Ethiopia safe from financial crisis impacts, PM assures
APA
October 16, 2008
APA-Addis Ababa (Ethiopia) The current global financial crisis will not affect Ethiopia’s financial situation in the short term, Ethiopian PM Meles Zenawi told the parliament in Addis Ababa on Thursday.
Meles, who was asked by MPs about the effect of the global financial crisis on Ethiopia, told the House that there is so far is no fear.
“The global financial crisis will affect Ethiopia in the long-term if the situation continues to affect the growth of developed countries,” he however said.
According to Meles, Ethiopia’s export product to the international market and the foreign investment flow to the country are the major sectors to be affected in the long term, if the situation is not tackled soon.
However, economists fear that Ethiopia’s remittance income will be affected as the country has about two million nationals in Europe and the USA.
Currently, Ethiopia is getting around US$ 1 billion per year from remittance, mainly from the USA.
A number of African countries are expected to be affected by the global financial crisis. Kenya has already expressed its fear while Uganda states the contrary.