Borkena
Toronto – Ethiopia’s Minister For Finance, Ahmed Shide, met Canada’s Secretary of State for International Development Randeep Saraia and his delegation in Addis Ababa, the Ministry of Finance announced on Saturday.
What the Ministry described as “high-level discussion” focused on “bilateral relations and avenues for strengthened cooperation.”
Ahmed Shide reportedly briefed Mr. Sarai and his delegation about the macroeconomic reform measure Abiy Ahmed’s administration introduced last year including the introduction of market based forex exchange regime. Notably, Ethiopian Birr experienced a free fall due to what appears to be IMF loan arrangement induced reform measures. When the policy was introduced in July 2024, Ethiopian birr was exchanging to US $1 at a rate of about 57 birr. It is now over 140 Ethiopian birr and plunging down further. There are also other indicators including unbearable cost of living The goal to achieve stable economy appears to be a mirage
Ethiopia’s Minister sees the reform measure, as is the case with the ruling prosperity party, as ” bold and transformative reform agenda implemented since Ethiopia entered into a program with the International Monetary Fund (IMF) in July 2024.”
The update from the Minister highlighted that Mr. Sarai “commended Ethiopia’s reform efforts.” Ethiopia is one of the largest recipients of aid from Canada (distribution of Canada’s aid is available here ) Canada spends over 100 million a year to fund different projects in Ethiopia including projects related to women and children.
Mr. Sarai also briefed the minister about Canada’s new approach to aid, one that “promotes mutually beneficial partnerships grounded in shared priorities and values.” Supporting the “advancement of democracy, human rights, and good governance,” is among key objectives of Canada’s aid to the country.
Canada aims to expand cooperation under frameworks like African Continental Free Trade Area (AfCFTA) and the Foreign Investment Protection Agreement (FIPA). No further detail is provided.
The Canadian Embassy in Ethiopia rated the meeting between Ahmed Shide and Reandep Serai as “Great exhcange.” Canada wants an “inclusive reforms,” among other things. In an update the embassy shared on its social media page, on Saturday, it said
“Canada supports Ethiopia’s efforts to stabilize its economy, implement inclusive reforms, and improve the lives of vulnerable communities.”
Mr. Sarai also visited Sidama in South Ethiopia where he met with Desta Lendamo, head of the ethnic Sidama regional state. Apart from the meeting, he visited coffee farms. Sidama is one of sources of best Ethiopian coffee.
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