The headquarters of the United Nations Economic Commission for Africa (UNECA) hosted a high-profile diplomatic and cultural event on June 4, 2026, to mark Russian Language Day. Held ahead of the official global observance on June 6, the event was noted for strengthening the growing diplomatic, educational, and cultural ties between the Russian Federation and African nations.

The ceremony was attended by UNECA Executive Secretary Claver Gatete, diplomats from various countries, representatives of United Nations agencies, and members of the Russian community living in Addis Ababa.

Established by UNESCO in 2010, Russian Language Day is celebrated annually by the United Nations on June 6. This specific date was chosen to coincide with the birthday of Alexander Pushkin, who is widely considered the father of modern Russian literature. Pushkin’s masterpieces, such as the novel Eugene Onegin and the poem The Bronze Horseman, laid the foundation for the beauty of the language.

Speaking at the event, Russia’s Ambassador to Ethiopia, Evgeny Terekhin, stated that the celebration of Russian Language Day is inextricably linked with Pushkin’s historical legacy. Beyond literature, organizers pointed out that this initiative is crucial for maintaining genuine equality among the six official languages of the United Nations. In international relations, language serves as the ultimate key to understanding a nation’s mindset and acts as a foundation for fully equitable global dialogue.

With more than 250 million speakers worldwide, the Russian language continues to play a vital role across various international sectors. From international politics and diplomacy to global trade and modern scientific research, its impact remains highly significant. Reports indicate that the works of famous authors like Leo Tolstoy, Fyodor Dostoevsky, and Anton Chekhov have been translated into various languages across the African continent, serving as a cultural bridge for many decades.

The central theme of the celebration highlighted the historical and contemporary role of academic exchange in fostering deep mutual understanding between Russia and Africa. It was noted that mastering the Russian language opens doors for international students to directly access unique technologies, scientific achievements, and deep practical expertise.

Ambassador Terekhin stated “Our universities educated hundreds of thousands of highly qualified specialists. By studying in Russian, African students received a foundational education and mastered complex fields – from medicine and engineering to public administration. Today, many of these alumni hold key positions in government and the economic sectors of their respective countries.”

This tradition of educational cooperation is currently experiencing a major resurgence. Current statistics reveal that 35,000 African students are currently pursuing their higher education at various Russian universities.

The event concluded with a cultural showcase featuring Russian poetry recitals by Ethiopian graduates of Russian universities, traditional dances, and musical performances. Attendees also toured a special exhibition showcasing Russian art, photography, and traditional artifacts.

Building on its successful partnership with the Chevening Scholarships programme in Cabo Verde and Djibouti, iibGroup has renewed its support for the 2026–2027 academic year and expanded the initiative to Ethiopia. This year, three fully funded Chevening scholarships will be awarded across Africa, one each in Cabo Verde, Djibouti, and Ethiopia, reinforcing iib’s commitment to education, leadership development, and capacity building across the continent.

A formal signing ceremony was held on Tuesday, 2 June, at the residence of the UK Ambassador in Addis Ababa to officially mark the partnership. The event brought together H.E. Darren Welch, UK Ambassador to Ethiopia & Permanent Representative to the African Union, and Sohail Sultan, Chairman of iibGroup. The ceremony was attended by a distinguished group of stakeholders, including S.K. Husain, Maruf Ahmed, Mateen Beg, Aynalem Ababu and Farah Sayeed, representing iib. Zafar Sultan, Scott Lewis and Ali Khuatau were also in attendance. The ceremony highlighted the collective commitment of all parties to foster meaningful collaboration and strengthen strategic partnerships in support of shared objectives.

Speaking at the occasion, Sohail Sultan, Chairman of iibGroup, said, “Over the past year, students supported through the iib Chevening Scholarships have demonstrated the transformative power of investing in talent. Their achievements are generating positive ripple effects, not only in their own lives but also across their communities. By extending this partnership to cover Ethiopia, we reaffirm our commitment to nurturing future leaders and advancing sustainable and inclusive development across the continent. As an institution with an active presence in emerging markets, supporting social development is of critical importance to us. We are immensely proud to work closely with the FCDO and its local representatives on initiatives we truly believe in. Education, in our view, is fundamental to both social and economic progress, and the Chevening programme represents the very best of British values.”

H.E. Darren Welch, UK Ambassador to Ethiopia & Permanent Representative to the African Union, stated, “This new partnership with iib will create opportunities for the next generation of women Ethiopian leaders through our Chevening programme. We are proud to be collaborating with iib to support Ethiopian talent, and through supporting scholarships in the financial sector, we will be giving opportunities to learn about the London market, one of the world’s biggest and most innovative. Through the Chevening programme, we are investing not only in education, but in the future of Ethiopia’s financial sector and its global connections. We look forward to seeing the impact these brilliant scholars will have in the years ahead.”   

The Chevening Scholarship initiative, funded by the UK Government, is aimed at exceptional individuals with proven leadership potential and a strong drive to make an impact. The programme fully supports postgraduate studies at universities across the United Kingdom while also connecting scholars to an influential international community of more than 60,000 alumni spanning over 160 countries and regions worldwide.
Beyond covering tuition and living expenses, iib will provide selected scholars with mentorship, professional guidance, and hands-on exposure to its diverse portfolio of initiatives through active involvement in meaningful projects across the organisation. This continued commitment reflects iib’s dedication to developing future leaders, creating lasting social impact, and empowering talented individuals to drive innovation and contribute to sustainable development within their communities and beyond.

 About iibGroup Holdings W.L.L. (Bahrain)iibGroup is a diversified international investment and banking group with operations across East Africa, the Middle East, West Africa, and the Caribbean. The Group provides commercial banking, structured investment and advisory solutions while also deploying capital into high-impact sectors such as trade, digital infrastructure, and financial inclusion. Through its regional platforms, iibGroup supports SMEs, empowers women- and youth-led enterprises, and channels capital to industries that strengthen regional integration and sustainable growth across emerging markets. 

About iib East Africa iib East Africa is a licensed banking institution based in Djibouti, with a representative office in Addis Ababa, Ethiopia, serving corporate and institutional clients across the Ethiopia–Djibouti corridor. The bank is committed to advancing financial inclusion, innovation, and private sector development in the region.For more information, visit www.iibanks.com

For more information, visit www.iibanks.com

EthSwitch, Ethiopia’s national payment switch, has recorded more than 1 million EthioPay-IPS transactions in a single day, with the value of transactions exceeding 5 billion birr, in what the company described as a major milestone for the country’s digital payments system.

The achievement comes as EthSwitch and global payment software company BPC received The Asian Banker’s “Best Financial Inclusion Technology Initiative in Africa for 2026” award, recognizing their role in expanding interoperable instant payments and broadening access to digital financial services in Ethiopia.

EthSwitch said the milestone reflects the rapid uptake of interoperable digital payments and the growing use of EthioPay-IPS across the country’s financial ecosystem. The platform is designed to strengthen national payment infrastructure by enabling faster, more affordable and more accessible transactions for banks, microfinance institutions, businesses and consumers.

Yilebes Addis, chief executive officer of EthSwitch, said the 1 million daily transaction mark demonstrates the practical value of interoperable instant payments for financial institutions, businesses and citizens. He said the award from The Asian Banker makes the achievement even more meaningful and reinforces the company’s commitment to advancing inclusive digital finance in Ethiopia.
He also thanked BPC and development partners including BMGF, ADFI and AfricaNenda for their support in building the system.

Powered by BPC’s SmartVista platform, EthioPay-IPS supports account-to-account and wallet-to-wallet transfers, QR payments, request-to-pay services, alias-based payments and recurring payments. The platform also enables real-time transfers, interoperable QR payments, e-mandates, bulk payments and trade-related transactions.

According to the company, the system is helping financial institutions offer payment services that are faster and more secure while improving interoperability across the financial sector. It also supports online and in-app commerce by linking financial institutions, businesses and payment networks with immediate settlement.

Customers can use cards, bank accounts, digital wallets, QR codes and payment links within a single interoperable system, while also making payments for utilities, taxes and government services.

The Asian Banker said the EthSwitch-BPC infrastructure shows how shared technology can reduce fragmentation, broaden access to digital financial services and support more inclusive participation in the formal economy.

Dahlak Yigezu, country manager for Ethiopia at BPC, said the company was proud to celebrate the milestone with EthSwitch and to share in the recognition from The Asian Banker. He said the national switch is helping build resilient, future-ready payments infrastructure as Ethiopia’s digital economy continues to expand.

EthSwitch, which is owned by the National Bank of Ethiopia, public and private banks, microfinance institutions, payment institutions and payment service operators, said its mission is to make payments simple and affordable and its vision is to become Africa’s best-in-class payment network by 2035.

Ethiopia’s commitment to a tight monetary policy stance—hailed by international partners as a critical safeguard against rising inflation—has taken center stage as the country secured a staff-level agreement with the International Monetary Fund (IMF) for the fifth review of its economic reform program.

An IMF staff team led by Alvaro Piris visited Addis Ababa from May 6 to 20, 2026, for discussions on the review. According to a statement issued by the Fund, the talks have since continued virtually, focusing on recent economic developments and the impact of the conflict in the Gulf region on Ethiopia and its reform program.

“The authorities have continued to make progress in implementing their Homegrown Economic Reform Agenda, with favorable macroeconomic outcomes through to the onset of the war in the Middle East,” said Piris. “Output indicators, exports, reserves, and government revenue all continued to improve through early 2026, alongside declines in inflation.”

However, Piris noted that the Middle East war has caused a significant external shock, disrupting trade and leading to temporary fuel shortages as well as sharp increases in the price of imported fuel and fertilizer. “Even so, economic activity appears robust, with as-yet modest impacts on output growth and consumer price inflation,” he added.

The IMF team warned that risks to the economic outlook have risen due to global uncertainty and high commodity price volatility. “Higher costs for essential imports and the volatile environment call for adroit responses to emerging challenges and careful management of resources,” Piris said.

The international partners have commended the Ethiopian government’s tight monetary policy stance, describing it as a safeguard against potential inflationary pressures. “A tight monetary policy stance remains warranted to anchor inflation expectations,” Piris stated. He also emphasized the need for further efforts to enhance the functioning and transparency of the foreign exchange market, prudent expenditure management, and continued progress in domestic revenue mobilization.

Advancing structural reforms, including improving the business climate, strengthening financial sector resilience, and deepening market reforms, remains key to unlocking higher private sector-led growth, according to the IMF.

The statement also noted that good progress continues toward securing a comprehensive external debt treatment to restore debt sustainability, with discussions with official creditors advancing in line with expectations and talks with bondholders ongoing.

An IMF staff team led by Alvaro Piris visited Addis Ababa from May 6 to 20, 2026, for discussions on the review. According to a statement issued by the Fund, the talks have since continued virtually, focusing on recent economic developments and the impact of the conflict in the Gulf region on Ethiopia and its reform program.

“The authorities have continued to make progress in implementing their Homegrown Economic Reform Agenda, with favorable macroeconomic outcomes through to the onset of the war in the Middle East,” said Piris. “Output indicators, exports, reserves, and government revenue all continued to improve through early 2026, alongside declines in inflation.”

However, Piris noted that the Middle East war has caused a significant external shock, disrupting trade and leading to temporary fuel shortages as well as sharp increases in the price of imported fuel and fertilizer. “Even so, economic activity appears robust, with as-yet modest impacts on output growth and consumer price inflation,” he added.

The IMF team warned that risks to the economic outlook have risen due to global uncertainty and high commodity price volatility. “Higher costs for essential imports and the volatile environment call for adroit responses to emerging challenges and careful management of resources,” Piris said.

The international partners have commended the Ethiopian government’s tight monetary policy stance, describing it as a safeguard against potential inflationary pressures. “A tight monetary policy stance remains warranted to anchor inflation expectations,” Piris stated. He also emphasized the need for further efforts to enhance the functioning and transparency of the foreign exchange market, prudent expenditure management, and continued progress in domestic revenue mobilization.

Advancing structural reforms, including improving the business climate, strengthening financial sector resilience, and deepening market reforms, remains key to unlocking higher private sector-led growth, according to the IMF.

The statement also noted that good progress continues toward securing a comprehensive external debt treatment to restore debt sustainability, with discussions with official creditors advancing in line with expectations and talks with bondholders ongoing.