Ethiopia's foreign exchange reserves in 2023 are only expected to cover 0.6 months, or 18 days, of international purchases, according to the International Monetary Fund (IMF).

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  Ethiopia's foreign exchange reserves in 2023 are only expected to cover 0.6 months, or 18 days, of international purchases, according to the International Monetary Fund (IMF). Ethiopia's foreign exchange reserves are only expected to cover 0.6 months or 18 days' worth of foreign purchases in 2022, according to the IMF's most recent report on global economic growth and status. It is also expected that this situation may deteriorate in 2023. Ethiopia's foreign exchange reserves in 2023 are only expected to cover 0.7 months, or 21 days, of international purchases, according to the International Monetary Fund (IMF) . Consequently, in the year According to the organization's projection, Ethiopia will only have enough foreign exchange reserves to cover purchases for 0.6 months. Ethiopia's average yearly foreign exchange reserves for the previous five years are shown by the same IMF statistics. In 2021, there were sufficient foreign exchange reserves to pay for
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The impact of the AGOA ban


The impact of the AGOA ban

 Ethiopian government struggling to export its leather products following the withdrawal of AGOA , this already reduced by 64%

According to a report by The Reporter, the Agoa Benefit, which has been in effect since January 22, has set the stage for Ethiopia's economic woes.

It is recalled that the ban was remained in place due to the failure of the Ethiopian government to comply with the deadline set by the United States for an end to the genocide perpetrated against the people of Tigray.

Seventy-eight percent of Ethiopia's leather product was to reach United states ..Ethiopia for the last 21 years used a tax free access from United states .

The Reporter quoted the Ministry of Trade as saying that there are industries that have been established on the basis of AGOA opportunities, some of which will reduce labor and production and will be dispersed.

The US embargo is said to be a major setback for the industry and its workers, and the fascist group has intensified its crackdown on the people of Tigray instead of stopping it. 

@Hilinasolom

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