The miracle of South Korea is an earth breaking economic phenomenon witnessed over the past half-century. Before stepping into the miracle story of the Han River, we need to bow to the man who made the impossible possible, Park Chung Hee. This is the man who led the foundation of the miracle by seizing power through the orchestration of the May 16, 1961 military coup in Seoul. At that moment, Korea was one of the poorest countries globally by pure virtue of registering a per capita income of just USD79. In 1963, Park won the democratic election and extended his leadership for four election periods until he was assassinated 13 years later.

Recently, global hegemonic institutional neo-liberal financial arms (IMF) have pledged around three billion US dollars and vow to do more for the so called “home-grown financial reform”—FX regime and capital account liberalization. To assure this credit wave, there were diplomatic rallies made by different state actors, including Prime Minister Abiy Ahmed (PhD.), to the Paris Club of creditors.

Foreign aid has become a key cornerstone of governments’ budget in developing countries like Ethiopia. Despite the widely believed narration of Western governments aiding the developing world, there are concrete arguments showing that it is, in fact, the developing world that is supporting the development of the Western world. According to a 2014 report, Africa receives about USD133.7 billion each year from official aid, grants, loans to the private sector, and remittances, among others.

Ethiopian Business Review | EBR is a first-class and high-quality monthly business magazine offering enlightenment to readers and a platform for partners.

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