Ethiopia announces continued measures to address cost of living pressures, stabilize market

Addis Ababa, March 16, 2022 (FBC) – State Minister of the Ministry of Finance, Ahmed Shide, in a press briefing, told the media that the government is taking scores of continued measures to address the rising cost of living pressures and stabilize the market at large.

Ahmed told journalists that the government, involving public enterprises, will be importing 150 million liters of edible oil during the coming three months as part of the efforts to meet the efforts to mitigate the soaring cost of living in the country.

Apart from import of edible oil, the government will support local manufacturing industries including Fibela, Shemu and Hamaresa edible oil factories that are processing crude palm oil in the country.

The government has dropped tax and tariffs on import of all oil edible oil products to address challenges related to cost of living. According to the State Minister, the Government has spent 100 billion birr on Fuel subsidy this fiscal year.

Ahmed added that Ethiopia imported 1.4 billion liters of oil during the concluded fiscal year out of this the maximum amount was brought home on Franco Valuta basis.

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