops and vegetables, significantly improving their livelihoods, he noted. A report from Oromia Agriculture Bureau shows that it has been preparing some 2.6 billion coffee nurseries for this year alone as part of the region's major initiative on coffee production. Additionally, the region has prepared 350,000 hectares of land for coffee plantations for this year. With this, the region has set a target of obtaining 12 million quintals of coffee, it was indicated. Oromia region is exerting a maximum effort to transform farmers at investor levels. Source: Ethiopian News Agency