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Ethiopia’s Ministry of Finance says it has decided to withhold the December coupon payment on its Eurobond, despite the relatively affordable amount involved, as a part of its efforts aimed at promoting fairness and equal treatment for all external creditors. Today, the Ministry released an official statement emphasizing its commitment to equitable treatment and called

Fitch Ratings has downgraded Ethiopia’s sovereign credit rating further into default territory after the country failed to make a coupon payment on its Eurobond debt. In a statement, Fitch lowered Ethiopia’s Long-Term Foreign-Currency Issuer Default Rating to ‘C’ from ‘CC’, indicating that a default is imminent. This came after Ethiopia announced it did not have

In a groundbreaking announcement, the National ID Office of Ethiopia has revealed that it has secured a substantial funding package of $350 million from the World Bank for the implementation of the country’s National ID System. The project aims to issue national IDs to the 90 million Ethiopians living across the country. Yodahe Zemichael, the

In a historic move, the Executive Boards of the International Monetary Fund (IMF) and the World Bank’s International Development Association (IDA) have jointly approved a remarkable debt relief package of $4.5 billion for Somalia under the Heavily Indebted Poor Countries (HIPC) Initiative Completion Point. The development marks a significant milestone in Somalia’s journey towards economic

Ethiopia’s foreign exchange earnings from opal exports have remained disappointingly low despite significant increases in export volumes over the past five years, according to data from the Ministry of Mines. While the volume of opal exported has risen sevenfold over the last five years to 811 tons in the current fiscal year, proceeds from exports

Ethiopia is bracing for a critical meeting with its international bondholders on Thursday as the country teeters on the brink of default, according to an official source at the Ministry of Finance cited by Reuters. Last week, the Ethiopian government declared its inability to meet a $33 million bond coupon payment due on Monday, intensifying

Ethiopia is on the brink of defaulting on a $33 million bond interest payment due December 11th after talks with creditors broke down this week. In a statement Friday, Ethiopia’s Ministry of Finance announced it does not have enough foreign exchange to make the payment due to “acute liquidity pressures”. The Ministry said “Unfortunately, in