Addis Ababa, January 14, 2025 (FMC) – During its 41st regular session, the Minister of Councils addressed several significant matters, leading to the approval of important decisions.
The Council focused on two draft proclamations concerning a financial agreement with the World Bank’s International Development Association (IDA). This agreement includes a 53.3 million Special Drawing Rights (SDR) allocation aimed at enhancing government service delivery, as well as a combined 525.7 million SDR in grants and loans designated for financial sector improvements. The agreements feature a six-year grace period and a repayment duration of 38 years, and were unanimously approved by the Council, which forward them to the House of People’s Representatives for final endorsement.
Additionally, the Council reviewed a proposal to amend Investment Incentives Regulation No. 517-2022, deciding that the regulation will come into effect upon its publication in the Federal Negarit Gazette, following the incorporation of certain recommendations.
Lastly, the Council deliberated on a draft regulation to dissolve the Public Enterprises Holding and Administration, transferring the institution’s rights and responsibilities to the Liability and Asset Management Corporation (LAMC). The Council approved this draft regulation, which will also take effect once published in the Federal Negarit Gazette.