ADDIS ABABA – Ethiopia has secured $2.3 billion in remittance from the diaspora in the past eight months of the current 2020/21 fiscal year, government’s Diaspora Agency said.
The amount has increased by 900mln US dollars as compared to the first five months of the FY, during which Ethiopians in diaspora sent home 1.4bln US Dollars.
A total of 4 billion US dollars is expected to be remitted during the current fiscal year.
In the first eight months of the budget year, the country has secured 2.3 billion US dollars, said Selamawit Dawit, Director-General of the Agency, while speaking to the state-run Ethiopian news agency.
Selamawit has expressed her hope that the remaining revenue will be achieved in the remainder of the fiscal year.
Most of the remittance was obtained from the Ethiopian Diaspora residing in North America, Europe, Middle East, Asia and Africa.
Selamawit has called the impact of COVID-19 on remittance as “very negligible”, but the huge difference in exchange rate between the legal and black markets has been the major challenge to the agency’s efforts to improve the nation’s remittance.
She urged members of the diaspora to use official channels to send money home legally since it is advantageous to the national economy.