Ethiopians celebrate National Flag Day

Ethiopians celebrated the National Flag Day nationwide with a commitment to maintain the unity, sovereignty and territorial integrity and foster peace and development endeavors.

The Office of the Prime Minister, the House of Peoples Representatives, the Ministry of Foreign Affair, the Ministry of Defense, Offices of regional government administrations, and others have celebrated the flag day resonating the message themed “National Flag for our Unity, Sovereignty and Elevation of Ethiopia.”

On the occasion of the day, President Taye emphasized the flag as a powerful symbol of the nation’s unity and harmony, achieved through the sacrifices of past generations. He highlighted the flag’s representation of national solidarity, patriotism, and social cohesion, stating, “The national flag is an emblem of our sacrifices, freedom, sovereignty, and territorial integrity.”

The 17th Flag Day has also been celebrated by Ethiopian embassies and consulates in various countries.

“CFA’s entry into force strengthens our bond as a Nile family” – PM Abiy Ahmed

Prime Minister Abiy Ahmed has extended his congratulatory message to all state parties over the historic millstone of the entry into force of the Nile River Basin Cooperative Framework Agreement (CFA).

Prime Minister Abiy Ahmed has released a statement on his social media page regarding this historic milestone, saying:“Today,    13    October    2024,    marks    the culmination of a long journey toward the equitable and reasonable utilization of the waters of the Nile, with the entry into force of the Agreement on the Nile River Basin Framework (CFA).”

“The CFA’s entry into force strengthens our bond as a Nile family and ensures that the management and utilization of our shared water resources benefit all, for the good of all,” the Prime Minister underlined.

He also called upon the non-signatory states to join the Nile family, so that together “we may achieve our shared goals of development and regional integration.”

Premier Abiy meets with AfDB president Akinwumi Adesina

Prime Minister Abiy Ahmed (PhD) held a discussion with the president of African Development Bank Group (AfDB), Akinwumi Adesina.

In a post on social media platform X (formerly Twitter), Prime Minister Abiy stated that their discussion focused on the broader cooperation with African Development Bank in food security projects and endeavours.

Launch of sale of Ethio Telecom shares marks significant milestone amid the ongoing reforms: PM Abiy Ahmed

Prime Minister Abiy Ahmed (PhD) stated that, “Today marks a significant milestone as we launch the sale of Ethio Telecom shares, an essential step in our ongoing journey from political revolution to evolution over the past six years.”

The Premier pointed out, “With 50 million Ethiopians transacting via mobile money, the 130-year-old Ethio Telecom is offering 10% of its shares to the public, laying the groundwork for Ethiopia’s stock market and expanding access to ownership in one of the nation’s leading state-owned enterprises, which has now evolved into a share company. Congratulations to all!”

President Taye holds talks with EU Commissioner for Int’l Partnerships

The FDRE President Taye Atske-Selassie received a European Union Commissioner for International Partnerships, Jutta Urpilainen.

During the meeting, President Taye briefed the Commissioner on current national, regional, and global issues of shared interest. The President stated that the government is working with special attention to ensure food security and that encouraging results are being registered in the ongoing economic reforms.

Following his meeting, they have agreed on continued engagement to enhance Ethiopia-EU partnership and review the status implementation of Multi-Annual Indicative Program.

Commissioner Urpilainen, disclosed that the EU recognizes and supports the economic reforms undertaken by the Ethiopian government.

On the occasion, she congratulated President Taye on his recent appointment as the head of state  and also emphasized that positive developments and dialogue need to be sustained.

Concerted action required to address Africa’s security challenges, Says DPM Temesgen

Ethiopia’s Deputy Prime Minister Temesgen Tiruneh emphasized that the serious security and safety threats currently facing Africa demand solutions that go beyond mere dialogue.

The African Defense Ministers’ Conference convened at the Adwa Victory Memorial in Addis Ababa under the theme “Africa: United in Peace, Strong in Security!” During the conference, Deputy Prime Minister Temesgen underscored the escalating security challenges on the continent, noting the difficulty in resolving internal conflicts, cross-border tensions, and rising terrorist threats.

He highlighted that even nations that have achieved peace and stability are now grappling with renewed tensions and that terrorist activities are spreading into areas previously considered safe. Temesgen stressed the necessity of seeking solutions that extend beyond discussions, aiming for actionable measures to address these critical issues.

The Deputy Prime Minister outlined the conference’s purpose as a platform for addressing these challenges and developing a unified approach to enhance security across Africa. On the occasion, Ethiopia’s ongoing contributions to peace and stability were acknowledged by the African Union.

MoFA State Minister Amb. Mesganu confers with EU Managing Director for Africa

State Minister of Foreign Affairs, Ambassador Mesganu Arga Moach, this afternoon conferred at his office with the Managing Director for Africa at the European External Action Service – EEAS, Ms. Rita Laranjinha.

The state minister noted that Ethiopia has a strategic partnership with the European Union and that it wants to further strengthen its comprehensive relations. He briefed the Managing Director on current developments in the Horn of Africa.

Ms. Laranjinha, on her part said, the EU recognizes the significant role Ethiopia is playing in peace and stability in the Horn of Africa. She stated that the European Union is committed to its relations with Ethiopia and assured that it will continue its support for the fight against terrorism in the region.

She further added that the European Union appreciates the fast economic growth that Ethiopia is showing and that the EU will work to further strengthen the link between companies in the EU member states and the Ethiopian business community.

Ambassador Misganu said that the economic reform has created a favorable environment for trade and investment and called on companies from EU member states to participate in Ethiopia’s key investment opportunities.

Ethiopia–Morocco cooperation on an upward trajectory – MFA State Minister

State Minister for Foreign Affairs of Ethiopia, Ambassador Mesganu Arga Moach, received the Ambassador of the Kingdom of Morocco, Nezha Alaoui M’hammdi, at his office.

Ambassador Mesganu noted that the cooperation between Ethiopia and Morocco is on an upward trajectory.

He stressed the need to convene the Joint Ministerial Commission meeting as early as possible in a bid to scale up the bilateral partnership in various fields.

Ethiopia builds capacity to foil cyberattacks targeting key institutions, says INSA

Ethiopia has built a robust institutional capacity to foil cyber-attacks targeting vital sectors, according to Tigist Hamid, Director General of the Information Network Security Administration (INSA).

The announcement was made during the GITEX Global 2024, the largest technology conference in the world currently taking place in Dubai. Both Tigist Hamid and Dr. Worku Gachena, Director General of the Ethiopian Artificial Intelligence Institute, participated in the event.

During a panel discussion on cybersecurity, Tigist stated that Ethiopia is registering digital transformation and rapid economic growth. She noted that the country, like many others, has faced various cyber threats against its institutions.

INSA is collaborating with relevant agencies to mitigate these cyber risks. Ethiopia has also put in place important legal frameworks to enhance digital platforms and cybersecurity capacity.

Tigist pointed out that Ethiopia has officially launched key infrastructure that provides cybersecurity, particularly in finance, energy, and other development sectors. The agency is equipped to detect cyber-attacks promptly.

Furthermore, she revealed that the government is prioritizing education and training to cultivate skilled professionals in the cybersecurity field, citing the partnership with the UAE to train 5 million Ethiopian coders.

NBE announces new policy on treatment of FX-trading related spreads and fees

The National Bank of Ethiopia (NBE) announced new policy on the treatment of foreign Exchange–trading related spreads and fees.

In a press release issued, NBE said that it has regularly been reviewing the performance of the foreign exchange market since the transition to a new FX regime on July 29, 2024. During this period, NBE claimed that it has addressed a number of emerging issues and challenges in a constructive manner, based both on consultations with the industry as well as lessons learned from the early experience with the new FX market environment.

It is worth noting in this regard that the National Bank previously required that banks include all FX related fees and commissions (except those charges set in nominal terms) in their trading spreads between the buying and selling rate. However, based on lessons gained from experience and inputs received from the banking sector, it has now become important to review the earlier decision regarding the treatment of FX related spreads and fees.