The Economist | The project has been a source of disputes in north-east Africa for a decade DAMS HAVE several uses. They generate electricity, store water for crop irrigation and help to prevent floods. They can also cause dispute and heartache—for example, over damage to the environment or the displacement of people whose homes are […]
ECONOMYNEXT – Ethiopia had been downgraded to ‘CCC’ from ‘B’ by Fitch Ratings after it applied for ‘Paris Club’ debt relief having printing money through central bank advances, despite relatively low government debt and a budget deficit of only 2.8 percent of gross domestic product. The “Common Framework for Debt Treatments (G20 CF) goes beyond […]
NASDAQ | Ethiopia’s sovereign dollar bonds dropped nearly 2 cents after Fitch downgraded the country to CCC, citing the government’s plan to make use of the new G20 common framework to overhaul its debt burden. The country’s outstanding 2024 bond XS1151974877=TE dropped to as low as 92.06 cents in the dollar, according to Tradeweb data, […]
The African Report | Ethiopia’s plan to seek debt restructuring under a G20 common framework agreed in November triggered a sell-off in African debt at the end of January on fears of a contagion effect. The framework enables debtor countries to seek an IMF programme to strengthen their economies and renegotiate their debts with public […]
Fitch typically does not assign Outlooks or apply modifiers to sovereigns with a rating of ‘CCC’ or below. KEY RATING DRIVERS The downgrade reflects the government’s announcement that it is looking to make use of the G20 “Common Framework for Debt Treatments beyond the Debt Service Suspension Initiative (DSSI)” (G20 CF), which although still an […]
FAO | Numerous immature swarms persist in southern Ethiopia and Kenya. There has been increased swarm movement in Oromia (East Harerge, Bale, Borema, Arsi) and SNNP (South Omo) regions of the south. The few swarms that moved to northern Ethiopia (Afar and Amhara) continued to Eritrea and reached the Red Sea coast where they were controlled. In Kenya, immature swarms continue to spread westwards […]
Bloomberg | First there was a war, now Ethiopia faces a debt crisis. The nation’s request to restructure its external debt under a Group-of-20 program highlights how much circumstances have changed for the country and Prime Minister Abiy Ahmed in just over a year. In 2019, Abiy won the Nobel Peace Prize for ending two decades of […]
Financial Times | Pandemic adds to pressure on developing economies trying to meet repayments Ethiopia has asked for debt relief under a G20 programme to help poor countries reeling under the economic impact of coronavirus, making it the second African country to do so in the past week. Ethiopia has long been seen as one […]
NAIROBI (Reuters) – Ethiopia is updating its debt sustainability assessment with International Monetary Fund help and will then talk to official creditors, its finance ministry said in an apparent attempt to allay market concerns over a possible restructuring of sovereign debt. On Friday, a Finance Ministry official told Reuters that Ethiopia planned to seek a […]
ADDIS ABABA, Jan. 29 (Xinhua) — Chinese ambassador to Ethiopia Zhao Zhiyuan and Mayor of Ethiopia’s capital city Adanech Abiebie agreed on Friday to enhance the economic partnership between the two countries. In a press statement, Abiebie said she has reached an agreement with the Chinese ambassador to Ethiopia on the need to add new […]