Macroeconomic reform creates favorable conditions for Ethiopian diaspora: EDS

Addis Ababa, October 8, 2024 (FBC) – The new macroeconomic reform has created favorable conditions geared to benefit the diaspora community by providing substantial benefits to it, according to the Ethiopian Diaspora Service (EDS).

As part of the country’s macroeconomic reform, an application called “unite.et” and that enables the opening of accounts and transfer of foreign currency has been launched, it was learned.

Through this application it is possible to open foreign currency accounts with the desired amount, including current, savings, and fixed-term options.

Ethiopians living inside the country and abroad as well as foreigners of Ethiopian origin and foreigners residing in Ethiopia can access the service.

Ethiopian Diaspora Service Deputy Director General, Belayneh Akinaw told ENA that the macroeconomic reform has brought numerous benefits to the diaspora community.

One of these benefits is enabling the diaspora community to legally exchange foreign currency and prevent illegal transfers.

Allowing the diaspora community to open foreign currency accounts within the country will enable them to participate in various investment sectors, he added.

According to him, this will increase the country’s foreign currency reserves.

The reform provides opportunity for the diaspora community to significantly contribute to the country’s economy, both directly and indirectly.

The deputy director general revealed that the country expects to get 10 billion USD in remittances this Ethiopian fiscal year.

In addition, the diaspora community has been strengthening its participation in the construction of the Grand Ethiopian Renaissance Dam (GERD).

For instance, 329,000 USD has been raised through a recently launched platform, Belayneh stated.

Since the beginning of the GERD project, the diaspora community has contributed 50 million USD, and efforts are being made to raise 3 million USD this year through various initiatives.