The ruling EPRDF coalition, in power since 1991, has long supported deep state involvement in the economy. But the EPRDF said on Tuesday that Ethiopia needed economic reforms to sustain rapid growth and boost its exports. “While majority stakes will be held by the state, shares in Ethio Telecom, Ethiopian Airlines, Ethiopian Power, and the Maritime Transport and Logistics Corporation will be sold to both domestic and foreign investors,” it said in a statement. But the heavy spending has drained capital from heavily regulated state banks and left little for local businesses and the few foreign investors allowed into a handful of sectors. Local and foreign investors have long said that opening up new sectors could ease a shortage of foreign exchange.

Source: Ethiopian News June 05, 2018 18:30 UTC