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Moody’s global relative rating of Ethiopia has been downgraded as the public revenue streams dry up. The government has downplayed the recent credit rating siting the global pandemic as the cause for government’s coffers drying up, The Reporter has learnt.
The Council of Ministers (CoM) has approved a 48-billion-birr fresh supplementary budget package, on Friday, which is to be the second in the past four months, as COVID-19 takes its toll on the already slowing down economy.
After much speculation surrounding the privatization of Ethio-telecom, a telecom monopoly in Ethiopia, the Ethiopian Telecommunications Authority (ECA) has invited potential bidders to express their interest in acquiring a stake in the state-owned giant, which is projected to fetch billions of dollars to the cash strapped Ethiopian economy.
The Ethiopian Telecommunications Authority (ECA) has started accepting proposals and expressions of interest from telecom operators around the world in anticipation of the opening up of the Ethiopian Telecom sector, which is expected to introduce two more new independent operators in addition to the state-owned monopoly— Ethio Telecom.
In his early days after assuming power two years ago, Prime Minister Abiy Ahmed (PhD), on his tour around North America and Europe, urged the diaspora community to contribute “a dollar a day” in support of alleviating Ethiopia’s socio-economic quagmires.
In the midst of cascading events the novel coronavirus pandemic has unleashed, the hospitality and tourism sectors, one of the hardest hit sectors, has been granted a 3.3 billion birr short term financing bailout to aid in working capital shortages and salaries.
For the first time, Australia and Russia have agreed to supply a total of 500,000 metric tons of wheat to Ethiopia for USD 150 million, on a state to state level agreement, in which the majority of the purchase order undertaken by Australia.
With global fear mounting as the COVID-19 pandemic is taking its toll all over the world, vulnerable Ethiopian migrants in the Middle East, where some 220,000 live, are facing deportation in the remaining months of 2020, while thousands are feared to be potential targets of flash floods, with 110,000 victims already been displaced.
Netflix has acquired a new documentary about the Boeing 737 Max disasters from a renowned filmmaker, Rory Kennedy.
In an effort to stimulate the economy, the government has introduced tax waivers, cost sharing measures and the like, that will benefit 80 percent of businesses affected by the coronavirus pandemic.