From: Biniam Tekle (biniamt@dehai.org)
Date: Thu Mar 19 2009 - 08:35:50 EST
2009-03-19
Ethiopia-foreign currency-shortage
Ethiopia facing serious shortage of foreign currency, says prime minister
APA-Addis Ababa (Ethiopia) Ethiopia is facing a serious foreign currency
shortage due to the country’s imbalance of exports and imports, Prime
Minister Meles Zewani told parliament on Thursday.
He said the shortage has resulted in rising prices of imported commodities
in the country.
He said the annual import bill has reached a record level of $9 billion,
while exports bring in less than $2 billion in earnings.
Meles was addressing parliament during the question-and-answer session which
is held every three months up on the request of the MPs.
He said Ethiopia is spending billions of dollars to import fuel, cement,
iron and machineries are among other items.
He said the current global financial crisis is affecting the country’s
export trade.
“The only solution to avoid our foreign currency shortage is to accelerate
our export trade. Our agricultural and industry products should be enhanced
to generate more foreign currency,” he said.
Last week, the production of Coca Cola was suspended in Ethiopia due to the
current foreign currency shortage as the company was unable to import raw
materials and other inputs required for the production.
DT/pm/APA
2009-03-19
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