In a significant move to streamline Ethiopia’s public finance management, the Ministry of Finance has issued Directive No. 1070/2025, establishing a uniform legal framework for procurement across all federal government enterprises. The directive, designed to replace fragmented and inconsistent procurement rules, aims to create cohesion in Ethiopia’s complex procurement system and address longstanding challenges noted by both local authorities and international creditors.
However, the new directive exempts three strategic state-owned giants—the Ethiopian Airlines Group, Ethiopian Petroleum Supply Enterprise, and Ethiopian Shipping and Logistics (ESL)—allowing them to continue operating under their existing procurement manuals until tailored guidelines are developed by the Ministry. This special exemption, outlined in Article 130, sub-article 2, recognizes the unique operational needs and market dynamics of these enterprises.
The directive represents a crucial step toward consolidating procurement practices under a single legal and regulatory framework, a necessity emphasized by various studies and government reviews. For years, the lack of a unified approach has created inefficiencies and inconsistencies, frustrating efforts to improve transparency and accountability within public organizations.
Central to this reform is the expanded role of the State Procurement and Property Authority, which will oversee capacity building and regulatory enforcement related to procurement and asset management among federal entities. The directive categorizes public enterprises into three sectors—financial, service, and manufacturing—each subject to specific procurement rules designed to fit their operating environments while maintaining overall consistency.
While the establishment of these standards has generally been welcomed, the exemptions granted to Ethiopian Airlines, the Petroleum Supply Enterprise, and ESL have sparked debate. Proponents argue the unique and complex nature of these organizations justifies flexibility. Ethiopian Airlines, for example, competes in fast-paced international markets where procurement speed and agility are imperative. Likewise, procurement in fuel supply and logistics involves specialized transactions tied to global markets, necessitating distinct operational procedures.
Critics warn that these exemptions risk undermining the directive’s core goals of transparency, equal opportunity, and standardized oversight. They emphasize the constitutional mandate for coordinated government action, referencing Article 54, which encourages inter-agency collaboration on such matters. Some experts suggest that the unified procurement jurisdiction under Ethiopian Investment Holdings could eventually harmonize purchasing across all government enterprises, potentially reducing costs and improving efficiency.
The directive’s journey toward implementation faced opposition from institutions within the service and financial sectors. However, consensus has since been achieved, and the directive is now in effect for all federal enterprises except the three exempted organizations.
Spanning 207 pages, the directive comprehensively delineates the responsibilities of various stakeholders—from the Procurement and Property Authority to the Boards of Directors and CEOs of public development organizations. It also includes practical tools such as contract agreement forms and the Performance Guarantee form, which clarifies obligations and liabilities for vendors and consultants.
A new study recommends extending VAT withholding responsibilities to private companies, aligning them with the current requirements for public bodies. At the same time, the forthcoming implementation of VAT and excise taxes on fuel is expected to significantly reduce the gap between Ethiopia’s tax-to-GDP ratio and that of its regional peers.
The study identifies the decline in imports and reduced public investment—including large-scale infrastructure projects like railways and major dams worth billions of dollars in the 2010s—as key factors contributing to the drop in Ethiopia’s tax-to-GDP ratio.
These findings are part of a report titled “Ethiopia’s Tax-to-GDP Ratio: Benchmark Estimation and Performance Analysis Policy,” released by the Ministry of Finance on Friday, August 15. The report recommends designating large private companies as VAT withholding agents to enhance compliance and suggests increasing the VAT rate from the current 15 percent to match the Sub-Saharan African median of 17.5%.
However, the study warns that both policies present significant risks that require careful consideration. “Private sector withholding agents would need rigorous auditing to ensure proper implementation,” the report states. “Meanwhile, raising the VAT rate could widen the tax gap between compliant and non-compliant businesses, potentially dampening formal economic activity. Any decision on these measures must balance potential revenue gains against these risks.”
Currently, public entities are responsible for withholding VAT on their procurement transactions.
The report notes that nearly half of the disparity between Ethiopia’s tax-to-GDP ratio and the SSA average—along with the decline from 2015/16 to 2022/23—can be attributed to structural changes in Ethiopia’s economy. Policy differences accounted for nearly 40% of the gap compared to other SSA nations.
The study projects that recent government measures, such as stricter enforcement of VAT and fuel excise taxes, will significantly narrow this gap. “As VAT and fuel excises are collected more effectively, revenues are expected to rise substantially,” it states.
Conducted in collaboration with international partners like the Institute for Fiscal Studies, the research found that tax policy changes have had minimal impact on Ethiopia’s declining tax-to-GDP ratio since 2015/16. The remaining differences between Ethiopia and other SSA countries, as well as Ethiopia’s own performance over time, are largely attributed to variations in tax compliance.
The analysis, which assessed Ethiopia’s tax landscape up to 2023/24, emphasizes the need for stronger enforcement and structural reforms to enhance revenue collection.
The report indicates that Ethiopia’s tax-to-GDP ratio has declined by 4.6 percentage points between 2015/16 and 2022/23, primarily driven by structural economic changes and reduced tax compliance.
It highlights several contributing factors, including a decrease in public sector investment, declining imports, and weakened tax collection efforts. Approximately 2.2 percentage points of the decline are attributed to shifts in Ethiopia’s economy since 2015/16.
A significant reduction in public sector investment, along with a corresponding drop in imports as a share of GDP, has notably impacted tax revenues.
Additionally, slower growth in formal sector employment relative to GDP growth and reduced profitability of the Commercial Bank of Ethiopia (CBE), which has been heavily involved in lending to state-owned enterprises, further contributed to the decline.
The analysis revealed that policy changes had a minimal effect on the declining tax-to-GDP ratio. It noted that the temporary VAT exemptions introduced in 2020 for essential goods such as eggs, sugar, pasta, baby formula, and vegetable oils accounted for less than 0.1 percentage points of this decline.
A significant portion, 1.8 percentage points, of the decline is attributed to worsening tax compliance, which is not related to structural economic changes. Additionally, approximately 0.6 percentage points of the decrease are associated with taxes or periods not included in the analysis. Recent economic shocks, including the COVID-19 pandemic, escalating conflict—particularly in Tigray—and foreign exchange issues have likely impacted both tax collection and overall economic output.
The conflict in Tigray alone is estimated to have reduced tax collection by 0.25 percentage points, particularly from companies with high exposure to the region.
The analysis also suggested that the reported decline in the tax-to-GDP ratio may be somewhat exaggerated due to potentially overestimated GDP growth.
While official GDP figures indicate robust growth, alternative measures, such as urban employment earnings and satellite-measured night-time lights, suggest slower economic activity.
However, it noted that data from the Ethiopia Socioeconomic Survey aligns with official GDP figures, and there is no conclusive evidence to support claims of overestimation.
The analysis uses official GDP figures as the baseline and indicates that Ethiopia’s tax-to-GDP ratio is 5.5 percentage points below the median for Sub-Saharan African countries.
About 2.2 percentage points of this gap can be attributed to Ethiopia’s economic structure, particularly its large agricultural sector, which is dominated by subsistence and smallholder farming.
Policy differences, such as the absence of excises and VAT on fuel (until recently), taxes on airtime and financial transactions, and a relatively low VAT rate, account for another 2.1 percentage points.
Weaker tax compliance compared to other countries explains the remaining 1.2 percentage points.
The report states that Ethiopia’s tax system heavily relies on import duties and public sector taxes, which together comprise roughly 60% of federal tax revenue.
This reliance has made the country vulnerable to declines in imports and public sector activity. To sustainably increase its tax-to-GDP ratio, Ethiopia must focus on enhancing tax collection from the private sector, the report suggests.
BRICS+ New Economy Legal Forum 2025 Set to Convene in Dubai – Legal and Economic Cooperation in a Changing World
The BRICS+ New Economy Legal Forum 2025, part of the globally recognized New Economy Legal forum series, will take place in Dubai this November. This event is dedicated to confronting the pressing legal and economic challenges facing the BRICS+ nations and wider international community, while laying the groundwork for a modern legal infrastructure that facilitates seamless international trade and investment amid dynamic macroeconomic shifts.
The forum gathering industry leaders, top legal and business experts, government representatives from over 20+ countries, and international investors will focus on building and strengthening the legal framework essential for international economic relations in today’s complex geopolitical and economic landscape.
Key Themes and Objectives
The BRICS+ New Economy Legal Forum aims to:
Create a comprehensive and unified legal infrastructure to support international trade and investment across BRICS+ countries and partner states.
Drive the internationalization of innovative initiatives, sharing legal strategies and best practices with the global business and legal communities.
Provide unmatched networking opportunities, enabling delegates to establish strategic partnerships to confidently address diverse business and legal challenges.
Event Highlights
The three-day program features high-level plenary sessions, in-depth panel discussions, and thematic roundtables addressing critical topics:
Plenary Session: “Challenges of Economic Growth in BRICS+ Countries amid Global Changes” — Analysis of macroeconomic trends, key growth sectors including finance, e-commerce, agriculture, energy, logistics, mining, and oil & gas; political and diplomatic strategies to mitigate geopolitical risks; public-private partnerships to accelerate infrastructure projects; innovations in digital trade; and energy modernization including nuclear development.
Panel Discussions and Roundtables:
International Arbitration: Development of arbitration centers in BRICS+ countries, the BRICS+ Arbitration Mechanism (BRICSAM), and enforceability of decisions.
Technologies of the Future: Impact of advanced technologies on economic sectors, investment models, regulatory frameworks, and intellectual property issues.
Execution of Transactions: Digital financial asset regulation, unified payment systems, Islamic finance, and exchange mechanisms.
Sustainable Development Strategies: ESG implementation, corporate governance practices, tax strategies, labor market modernization, and innovations in health and environment.
Business Practices: Legal and economic challenges, cross-border M&A, market entry strategies, and presentation of the BRICS+ Legal Index Research.
Exclusive Networking and Activities
The Forum provides exceptional networking sessions, including cocktail receptions and invitation-only gatherings designed to foster meaningful professional connections. On November 12, an exclusive welcome gathering will be held at the DIFC Bar, and a padel tennis tournament on November 14 will offer informal networking opportunities.
Registration and Participation
Pre-registration for the BRICS+ New Economy Legal Forum 2025 is now open. Interested participants are encouraged to submit their requests directly to info@neweconomy.expert. Due to limited capacity, early registration is advised to secure attendance.
About the New Economy Legal Forum Series
The New Economy Legal Forum series is a premier platform for addressing emerging legal and economic challenges, fostering dialogue, and promoting sustainable development across rapidly evolving international markets. The forums have already taken place in Istanbul and Moscow, and are now returning to Dubai.
Created by CrazyBulk, Testo-Max combines ingredients like d-aspartic acid, fenugreek extract, zinc, magnesium, and vitamins D3, B6, and K1.
Testo-Max claims to amp up muscle gains, improve exercise performance, and speed up your recovery. But can this CrazyBulk supplement fulfill its promise?
In our CrazyBulk Testo-Max reviews, we’ll explore its ingredients, benefits, possible side effects, dosage, pricing, and user feedback. Keep reading to find out if this natural testosterone booster really works!
What Is Testo-Max?
Testo-Max is a natural dietary supplement designed as a low-risk and legal alternative to anabolic steroids, specifically Sustanon. It aims to boost your testosterone levels with natural ingredients.
Created by CrazyBulk, Testo-Max combines ingredients like d-aspartic acid, fenugreek extract, zinc, magnesium, and vitamins D3, B6, and K1. Testo-Max reviews show these ingredients work together to support your body’s natural testosterone production.
Balanced levels of this vital male hormone may lead to increased muscle mass, strength, higher energy levels, and faster recovery after workouts. That’s why Testo-Max is popular among bodybuilders seeking the benefits of higher T-levels yet with fewer risks than traditional steroids.
Check out the supplement’s ingredients in this CrazyBulk Testo-Max reviews section.
Fenugreek
As an herbal ingredient, fenugreek is enriched with soy saponins, which are bioactive ingredients that may boost serum testosterone.
D-Aspartic Acid
D-aspartic acid has been shown to elevate the levels of luteinizing hormone (a.k.a. LH), leading to more testosterone production. What’s more, this amino acid may also support male fertility.
Korean Red Ginseng Extract
Also called panax ginseng, it’s believed to increase testosterone levels and libido. Additionally, there’s some evidence suggesting Korean red ginseng might improve sexual performance and fertility.
Magnesium
Magnesium is a natural mineral that can boost testosterone levels. A study compared two groups of men who practice taekwondo with a group of sedentary guys. The results showed that magnesium supplements increased testosterone levels in both groups but more so in active men.
Zinc
Zinc is a mineral renowned for strengthening the immune system. A lack of zinc in the body can lead to lower T-levels, which is why Testo-Max contains it.
Zinc supplementation may help raise testosterone levels, especially in those with a zinc deficiency. Additionally, some studies have indicated that zinc is linked to increased libido.
Boron
Boron is known to lower the levels of sex hormone binding globulin (SHBG) in the body, which in turn helps boost testosterone production. High levels of SHBG may reduce the amount of free testosterone in the bloodstream.
Several studies have revealed that taking at least 6 mg of boron for a week may lead to an increase in free testosterone in healthy men.
Bioperine
While black pepper extract does not directly affect testosterone levels, it may help your body absorb the other testosterone-boosting ingredients for possibly faster Testo-Max results. A study suggests that bioperine may improve the uptake of nutrients like iron.
Vitamins B, D, and K
Vitamins B6, D3, and K1 are nutrients that may help rev up your body’s testosterone production. Research has shown that adult males with elevated vitamin D levels tend to have higher testosterone levels. Plus, supplementing with these vitamins may increase T-levels in men who are trying to lose weight.
Another study showed that a lack of vitamin B6 has been associated with low testosterone levels. Additionally, vitamin K supports the absorption of vitamin D.
Testo-Max is designed as a testosterone booster supplement for men[2] looking for a natural way to boost their testosterone levels. Here are some folks who might be interested in certain Testo-Max benefits:
Bodybuilders and athletes: It’s great for athletic guys who are determined to increase their muscle mass, strength, and athletic performance.
Men with low testosterone: The supplement may come in handy for gentlemen over 30, who are naturally starting to experience a drop in testosterone levels.
Folks seeking faster recovery: Testo-Max may help speed up muscle recovery time after exercise.
Those hoping to improve their energy and stamina: It might aid in increasing energy levels and endurance during workouts.
Guys wishing to enhance their libido: This supplement may help revitalize men’s sexual drive and performance.
People seeking a safer steroid alternative: Testo-Max is ideal for those who want the benefits of steroids but with fewer side effects.
How To Take CrazyBulk Testo-Max
Based on the recommended Testo-Max dosage, you’re supposed to take 4 capsules about 20 minutes before breakfast every day. This includes both gym days and off days, making it one of the best pre-workout supplements.
As some Testo-Max reviews mention, the suggested cycle for this routine is two months of continuous use followed by a break of one and a half weeks.
Testo-Max Stacks
If you’re planning to go on a bulking cycle, you can stack Testo-Max with:
D-Bal (Dianabol alternative)
Deca-Max (substitute for Deca-Durabolin)
Tren-Max (inspired by Trenbolone)
Anadrole (Anadrol alternative)
On the other hand, if you’re about to enter a cutting phase, you may combine Testo-Max with:
Clenbutrol (alternative to Clenbuterol)
Anvarol (Anavar substitute)
Win-Max (inspired by Winstrol)
Where To Buy Testo-Max: Prices and Offers
You can buy Testo-Max directly from the official CrazyBulk website. As it’s the official website, it offers the best pricing and deals: a one-month supply costs $64.99.
For those looking for better value, CrazyBulk has a special promo: For $129.99, you can buy two months’ supply and get an additional month free. This deal includes free shipping, making it a convenient and cost-effective choice for customers.
Purchasing directly from the official site also helps ensure you receive a genuine product. Plus, you can take advantage of the company’s 60-day money-back guarantee.
Is Testo-Max safe? Testo-Max is generally considered a well-tolerated T-booster with minimal side effects since it’s made from natural ingredients. However, like any supplement, individual reactions can vary.
For instance, fenugreek may cause gastrointestinal issues like nausea and diarrhea, while too much of this herb might cause blood glucose levels to drop. Nevertheless, Testo-Max contains a lower dose of the ingredient compared to other testosterone supplements.
Another ingredient in the supplement, d-aspartic acid, has been studied for potentially causing oxidative damage to the kidneys and heart. Additionally, ginseng might lead to several side effects. These include insomnia, diarrhea, headaches, increased heart rate, and blood pressure changes.
As Testo-Max reviews usually emphasize, you must follow the dosage instructions. Do you have major health conditions, are taking medications, or have a history of hormone-related issues? Talk to your doctor before you start using the supplement!
Testo-Max Reviews by Real Users
Many customers have posted CrazyBulk Testo-Max reviews online, which show mixed opinions on the testosterone-enhancing supplement.
For example, Redditor u/kanbreze on r/reviewser described it as a worthy contender if you’re hoping to optimize your testosterone levels naturally. He also mentioned that Testo-Max has potential benefits, such as improved muscle growth, strength, and energy.
While u/lancepants2794 is not yet convinced that CrazyBulk products are effective for him, he did express interest in the CrazyBulk brand[3] and ask fellow Reddit users for input on r/Supplements.
If Testo-Max focuses on bodybuilding, TestoPrime[4] is more of an all-around testosteronebooster for men who wish to restore their youthful vitality and energy. If you’re wondering, “Does ashwagandha increase testosterone?” Then, you’ll be happy to know that it showcases ashwagandha and other ingredients like d-aspartic acid, fenugreek, and panax ginseng.
Pricing
A bottle of TestoPrime is priced at $64.99, while bulk deals are also available.
User Reviews
Many users recommend TestoPrime as a testosterone supplement. One of them is Redditor u/Shellygiggles85, who convinced her boyfriend to use it. She wrote on r/Supplements that her partner now has more energy and better athletic performance[5] . While u/davetek suggested several brands in the same thread, TestoPrime is included in his list.
While Testo-Max claims to start showing results in just two weeks, Testosil promises to produce effects within eight weeks. This testosterone booster features ingredients such as pantothenic acid, fenugreek, garlic, d-aspartic acid, and ashwagandha.
Pricing
Testosil costs $69 per bottle, and you can get better deals by ordering in bulk.
User Reviews
Several customers approve of Testosil based on their reviews. In r/Supplements, for instance, Redditor u/Rafael_Inacio counted it among his top 5 testosterone boosters[6] that can increase energy and muscle gains. Nevertheless, he ranked TestoPrime slightly higher than Testosil.
Whereas Testo-Max aims to increase endurance, strength, and muscle mass, Testogen is more concerned with relieving the symptoms of low testosterone. The supplement contains ingredients such as tribulus terrestris, tongkat ali, zinc, and magnesium.
Pricing
One bottle of Testogen is priced at $54.99 for a one-time purchase or just $43.99 with a subscription.
User Reviews
Some users have good things to say about Testogen. For example, a Reddit reviewer vouched for the supplement’s ability to increase natural testosterone levels. Nevertheless, he also mentioned that it might take time before men can enjoy the full results.
Aside from taking supplements like Testo-Max, you can also raise your T-levels naturally by making the following lifestyle changes:
Regular physical activity, particularly strength training and high-intensity interval exercises, may enhance your testosterone production.
A balanced diet rich in lean proteins, healthy fats, whole grains, and foods high in zinc and vitamin D (such as fish, leafy greens, and nuts) can help increase your T-levels.
Adequate sleep is crucial, as poor sleep patterns can greatly lower testosterone levels.
Stress management through techniques like mindfulness, yoga, or meditation is important; high cortisol levels from chronic stress can reduce testosterone production.
Avoid too much alcohol consumption and maintain a healthy weight to naturally boost your testosterone levels.
FAQs on Testo-Max
After reading our Testo-Max reviews, you may still have questions. Let’s try to answer some of them below!
Is Testo-Max Legit?
Yes, Testo-Max is a legitimate supplement and one of the best testosterone boosters on the market. CrazyBulk, a reputable health and fitness supplement company, is the brand behind the supplement’s production. What’s more, it’s created from natural ingredients backed by research.
What Does Testo-Max Do to Your Body?
Testo-Max may help increase your body’s testosterone production naturally. It does this by stimulating the release of luteinizing hormones, which signal the testes to produce more testosterone. Higher testosterone levels may lead to improved energy levels, muscle growth, strength, mood, libido, and recovery times after exercise.
Does Testo-Max Build Muscle?
By raising testosterone levels in the body, Testo-Max may support greater muscle growth and strength. Remember that it works best when combined with regular strength training and a protein-rich diet.
The Final Verdict: Testo-Max Reviews
As we wrap up our Testo-Max reviews, it’s clear that this T-booster is a promising option for those hoping to level up their bodybuilding efforts. CrazyBulk Testo-Max may help maximize your muscle gains, strength, and exercise performance by enhancing your body’s testosterone production.
But is it the right supplement for you? It’s up to you to make that decision!
