Abiy’s decision to pursue reconciliation with Ethiopia’s neighbour Eritrea, has paid dividends, triggering a wave of diplomatic breakthroughs in the Horn of Africa region. Tackling foreign currency shortageWhile Ethiopia has been the fastest growing economy in Africa for the past decade, the landlocked country of 100 million people is heavily dependent on imports. At the time Abiy took office, analysts said the country’s foreign currency reserves had been reduced to less than one month’s worth of imports, partly because of high expenditure on big infrastructure projects. A diaspora fund was also opened to ask Ethiopians living abroad to contribute towards easing the foreign currency crisis. Ethiopia to jointly develop facilities at the Port of Djibouti in exchange for stakes in in state-owned Ethiopian firms.

Source: Ethiopian News April 06, 2019 06:00 UTC