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Addis Ababa (ANN)-Ethiopian PM Abiy Ahmed urged private banks to think about merging to become stronger. He criticized the current situation, where there are over 30 private banks, which he called “kiosks.”
He encouraged these banks to combine into five to seven stronger institutions, saying, “We don’t want local banks to fail because of the new financial reforms. We are here to help you, but it’s important to consider merging to build stronger banks.” he say.
Moreover, Ethiopian PM Abiy Ahmed has shared that a recent financial agreement with international organizations has helped save the Commercial Bank of Ethiopia from collapsing. He mentioned that these institutions have agreed to provide about $800 million to support the bank, which has been struggling with debts and other financial issues.
According to My Views on News reported Ethiopian PM Abiy the first has talked about the serious problems of private banks. He stressed the importance of the financial reforms, saying, “We managed to rescue it. These changes have helped us more than we expected.”
PM Abiy described the deal with the International Monetary Fund (IMF) and World Bank as a tough but necessary choice, comparing it to “swallowing a bitter pill.” He pointed out that making such difficult decisions is rare, especially with elections coming up in less than two years.
Looking to the future, Abiy expressed hope that if the reforms work well, Ethiopia could become a middle-income country. He encouraged people to endure the current challenges, saying, “Let’s accept this bitter pill to ease our struggles,” while warning that the upcoming budget year will be particularly tough.
According to My Views on News reported Also, Abiy announced the creation of a task force to deal with anyone trying to disrupt the economic reforms.
Written by Arraale M. Jama, a freelance journalist and human rights activist.
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