EMF (27 August 2008) The Meles regime has refused to issue letters of credit (LC) to all importers due to lack of foreign exchange, EMF sources said. LC is the system to draw funds from government-held foreign exchange accounts allowing them to import goods from foreign lands.
The main reason for the prohibition, according to sources, is the lack of foreign currency in the country’s commercial banks, resulting a total freeze of import commodities by small scale companies.
Commercial banks were authorized to facilitate imports and provide associated services such as LC and External Loans (Franco Valuta) against submission of the required documents by any importer.
The Ethiopian economy in the last six years was characterized by price hikes, supply shocks and declining GDP per capita.
Economists say the regime’s claim of 10% economic growth on the basis of questionable data, presented an unreliable picture of the actual Ethiopian economy. The economic situation is so worst that many wonder how the Ethiopian people could have physically survived the recent economic crisis.
Some observers say that the refusal of LC has also another reason. They say it is aimed at monopolizing the import business by TPLF’s owened companies and expel small scale private companies out of the import.
Import of goods and commodities are now undertaken by Meles Zenawi’s party affiliated huge companies.
August 27th, 2008 at 8:05 am
Wey mealti ale obama,
The meles sytanawi regime is having a big game on the Ethiopian people. However, it is clearly shows that the meles sytanawi and its self owned party TPLF is coming to end due to the fact that this regime cant be able to control the whole problems inside and outside of Ethiopia.
Look the meles sytanawi regime has hired so many HODAM secret service( JORO TEBI), through out the country since the regime political destructive policy is under a big threaten from the high rocketing inflation, and daily gross human rights disrespect that is surrounded by killing, harassing, and abusing innocent civilians. In addition to that the meles sytanwi regime has been fired dozens government employees in suspect of Kinijit supporters that led these employees to un affordable life situation and sever poverty. Well, as the international community knows the Meles Sytanawi regime have been exposed over seven million people to green famine and other dozens of Ethiopians to malnutrition and HIV/AIDS.
In addition to that meles is to his end energy the invasion of Somalia by agazi army, which has strongly damaged the Ethiopian people and the party’s economy of the idiot groups of TPLF.
In general for a few members of the TPLF criminal party and other who are connected to this vagabond link are living a good life, while the rest of the Ethiopian people are badly damaged by the weyane regime and waiting a best party to fight the weyane, and such a party is under-way ….Ginbot 7…..Ginbot 7….is highly getting an attention within many millions of Ethiopians.
There is not going to be a better time to save Ethiopians and join the best party ginbot 7 other than now…..
Lets fight weyane by any means possible and lets join Ginbot 7 by any potential that we could…..money, labor, skill, idea, matter…anything….
Lets also share Ethiopian in Ethiopia by passing the news of Ginbot 7 through variety of means…..
Death to weyane members and supporters!!!
August 27th, 2008 at 8:07 am
Belew story belo zim…..ahunes albezachehutem benatachu…mechawecha eko aregachhun with garbage yesfer weer…
August 27th, 2008 at 8:40 am
bravo G7
August 27th, 2008 at 8:41 am
I WILL JOIN YOU SOON
August 27th, 2008 at 8:42 am
NOOOOOO I AM JOKING
August 27th, 2008 at 8:42 am
Is there an Economist to comment on this.
As a layman let me say the underlisted.
I feel that the reason of the prohibition of LC is one only. It is because the Regime as a totalitarian government is monopolizing the economy. They started to day to forbid small importers to use LC but tomorrow they will also forbid giant companies like Almoudi et al. from using LC or Franco Valuta.
It is common knowledge that Meles gets huge subsidies in foreign currency and the Franco valuta, once adovocated by the Derg, would also help flourish the foreign currency reserve.
Hence, if they refuse FV again it goes with out saying that they do not have a problem with foreign currency reserve because the use of FV help facilitate foreign currency in a poor country like ours.
I think the basic reason to halt the use of LC and that of FV is a clear manifestation of monopolizing the economy by huge EPRDF PARTY companies. THAT IS ALL.
A ONE PARTY politics only survives with party monopoly of the economy and control of the land in a given country. THAT IS MARXISM LENINISM and Mau TseTung thought. Meles is ardent adovocator of Albanian Communism . MELES MEANS EPRDF AND EPRDF MEANS MELES.
EPRDF is smart now and is totally taking over the country under its grips.
Unless we fight back we all will be enslaved under this yoke. That is the bottom line. EPRDF is working tirelessly to implement its policies.
Let me say the least. EPRDF is now having a general meeting one of these days and they are orchestrating to nominate MELES to become their party boss for life. WHAT DO YOU GUYS SAY ON THIS.
You always say Imama Ethiopia with out doing any thing
I pray a pray that the Lord shorten their days. I always pray that they vanish into thin air as HSelassie and the Derg did.
August 27th, 2008 at 8:47 am
Bisbis woyane
August 27th, 2008 at 8:48 am
Dear Hagos Araya.
You got some good points there. I like you. Just for now.
But you are not one of us. Aren’t you supposed to be at your own forum. (The shabia forum.)
Wodi Hagos just so you know we do not use the word HODAM in Ethiopian. The Eritreans and Tigrians love this word. HODAM.
No taboo in enjoying food in Ethiopia.
August 27th, 2008 at 9:23 am
we never ever have seen this kind of situation before. this countery is gose down in meles adminstration he should resine .
August 27th, 2008 at 9:33 am
ምነው አገሪትዋን ሰራን የሚሉበትን የብድር ብር እይ ኤም ዔፍ ከለከላቸው እንዴ? ሁልግዜ አሰር በመቶ የሚያድገው ኢኮኖሚስ የወረቀት ላይ ነው?
August 27th, 2008 at 10:56 am
Asseged,
who are you speaking for when you say we don’t use the word hodam in Ethiopia? Hodams are the ones who only worry about feeling up their stomach at any cost, if you know what i mean, and God knows we have such pigs from all parts of Ethiopia. Tigrians and yes even Eritreans are Ethiopians, i hope you are not one of those hodam cadres paid to spoil the movement by pitting tribes against tribes, no more my friend no more!
August 27th, 2008 at 11:03 am
Ass - eged, ante ass*hole why don’t you shut your filthy mouth. Idiot, you are one hopeless hodam. f* you.
August 27th, 2008 at 11:59 am
The Meles regime pursued a policy of agressive public sector expenditures and monetary expansion after May 2005 election. This resulted in high demand, inflationary pressure and psuedo economic growth. For short term political profit. We will see the final result of this ill-concieved policy. The high inflation and the dry up of the foreign currency are the sign the regime’s economic policy failure. The thugish regime is jumping from complete political failure to the economic end. Hopefully the will be evaporated soon. Then the Ethiopian people will previal.
August 27th, 2008 at 12:21 pm
Kenfu is this really Breaking News or you dont have any thing to report abut Ginbot 7 progress. I dont care about Woyane agazi economic policy please report something important from oppostion side
August 27th, 2008 at 12:52 pm
It will be wise to take a clue from what is going on in Georgia. Georias’s attempt to immpress the west back fired and the Russian Dmitry Medvedev crushed them with in a matter of days. Why? it is a build up anger explosion against west double standard , Kosovo etc . The build up anger towards these Westerners doesn’t end there, It is here in Africa against the ThuGS. Take TPLF, a party with No money, No SKILL and No hope is backed by the west like the Georgeanne president(Mikhail Saakashvili, Meles Zenawi). The parallel charter display between the two puppets is uncanniy., As Meles, no one mention the name of Mikhail Saakashvili in the news. He emaracement to watch. He has done his job and they know he sold out his people. A job well done by Georgeanne president for the west to continue the chaos like Meles did in Somalia and Eritrea.The question is why Meles resign like Musharef of Pakistan did. Meles has one card left to play.
It is not a card like 12% growth, Destroying Eritrea and we becoming middle class in five years. NO!!!! It is a card they have been working on for decades.
Disintegrating Ethiopia. ” Ene kemotk serodo ayebikel”. It is the 11 hour decision for us. The 11 hour decisions for Russians.
we have to decide knowing those Ethiopians losing their lives fighting TPLF are the only hope for us . These are our heros, the heros of Ethiopia and these people swear by Eritreans commitment for their goal, ONE ETHIOPIA. We need to honor those who are losing their lives for us. The irony is Eritreans(”people who we love to hate”) are the only people stand behind them. The Eritrean most honorable act of care and friendship ever happen to Ethiopia. I expect , as asupporter,Ginbot 7 to do the right thing and join the front force. We don’t have time. No more squabbling. Decades of hate propaganda against our friends is hard emotional hurdle to jump, it challenges our empty pride and baseless supperiority towards them but we have the people of Ethiopia to think about. The Eritrean people want to help and we should accept it with grace and humility. The turning point, the moment of integrity and freedom for us comes When G7 set foot in ASMARA. These will plant peace and unity between Ethiopia and Eritrea and in the horn for ever!!!!!
GO G7!!!!
The solution is Eritrea.
August 27th, 2008 at 1:45 pm
Dear nuna,
You asked “who are you speaking for when you say we don’t use the word hodam in Ethiopia?”
Since you insisted, let me enlighten you a little bit further down into the roots of this word HODAM.
HODAM 101
People who eat too much food called hodam. That is just the meaning of the word HODAM.
BUT when the Asmerino and Tigrian used the word hodam is different.
Do you know most Asmerinos and Tigrain eat at home before going to a party I guess there is some sort of twisted pride in pretending eating less in public and breakfast is kita and shahi. While in Addis Abeba breakfast is firfer, genfo and kinche. (Get the connection?)
August 27th, 2008 at 1:57 pm
Dear tesf.
You make some interesting and bizarre analysis. And concluded with “The solution is Eritrea”
You do not mean that!
Wodi tesf. I have to pass that no thank you.
Though I am with you on G7 minus Asmara.
August 27th, 2008 at 2:10 pm
To Assged,
ante kinche fit….shut the hell up….just keep supporting Ginbot 7 or get out of the damn way……
Death to all mouth piece of weyane….
go…g7….go….
yebelehal g7…yebelehal g7…..weyene …weyane gudu eyefela new….
August 27th, 2008 at 2:48 pm
Dear Megeressaa,
How do you jump form Hagos to Megeressaa so fast.
You curse too much. You know what they say about people who curse too much? Never mind.
Yes! I support G7.
I hate to bust you bobble about G7 at the foot of Asmera. That is not happening for sure.
But Woyane will be history soon. I will add sooner than you imagine.
August 27th, 2008 at 4:08 pm
……..Go G7 minus Asmara. Why? Please be objective. but you cant be objective and hate Eritrea. Your personal opnion has no value for the people suffering under TPLF. TPLF’s sequence of support for opposition after 2005.
1, TPLF and Kinjit —-sold out Ledetu, OROMIA, all the trash parties(foiled)
2, TPLF and BIrtukan, Prof(Memere) Talk (dead in the water)
3,TPLF and G7 minus Asmara( Fantasy–fool me once shame on you…..
4 TPLF alone, G7 in Asmara. TPLF will take its last stinking breath.
Those who don’t want to go Asmara , will face #4, but for those who have murky feeling about Eritrea for no reason, i shared your feeling. I supported TPLF to wage war against innocent people, it is the same thing George Bush did to the world for invading Iraq. Now the truth is out about Iraq and Eritrea. For most Ethiopians it didn’t matter if Meles lied or not, but they are pissed because they didn’t get to see Eritrean gov die and get ASSAB back as the TPLF promised them. Is that why we don’t want to go to Eritrea.Did it crush our dream.What was our dream? It feels like we are waiting to get the PORT to do anything about our situation. GO G 7
The Eritrea Government support is genuine and a breath of freedom.
NOTE. If Eritrean Gov wants to dismantle us, i don’t want even to imagine that. Eritrea has more power, skills and connections with all Ethiopian oppositions for decade than TPLF. TPLF only wishes that kind of trust from the oppostions. But Eritreans decide to use it for the benefit of us. Pay attention people. Lets Open our eyes, G7 speak up!!!!!!!
Cheers!!
August 27th, 2008 at 4:46 pm
LC bemezegatu sentu negadi sera akumewale .yemiyasazene gezi newe .
cegerune bemezegebehe EMF temesezenalacehu. BERETU
August 27th, 2008 at 11:40 pm
ወይ ወያኔ!!!!!!
They are leading our land rapidly to a total colapse. This is the right time to rescue our land & people from these criminal gangs. Pls. let’s get together & do something before it’s too late …
አቤቱ ኢትዮጵያ አምላክ ሆይ ድምጽህን አሰማን! ሀገራችን በመሰሪዎች እና በከሀዲዎች እጅ ወድቃለችና!!!!!!!!
August 28th, 2008 at 3:23 am
dear asseged.
now iam sure you are real ethiopiawi. and for give me for what i say.
but same time i wish you got my messege about thoes shabian agent
called HAGOS ARAYA AND TESF. this man is eritreawi who use many diferent nick name like tesf & hagos and many more names. hawever
he is well comed by those againest eprdf w.site like abugida ceber nazret
bcz he have big mouth to insult not only woyane but for the whole ppl of tigray. and thats why iam againest him every where he wrote his dirty words. hawever. you & i we may disagree with eprdf. but i respeact your right. and you must respeact my right too.
but my friend do not blive this shabians at all. they are here to confused and devided ethiopians by any means. so we should be smart with ppl like hagos & tesf. loser shabian puppet.
August 28th, 2008 at 8:20 am
Dear tesf,
You asked, “Go G7 minus Asmara. Why?”
I tell you why! But before that for the record I do not hate Eritrians.
When it comes to “Go G7 minus Asmara. why?”
I have this sneaking suspicion that all of a sudden the Asmerino are trying hard, I mean very hard to show their everlasting love to Ethiopia.
I am aware of the love hate relationship between Asmara and Adwa. But using every trick in the book dragging Ethiopians into that? I rest my case.
“You fool me once, shame on you. You fool me twice shame on me”
Wodi tesf so we Ethiopians are Okay. Please do not loose your sleep on us.
August 28th, 2008 at 8:58 am
Dear titi, Thank you for the kind words.
Your comment “but my friend do not believe this shabians at all. They are here to confused and divided Ethiopians by any means. So we should be smart with ppl like hagos & tesf loser shabian puppet.”
In my opinion Eritrians are just like any other nation with good and bad people. But my concern is that Most of them have this intense erg to take vengeance on the Tigrian. I am not over looking what the Tigrains did to them but at some point need to rise above that and let go if possible. Like I said they have this hate love relationship always so why drug us all in to that mess.
Truth be told, they are the one who put us in this mess in the first place so we need to leave then alone and let them duke it out. Problem is if they got their ways we all go down the tubes.