UN asserts that the Ethiopian government maybe in need of an additional 1-billion-dollar support to withhold against the economic effects of Covid19
A report issued by the UN stated that Ethiopia faces major economic turmoil owing to the spread of Covid19, civil conflicts, as well as the invasion of desert locust.
According to the report the pandemic coupled with other national and sub-regional headaches threatens food security in the country.
The report further warns that; the effects of the economic turmoil may extend to the export trade of the country predicting a 25 to 30pc decline.
The value of Ethiopian birr is also projected to decline by 16pc whereas inflation on food items might sore up as high as 40pc.
UN also projects the loss of up to 2.4 million jobs in the country, while asserting that the effects of the economic shock may be felt for as long as 2021 especially in the tourism sector.
The UN thus asserted that the 4-billion-dollar support requested by the Ethiopian government might not be enough to fight off all of such economic hurdles, stating that it intends to extend this bid to its development partners.
The story is from the Ethiopian reporter. 13th Aug 2020