16.8 C
New York
August 2, 2021
Cover

Ethiopia cabinet endorses opening of stock market: Prime Minister

Ethiopian Prime Minister Abiy Ahmed at the House of Peoples Representatives in Addis Ababa, Ethiopia, on November 30, 2020 (Reuters)

Ethiopia’s cabinet on Tuesday endorsed the establishment of a stock market, Prime Minister Abiy Ahmed tweeted.

AD

The finance ministry said in June it had drafted a bill to create a stock market authority. It was not immediately clear if this was the bill passed on Tuesday.

Abiy’s office tweeted a statement saying that a capital market would ease Ethiopia’s dependency on foreign finance.

Since Abiy took office in 2018, the government has slowly begun introducing economic reforms, including preparing to open state-controlled sectors such as telecommunications to foreign investors.

Ethiopia is Africa’s second-most populous nation and its economy has in the past decade been one of the world’s fastest-growing, due mainly to heavy state spending on infrastructure.

Related posts

AU-led trilateral process is best to negotiate, resolve differences: Ethiopia Ministry of water

warsan

Much Ado About Jihad: Misconceptions and Media Manipulation

warsan

UAE building mysterious air base on a volcano Island near Yemen

warsan