200 businesses have ceased operationsOver 200 businesses are forced to cease operations chiefly due to a lack of access to finance, according to the Ministry of Finance. The manufacturing sector, which is a key to bring a structural change in the economy and achieve an industry-led economy, receives barely 15 percent of bank loans on average. In the first half of the current fiscal year, the manufacturing sector received USD 128 million of the USD 881 million required for raw materials. Melaku Alebel, Minister of industry, believes the sector is under threat because of the shortage of forex and lack of finance. The Ministry’s policymakers believe that finance shortage in the industry sector are a great obstacle for industries, pushing them to produce below capacity, cease production, or even cause closure.

Source: Ethiopian News February 25, 2023 07:25 UTC