In an effort to rescue the economy from collapsing due to COVID-19 pandemic, the Government of Ethiopia orders the central bank to disburse 15 billion birr (close to $460 million dollar) to private banks. The decision is announced this afternoon by the Prime Minister’s Office after the national taskforce established to tackle the spread of COVID-19 (coronavirus) pandemic held a video conference. In addition decision is also reached for banks to avail foreign currency for importers primarily importing goods and input materials for the prevention of COVID-19. Today’s government decision also involves removal of the minimum price set by the National Bank of Ethiopia on the horticulture sector for flower exports. The Ministry of Revenue is also ordered to expedite Value Added Tax (VAT) returns to support companies with cash flows.

Source: News Business Ethiopia March 27, 2020 13:30 UTC