Each week, The Messenger summarizes key stories from Ethiopia tracking economic and political developments.
Voice of America: Ethiopia Trash Landslide Victims Receive Compensation
Melaskachew Amiha, June 12
The city of Addis Ababa is distributing more than $4 million to victims of a huge garbage landslide that killed more than 100 people on March 13. Hundreds more were injured or otherwise affected by the disaster at the Koshe landfill on the outskirts of Ethiopia’s capital. The city raised the money through a combination of private and government donations. Find the full story here.
Reuters: Humanitarians Say Food Aid for 7.8 Million to Run Out
Aaron Maasho, June 10
Ethiopia will run out of emergency food aid for 7.8 million people hit by severe drought by the end of this month, the government and humanitarian groups said. The number of people now critically short of food is expected to rise by at least two million by next month, according to figures compiled by the government and its humanitarian partners.
Donors, international aid groups and the government say existing food aid for the current 7.8 million will run out as funds are critically short this year with Ethiopia receiving slightly more than half of the $930 million to meet requirements until July. Find the full story here.
The Reporter: Deficit, Debt Repayments Increase in Spending Plan
Dawit Endeshaw, June 10
Ethiopia’s budget deficit has almost doubled to 53 billion birr ($2.3 billion), which will be covered by financing from state-owned banks, according to Finance Minister Abraham Tekeste. The government plans to spend 16.9 billion birr servicing debt in a budget that’s a 17 percent increase from last year. Out of the 321 billion birr spending package, the government aims to fund 221 billion birr from tax revenue, 17 billion birr from aid, and 19 billion birr from foreign loans.
Ethiopian News Agency: Ethiopia Ranked Top Investment Destination in 2016
The UNCTAD World Investment Report placed Ethiopia as one of the top performing African countries in foreign investment, registering a 46 percent increase in 2016 to more than $3 billion.
That’s despite month of protests and the introduction of a State of Emergency in October.
The report said that the largest African cross-border merger and acquisition of the year, $510 million, was also recorded in Ethiopia, with Japan Tobacco International acquiring state-owned National Tobacco Enterprise.