By: Getahun Tsegaye
Staff Reporter
Addis Ababa, Ethiopia — Ethiopia’s Council of Ministers has approved several crucial economic and diplomatic measures, signaling what it described as a “forward thrust in the nation’s development agenda.”
According to the official statement, the Council reviewed and approved two significant loan agreements. The first is an interest-free loan amounting to 258.1 million Special Drawing Rights (SDR) from the International Development Association, earmarked for the second phase of the Sustainable and Inclusive Growth Development Policy.
Following this, a second loan of 27.3 million SDR was approved to support the Expressway Development Support Project.
Both loans, the statement said, carry a modest 0.75% service charge. It further added that the agreements include a six-year grace period, which was described as “a thoughtful provision for our long-term financial health,” according to a Council spokesperson.
The statement also noted that these agreements are “in perfect alignment with Ethiopia’s overarching debt management strategy.” It said that both approvals have now been submitted to the House of People’s Representatives for final deliberation and ratification.
In a decision, the Council addressed the urgent need to revise the Federal Income Tax Proclamation. “There was a clear consensus among members that the existing tax law no longer truly reflects our current economic realities,” the statement reported.
The proposed amendments, it said, aim to establish a tax system that is “fair, transparent, and firmly rooted in core tax principles.” After receiving the Council’s full endorsement, the revised proclamation has also been sent to the House for approval.
On the diplomatic front, the Council discussed a new agreement with Nigeria that focuses on waiving visa requirements for holders of diplomatic and service passports.
According to the statement, this measure is expected to “smooth the path for government officials and diplomats,” thereby strengthening bilateral ties between the two countries.
The agreement, which received unanimous approval, has been forwarded to the House for ratification. The Council said it marks a significant step toward enhancing diplomatic relations between Ethiopia and Nigeria.
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With the world wide combined (Government , Corporation, Individual) DEBT LOAD is estimated to be $300 TRILLION…
What would the lenders do if and when a cascade of DEFAULT hit the financial system; sometime in the NEAR FUTURE?
Link = youtube.com/watch?v=aensugLxzws
It is not going to be nice & easy, as it was in 2008!
Be well.