Addis Ababa’s city government has announced that it collected ETB 233 billion in the just-ended fiscal year, meeting 96.5% of its annual revenue target. The figure marks a 57% increase compared to last year’s collection, showing a leap of ETB 83.3 billion.

Initially, the city had planned to raise ETB 241.4 billion in the 2024/25 budget year. While ETB 8 billion, mostly from expected support and credit, remains uncollected, officials say the results reflect robust progress in local resource mobilization.

Mayor Adanech Abiebie shared the update through her official social media channels, attributing the performance to collective effort and improved tax compliance. “This is a homegrown transformation, built on broad foundations and strengthened by solid pillars,” she said.

The city’s finance bureau had reported steady growth throughout the year. By mid-fiscal year, Addis had already collected 111.5 billion birr, surpassing 90% of its six-month target. By April, the nine-month performance stood at 98% of plan, buoyed by tighter tax auditing, increased e-payment adoption, and institutional accountability.

In early 2025, the city launched a quality-assurance unit within its tax audit department to correct unfair assessments and reduce leakages. Additionally, VAT return systems were overhauled, requiring staggered weekly filings by over 62,000 registered businesses to reduce bottlenecks and late penalties.

Ethiopia has reached an unprecedented milestone in its coffee export history, shipping 468,967 metric tons to the international market and securing USD2.653 billion in earnings during the past fiscal year. The achievement surpasses the nation’s own targets by a wide margin,144% in volume and 147% in revenue.

This record-breaking performance comes on the back of sweeping sectoral reforms and global market dynamics that have favored Ethiopia’s rich coffee heritage. Recent reports from the Ethiopian Coffee and Tea Authority highlight that the country expanded into 20 new international destinations while intensifying traceability systems and giving direct export rights to producers.

According to the U.S. Department of Agriculture’s Foreign Agricultural Service, Ethiopia’s total coffee production for 2025/26 is projected to hit 696,000 tons, a 9% jump year-on-year, while annual exports are expected to remain strong at 468,000 tons, aligning almost perfectly with the actual performance reported this year.

In the past 11 months alone, the country had already exported over 409,000 tons, thanks to streamlined logistics, improved contract transparency, and the launch of East Africa’s first national coffee tasting and training center in Addis Ababa.

The Central Bank of Russia has announced that, beginning July 10, 2025, it will start publishing official exchange rates for 12 additional foreign currencies, including the Ethiopian birr, against the Russian ruble. The move expands the list of currencies for which the central bank provides daily reference rates used for accounting, customs, and official transactions within Russia.

According to the announcement, the decision reflects a broader update in the regulator’s exchange rate policy framework. While it does not imply immediate changes in trade volumes or bilateral agreements, the inclusion of more currencies in Russia’s official rate list may support administrative and financial operations involving countries with which it maintains economic ties.

The addition of the Ethiopian birr comes as part of a larger group of currencies introduced in the update, which now exceed 50 currency pairs in total. The move follows ongoing developments in Russia’s currency and trade policy environment, particularly in expanding engagement with non-Western economies.

Since late 2024, the Central Bank of Russia has been refining its methodology by incorporating data from both exchange-traded and OTC (over-the-counter) segments, aiming to create more representative official rates

This supports Russia’s efforts to build alternative financial links with countries like Ethiopia, Iran, and Nigeria, many of which are part of or aligned with BRICS+ or the broader Global South.

The Information Network Security Administration (INSA) has unveiled that the country is actively phasing out international applications like Gmail, Telegram, and WhatsApp in favor of Ethiopian-developed alternatives. The move is part of a broader push to protect sensitive national data and reduce reliance on foreign-owned technologies that operate beyond Ethiopia’s legal and regulatory reach.

In an exclusive interview with Sheger FM, INSA’s sales expert, Eshetu, said the shift is not only about cybersecurity but also about national ownership of critical digital infrastructure. Among the flagship local platforms is “Ergamail”, a government email client currently deployed across federal institutions. For messaging and voice services, “Serkutni”, positioned as an Ethiopian alternative to WhatsApp and Telegram, is under implementation. For virtual meetings, “Debo”, another INSA-developed platform, is already being piloted.

Beyond communications, INSA has also developed critical software for tax collection and land registry. Eshetu pointed to the new electronic tax system, now used by the Ethiopian Revenues and Customs Authority, and a modernized cadastral registry system for land administration. The former is streamlining tax filing by eliminating paper trails, while the latter replaces outdated, map-heavy land verification processes with digital landholding records.

According to INSA, these tools are not just under development but already in use across key government agencies. They enable faster service delivery, boost operational efficiency, and protect classified information from external breaches. The agency says more platforms are under way, with the goal of replacing all foreign-based software used in public service delivery with fully local solutions.

Ethiopian Airlines is preparing to launch its inaugural direct flights to Australia, entering the continent that has not been landed by the airline. The planned service will operate from Addis Ababa Bole International Airport (ADD), though the specific Australian destination and timeline are yet to be confirmed.

In October 2024, CEO Mesfin Tasew announced that Australia would be among the airline’s new destinations within the next two years, highlighting the move as part of efforts to strengthen its global service and fleet size. Currently, Ethiopian Airlines operates flights to all continents except Australia .

Passenger demand data from OAG Traffic Analyzer for the year ending July 2024 identifies Melbourne (MEL) as the most viable destination from Addis Ababa (ADD), with nearly 6,000 round-trip travelers. Brisbane (BNE) and Perth (PER) trail far behind with approximately 1,000 passengers each. Sydney (SYD) data was not disclosed, likely due to volumes falling below the reporting threshold, but it remains a significant connection point via African hubs .

The CEO told EBR that the airline is considering the continent into its long-term roadmap, in line with Vision 2035, which aims to expand destinations to 207, double its fleet to over 250 aircraft and serve 65 million passengers annually.

Telila Deressa Gutema, the airline’s Regional Manager for the Asia-Pacific, has stated that preparations are well underway. The new route aims to strengthen Ethiopian Airlines’ global reach and position it as a competitive player in the intercontinental market.

The proposed Australian routes would be among the longest in Ethiopian Airlines’ network. However, the airline’s hub in Addis Ababa offers geographic advantages for eastbound flights and connectivity across the African continent, supporting its broader mission to position itself as a global connector.

The airline has not yet announced an official launch date.

Leaders of the BRICS nations gathered in Rio de Janeiro this weekend to press for significant reforms in global governance, focusing on the International Monetary Fund (IMF) and United Nations (UN) systems. The expanded bloc, now comprising 11 member countries, called for a more equitable international order that reflects current economic realities and the growing influence of the Global South.

The 17th BRICS Summit culminated in a 31-point joint declaration urging major global institutions to modernize their governance frameworks. Finance ministers agreed on a landmark proposal to realign IMF voting rights based on economic output and purchasing power, aiming to give emerging economies a stronger voice in international financial decision-making.

“The world is changing, and so must the institutions that govern it,” said Brazil’s President Luiz Inácio Lula da Silva, chairing the summit under the theme “Inclusive and Sustainable Global South.” He emphasized the importance of cooperation among developing nations to reshape global systems long dominated by Western powers.

Ethiopian Prime Minister Abiy Ahmed, attending the summit, highlighted the crucial need to improve decision-making processes at international financial institutions. He noted that successful cooperation relies on institutions that foster mutual trust and collective security.

“Our global financial institutions need improved decision-making mechanisms,” Prime Minister Abiy said in remarks shared by his office. “Institutions that promote trust and cooperation among nations are essential for achieving sustainable and effective partnerships.”

He further stated that BRICS has evolved into a strong force for global change, strengthened by the addition of new members. “With the inclusion of new countries, our collective voice grows stronger, and our shared objectives become clearer and more impactful.”

BRICS members also condemned the rise of protectionist policies, expressing concern over the uncertainty tariffs bring to international trade. The group reiterated its opposition to any unilateral actions that undermine multilateral cooperation and economic stability.

The summit further addressed geopolitical tensions in the Middle East, condemning recent military strikes on Iran and Gaza as violations of international law. While avoiding direct naming of responsible parties, the bloc called for peaceful dialogue and respect for sovereignty.

On the climate front, the leaders urged wealthy nations to increase funding for global climate initiatives. They backed Brazil’s “Tropical Forests Forever” fund as part of efforts to balance environmental protection with the developmental needs of emerging economies.

Ethiopia’s Council of Ministers has approved a bilateral agreement with the Federal Republic of Nigeria on the issuance of diplomatic and service visas. The decision was made during the Council’s 48th regular session on July 4, 2025.

The agreement facilitates the streamlined issuance of visas for officials and diplomats traveling between the two countries, reflecting a commitment to removing procedural barriers that often hinder smooth diplomatic interactions. By easing visa formalities, Ethiopia and Nigeria aim to foster closer political, economic, and cultural ties.

Alongside this diplomatic milestone,  the Council endorsed two foreign loan agreements totaling approximately $486 million USD (equivalent to 285.4 million Special Drawing Rights (SDRs)). One loan is directed toward financing Ethiopia’s second Sustainable Development Policy, while the other is allocated to road sector development. Both agreements come with a 0.75% service charge and a six-year grace period, although the financing institutions have not yet been disclosed.

In legislative matters, the Cabinet also greenlit reforms to the Income Tax Proclamation, designed to modernize Ethiopia’s tax system and better align it with evolving domestic and global economic realities. The revised law is slated for submission to the House of Peoples’ Representatives for further consideration.

Awash Insurance S.C. has registered a record Gross Written Premium (GWP) exceeding ETB 4.5 billion for the 2024/25 fiscal year, reflecting a 44% year-on-year growth, underpinned by strong underwriting discipline, expanded distribution channels, and enhanced customer retention initiatives, the company said in an official statement.

In the Life Assurance segment, Awash Insurance generated over ETB 656 million, posting an impressive 48% increase compared to the previous year. Plus, through its Sharia-compliant Takaful window—Salaam Takaful, the company mobilized over ETB 150 million in contributions, realizing an 120% growth rate.

Taken together, Awash Insurance achieved a consolidated premium growth of 46% across all business lines. This historic performance showcases Awash Insurance’s ability to generate strong and diversified premium growth across its core portfolios.

The Board of Directors praised these remarkable achievements and highlighted the impressive results attained despite numerous challenges. Tadese Gemeda, the chairman of the Board, acknowledged the company’s exceptional performance across all business lines. He congratulated the employees and management, expressing his gratitude to the board, management, staff, and stakeholders for their invaluable contributions.

The Ministry of Finance has signed a series of major project agreements with various private developers under Ethiopia’s growing public-private partnership (PPP) framework. The signing ceremony, held at the Ministry’s conference hall, marks a new chapter in the government’s effort to mobilize private capital for national development.

Finance Minister Ahmed Shide highlighted that the legal and institutional framework now in place enables effective implementation of PPP projects. He stressed that the agreements signed will have “a significant impact on the economic and social development of the country.”

Seven new projects spanning housing, tourism, health, and diagnostics were formalized during the event. These include: Partial Forest Housing Development Projects in lmi Kura Sub-City:

Lot A1 Plot 4 and 7: ICE Home Development and Construction PLC will build a G+6 shopping mall and 1,200 residential units on 5.7 hectares, with a total investment of 32.37 billion birr.

Lot A1 Plot 12: OVID Chaka Housing Development PLC will construct two shopping malls and 1,852 homes across 9.45 hectares at a cost of 23.06 billion birr.

Additional Plot: The Ethiopian Construction Works Corporation, in collaboration with private investors, will develop 1,123 homes and 48 shops on 9.45 hectares for 11.7 billion birr.

Teyt Bet Housing Project in Arada Sub-City: OVID Kings Tower PLC will develop 1,823 housing units and a shopping center on 4.5 hectares for 4.31 billion birr.

Tourism Projects: Awash Waterfall Resort: Boston Partners PLC will build 50 luxury villas and related infrastructure on 11.6 hectares in Awash Park, investing 813.51 million birr.

Denbi Lake Lodge: MIDROC Investment Group will construct 15 bungalows, a restaurant, and amenities on 36.67 hectares for 125.89 million birr. Integrated Diagnostic Services Center: Aimed at boosting healthcare access, this $5.2 million initiative will provide laboratory and imaging services across six hospitals, including St. Peter’s Specialized Hospital. It will be executed by a consortium of Ceraba Lancet Africa, International Clinical Laboratories, and Pioneer Diagnostic Center.

The government has identified 34 projects across energy, transport, health, housing, logistics, and tourism as suitable for PPP implementation. These projects are at different stages, with selected developers expected to secure financing through loans and equity investments.

As part of this framework, on August 17, 2024, Ethiopia signed a power purchase and operation agreement with AMEA Power Aysha Wind One PLC for the USD620 million Aysha-1 Wind Power Project. The 300 MW project will be implemented under the MGA (Management Grant Agreement) model.

The Ministry’s Economic Development Department will continue to coordinate with stakeholders to ensure all PPP projects meet environmental and regulatory prerequisites. Future projects will also be screened and supported under this expanding development framework.