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Ethiopia's resources have enabled the country—unlike most sub-Saharan African countries—to maintain contacts with the outside world for centuries. [41] Since ancient times, Ethiopian traders exchanged gold, ivory, musk, and wild animal skins for salt and luxury goods, such as silk and velvet. [41]
[1] [2] Money supply data is recorded and published, usually by the national statistical agency or the central bank of the country. Empirical money supply measures are usually named M1, M2, M3, etc., according to how wide a definition of money they embrace. The precise definitions vary from country to country, in part depending on national ...
The relationship between Ethiopia and the World Bank was formalized on December 27, 1945. [1] Ethiopia's first projects approved by the World Bank supported the building of infrastructure such as roads and highways during the 1950s. Ethiopia first sought a loan for "Highway Project (01)", which was approved on September 13, 1950.
Money transformed the entire idea of the barter system. A medium of exchange for centuries, it keeps the world in flow, enables countries to trade, store wealth and foster friendly relationships.
A positive (+) number indicates that revenues exceeded expenditures (a budget surplus), while a negative (-) number indicates the reverse (a budget deficit). Normalizing the data, by dividing the budget balance by GDP, enables easy comparisons across countries and indicates whether a national government saves or borrows money.
The World Bank strongly disputes that its money supported the mass evictions in western Ethiopia. Even as Anuak refugees and human rights groups have publicly charged that World Bank money has been used to bankroll brutal evictions, the bank has continued to send hundreds of millions of dollars into the same health and education program.
[2] [3] In 1963, a new banking law allows split into the National and Commercial Bank of Ethiopia. The law included other commercial banks to operate, including foreign banks operated 51% owned by Ethiopians. The biggest of these was the Addis Ababa Bank, owned by 40% owned by British owned Grindlays Bank, and had 26 branches by 1975.
Under the World Bank’s rules, governments seeking money from the bank must put together detailed resettlement plans for people who are physically or economically displaced. Current and former bank employees say the work of enforcing these standards has often been undercut by internal pressures to win approval for big, splashy projects.