Addis Ababa – Pre-revenue testing of Addis Ababa light railway was launched today. Prime Minister Hailemariam Dessalegn, Deputy Prime minister Demeke Mekonnen, Foreign affairs Minister Dr Tedros Adhanom, Addis Ababa Mayor, Dirba Kuma other higher officials and dignitaries and thousands of residents of Addis Ababa attended the inauguration ceremony. On the occasion FDRE, Prime Minister...
By Mohamed Dalmar In January 2010, the then Transitional National Government ordered the printing of Somali shilling banknotes worth 5 trillion from Sudan at the cost of US$ 17 million. However, the delivery of this money was halted after meeting a strong opposition from the International community, Puntland and concerned Somali citizen on the grounds...
By Jeremiah Ogolla The rate of inflation has slowed for the sixth consecutive month to 5.5 percent driven by lower prices of energy as well as some foodstuffs. Data from the Kenya National Bureau of Statistics indicates that despite a significant reduction in both diesel and petrol prices by 18.5 percent, PSV operators failed to...
BY James Wanzala Analysts predict that Kenya’s economy will grow by six per cent this year helped by lower oil prices. Research analysts at Citigroup, however, raise concern over growing fiscal deficit, where the Government’s total expenditure exceeds revenue generated and rising debt levels. This twin problem may remain a source of concern. “The current account...
By Mohamed Osman Africa’s economic indicators are set to green. The International Monetary Fund is predicting gross domestic product growth of upwards of 6 percent for most of its countries in East Africa, lifting millions of consumers into the mid-income category. The overwhelming majority of the fastest growing economies are currently in Africa with East...
MOGADISHU, Somalia Turkish President Recep Tayyip Erdogan vowed Sunday not to give up in the face of terrorist groups in the war-torn Somalia. “We will fulfill our humane, conscientious, Islamic duties,” Erdogan said, during a joint press conference with Somali President Hassan Sheikh Mohamud, following a head to head meeting. Erdogan, who began his Africa...
By: Kenneth Agutamba The NewTimes The Managing Director of the International Monetary Fund, Christine Lagarde, will today begin her three day visit to Rwanda, her first since she came to the helm of the institution in 2011. In an e-mail correspondence with The New Times’ Kenneth Agutamba, Lagarde sheds light on her institution’s current relationship...
By Jake Spring (Reuters) – The International Monetary Fund lowered its forecast for global economic growth in 2015, and called on Tuesday for governments and central banks to pursue accommodative monetary policies and structural reforms to support growth. Global growth is projected at 3.5 percent for 2015 and 3.7 percent for 2016, the IMF said...
By Henok Reta The United Arab Emirate (UAE) -based Gulf Pharmaceutical Industries a.k.a. Julphar announced that it would build the continent’s largest injectable medicine producing facility in Ethiopia with an investment outlay of USD 50 million. Hassan Jibreel (Eng.), senior director of corporate development for the company, told The Reporter last Wednesday that Julphar has...
Jon Jensen and Alex Court, (CNN) – Demand for South African food is booming in an unlikely place: the United Arab Emirates. Sizzling in the kitchen at the Abu Dhabi-based restaurant “The Meat Company,” there’s only one specialty — and the key is in the name. T-bones or Rib-Eye, flame grilled or triple-basted, this is...