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
“We are only good at starting projects but not completing on schedule” – PM Abiy
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
Central bank introduced restrictions on withdrawals, leaving many unable to extract their cash from banks
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
“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.
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
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
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
BASED on the “Publish What You Pay” initiatives supporting financial transparency and accountability, Nevsun Resources Ltd. today disclosed that it has generated nearly 2 billion dollars in revenue from its Bisha Mine and pays out over $1.0 billion to the Eritrean government since commercial operations at the Bisha Mine began in 2011. Continue reading Eritrea Earned US $1b+ in Revenue from Bisha
BISHA Mining Share Company (BMSC) is advancing with its zinc expansion project in Eritrea with a target start-up in Q4 2015.
The Bisha Main deposit is a high grade VMS deposit. It is configured in three distinct layered zones – a 35m thick surface gold-silver oxide zone (mined out in mid-2013) immediately overlying a copper enriched supergene zone which itself overlies a primary sulphide zone containing both zinc and copper, which is open to depth. Continue reading Nevsun Zinc Expansion Photo Gallery Update-II