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September 24, 2021
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Finance News News & Trending Transportation

Partial Privatization of Ethiopian Airlines Put On Hold

The Ministry of Finance announced the temporarily suspension of the planned partial privatization of Africa’s biggest aviation and leading company, Ethiopian Airlines.

The move comes on the heels of the same measures taken newly to roll back the planned privatization of Ethiopian Shipping and Logistics Service Enterprise.

The plan is put on hold as the company continues to be profitable and competitive in the global aviation industry, Finance Minister Ahmed Shide said in a press conference yesterday as he presented the Ministry’s three-month achievement report.

“We do not believe that this is the time to privatize the company while it appears robust.”

The Airlines has even stayed vibrant and afloat during the difficult time of the COVID-19 pandemic. Ethiopian is brand carrier and has invested in hotel and other services, said Ahmed.

Meanwhile, the Ministry forecast Ethiopian economy to register 8.5 percent growth in the 2013 budget year.

Following the implementation of home grown economy along with measures taken to lessen the impact of Coronavirus pandemic, the economy has shown a significant growth.

Mentioning the pressure of inflation and foreign currency, the Minister stressed that the government will continue to implement the combined fiscal and monetary policy.

The measures that were taken on fiscal, monetary and other administrative actions to minimize the negative impacts of COVID-19 pandemic have a significant contribution to maintain the economy.

Over 80 Billion Birr was collected from government revenue- tax and non-tax revenues- loan and grant. In the first three months of the Ethiopian budget year, nearly 500 million USD was secured from export market. Improving the incentive packages, excise tax and custom related issues have taken the lion’s share for the better performance, as to him.

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