Tag Archives: economy

IMF Staff Completes 2019 Article IV Mission to Eritrea

IMF team held discussions on Article IV Consultation with Eritrea
An International Monetary Fund (IMF) team held discussions in Asmara from May 13–22, 2019 on the Article IV Consultation with Eritrea, the first such discussions in 10 years. (Photo: Globetrotter)

BY IMF COMMUNICATION DEPARTMENT *

An International Monetary Fund (IMF) team, led by Bhaswar Mukhopadhyay, held discussions in Asmara from May 13–22, 2019 on the Article IV Consultation with Eritrea, the first such discussions in 10 years. At the conclusion of the mission, Mr. Mukhopadhyay issued the following statement: Continue reading IMF Staff Completes 2019 Article IV Mission to Eritrea

Ethiopia $7.5bn Short to Complete Mega Projects

“We are only good at starting projects but not completing on schedule” – PM Abiy

Faced with a current account deficit of around $6 billion on top of lower export earnings and slower economic growth, PM Abiy said his government needs $7.5 billion to complete dam, road and rail projects.

BY ANDUALEM SISAY

Ethiopian Prime Minister Abiy Ahmed has said his government needs $7.5 billion to complete ongoing mega infrastructure projects.

He was speaking in Parliament after the tabling of the 346.9 billion Ethiopian birr ($12.8 billion) 2018/19 budget that was approved by MPs on Friday afternoon. Continue reading Ethiopia $7.5bn Short to Complete Mega Projects

Sudan’s Inflation Climbs Over 55 pct in March

Central bank introduced restrictions on withdrawals, leaving many unable to extract their cash from banks

The Sudanese pound hit a record low of about 40 pounds to the dollar last month on the black market, but the devaluations and a ban on deposits of dollars obtained from the black market have reversed this trend.

BY SUDAN TRIBUNE

Sudan’s inflation rate has risen to 55,6% in March compared to 54,34% in February, reported the Central Bureau of Statistics (CBoS)

In January, the director of the Troubled Currencies Programme at Johns Hopkins University Steve Hanke said Sudan’s inflation has skyrocketed to a record high of 122% pointing the East African country “now has the second highest inflation rate in the world after Venezuela”. Continue reading Sudan’s Inflation Climbs Over 55 pct in March

Sudanese President Vows ‘War on Corruption’ to Revive Ailing Economy

“It is a war against corruption everywhere. It is a war at its beginning and it will not stop until its goals are achieved by ending gold smuggling, currency speculation and monopolization of essential commodities” President Al-Bashir.

Saboteurs of the economy. President al-Bashir vowed to combat corruption and declared war against speculators and manipulators with the Sudanese economy. (AP Photo/Ali Ngethi)

BY AFP

President Omar al-Bashir vowed on Monday to launch a “war on corruption” in a bid to revive Sudan’s ailing economy and curb food price rises.

In a strongly worded address to parliament, Bashir said a nexus between foreign currency traders, bankers and smugglers had damaged the economy, already weakened by US sanctions, conflicts and loss of oil revenues since a north-south split in 2011. Continue reading Sudanese President Vows ‘War on Corruption’ to Revive Ailing Economy

Politically Motivated Indexes Misrepresent Reality

The one-number summary. Politicized reports and indices long been used to deceive and to manipulate public opinion, not to advance freedom. They simply do not present an accurate portrayal of the countries that are being ranked and serve as tools for subjugation.

BY SOPHIA TESFAMARIAM | SHABAIT

It is that time of year and we should expect several indices to be released by the UN, government agencies and renowned academic think tanks in Europe and the United States. These indices cover a whole range of issues such as corruption, human rights, religious freedom, economic freedom etc. etc. Continue reading Politically Motivated Indexes Misrepresent Reality

What is Missing in Eritrea is Market Freedom, Not Political Freedom

A democratic climate seems to favour a free market economy. A free market economy appears to be reliant on democracy for its functioning. With only one and non-corrupted political party, Eritrea can continue to survive, yet needs to introduce market reforms to create more private sector jobs.

BY GEORGE F. TESFA

Democracy is a controversial topic, especially for advocates of free market capitalism and the West in general, and rightfully so. What is democratic capitalism? It is a political, economic and social ideology that combines a democratic political system with a free market economy, a system with many opposition political parties and a free press. It is a very appealing system. In fact, it is undeniable that, in the last half century, democratic capitalist systems have been the sole economic growth engine for both developed and emerging countries. Continue reading What is Missing in Eritrea is Market Freedom, Not Political Freedom