Council of Ministers Passes Decisions on Various Issues

Addis Ababa January 14/2025 (ENA) The Council of Ministers in its 41st regular session held today have deliberated on various issues and passed decisions.

First, the Council of Ministers discussed draft bills to ratify two loan agreements of 53.3 million SDR (Special Drawing Rights) and 525.7 million SDR with the International Development Association (IDA) for the implementation of modernizing government services reform program and strengthening the financial sector respectively.

According to the draft bill, the loans are interest free, with a minimal of 0.75 service charge and 6 years of grace period and 38 years for repayment.

The Council affirmed that the terms of these loans are consistent with Ethiopia's debt policy and subsequently referred the draft proclamations to the House of Peoples' Representatives for approval.

Next, the council discussed the amendment of investment incentives regulation.

 

Though the Investment Incentives Regulation no. 517/2022, has been in place, it has been recognized that amendment is required due to problems in its implementation and clarifying the provisions thereof.

Accordingly, having deliberated on amendments of the regulation and incorporation of valuable feedback, the council has approved the regulation unanimously to become effect on the publication date of in the Federal Negarit Gazette.

Third, the council discussed on a draft regulation to ratify the dissolution of the Public Enterprises and Administration to transfer its rights and responsibilities to Liability and Asset Management Corporation.

After thorough discussions and the incorporation of feedback, the Council approved the regulation to take effect on date of publication in the Negarit Gazette.