Ethiopia: Reform Measures Augmenting Private Banks' Capacity

ADDIS ABABA - The various reform measures implemented in the financial sector have bolstered private banks' capacity with the latest being the bank note change which would bring the unbanked community to the sector.

In an unprecedented meeting that housed cabinet Ministers, security heads as well as bank board chairs and CEOs together on Monday, Prime Minister Abiy Ahmed assured of the financial sector's improvement resulted from the reform measures taken thus far. "By any standards, the financial sector has improved hugely." administration rescued the economy from spiraling downward. It is to be noted that the government was unable to pay public servants' wages and the country had been listed under a high risk of debt distress, not to mention the dwindling of bank reserve and export revenue.

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