84814
Ethiopia Forex Shortage to Stay
World Economy

Ethiopia Forex Shortage to Stay

Ethiopia’s new prime minister said that a foreign exchange shortage will last for years and more cooperation with the private sector is essential to solve it, state television reported. Abiy Ahmed, who was sworn in on April 2, addressed the local business community Monday at a session of more than two hours in a hotel in the Ethiopian capital, Reuters reported. “The crisis with hard currency will not be solved today, nor in the next 15 or 20 years. There is an urgent need for more cooperation with the private sector to find a solution,” Abiy was reported as saying, adding that remittances from Ethiopia’s diaspora communities had also fallen for political reasons. Ethiopia has recorded average annual economic growth of about 10% for the past decade, the fastest in Africa. But foreign investors and local businesses complain that the severe hard currency shortages are stifling the private sector.

 

You can also read ...

Qatar Capable of Overcoming Siege Challenges
Qatar affirmed its ability to overcome the challenges of the...
Apple Inc won guarantees from the Trump administration that its lucrative iPhones would ship from China  without being subject to tariffs.
Big companies in the United States from Amazon.com Inc to...
Japan Inflation Inches Higher
Japan’s inflation picked up slightly in June, largely because...
Today, income inequality in the US is greatest among Asians. Asians displaced blacks as the most economically divided racial or ethnic group in the US.
The rich are getting richer and the poor are getting poorer in...
Argentina Making Fiscal Progress
Argentina is “unequivocally” making progress on its goals to...
State-Actors Likely Behind Singapore Cyberattack
State-actors were likely behind Singapore’s biggest ever...
S&P Affirms Russia’s Stable Outlook
Standard & Poor’s said in a statement on Friday that it...
Growing Inflation Looms Large Over India’s Economy
From rising crude oil prices to a poor start to rice-planting...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus