Ethiopia tows 2.3bln USD remittance a year less

ADDIS ABABA – Ethiopian Diaspora Agency disclosed that the country has secured 2.3 billion USD in remittance from the Diaspora over the past eight months. Agency Director-General Selamawit Dawit told the local media that Ethiopia planned to obtain 4 billion USD from remittance during the current Ethiopian fiscal year and managed to secure 2.3 billion USD in 8 months.

 Selamawit Dawit.

According to the General Director, the remaining revenue will be achieved during the coming four months of the fiscal year. The impact of COVID-19 on remittance is very negligible. She urged the members of the Diaspora community to use the legal system for sending money since it is   advantageous to the national economy. “The huge difference in exchange rate between the legal and black markets has been one of the challenges of the efforts to improve the nation’s remittance,” she said.

Most of the remittance was obtained from the Ethiopian Diaspora residing in North America, Europe, Middle East, Asia and Africa, Selamawit noted. About 39 members of the Ethiopian Diaspora have secured investment licenses during the current Ethiopia budget year and engaged in various economic sectors. Agriculture, industry, finance and tourism are among the sectors in which the Ethiopian Diaspora have been investing, it was learned.

BY TSEGAYE TILAHUNThe Ethiopian Herald May 9/2021


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