During the first half of the current Ethiopian fiscal year, Ethiopia has secured USD 2.9 billion birr in the form of new loans and credits from its foreign development partners, the Ministry of Finance announced this week.
Moody's Investors Service ("Moody's") has affirmed Ethiopia's B1 long-term issuer and senior unsecured ratings changing the outlook on the Government of Ethiopia to negative from stable on September 20, 2019.
With less than two months left until the upcoming Seventh Tokyo International Conference on African Development (TICAD), which is scheduled to be held in the Tourist-marvel city of Yokohama, the Japanese foreign assistance apparatus is still pondering over the level of envelope Official Development Assistance (ODA) package for African economies, to be announced for the coming three years.
On the sidelines of the 32nd ordinary summit of the African Union (AU), the government of Somalia has askedthe international community to cancelits USD 4.7 billion external debt, The Reporter has learnt.
In its latest staff report released this week, dubbed “Article IV Consultation for 2018,” the International Monetary Fund (IMF) stated that Ethiopia has to restrain from accessing any Non Concessional Borrowings (NCB) for the upcoming fiscal year, respecting the agreed up on zero ceiling limit on its commercial borrowing portfolio.
Prime Minister Abiy Ahmed (PhD) on Thursday disclosed that the Chinese government has agreed to restructure some of Ethiopia’s debt, including a USD four billion loan for a railway that stretches from Addis Ababa to Djibouti.
Faced with an increasingly difficult external debt levels and hence difficulty to access foreign finance, Ministry of Finance and Economic Cooperation established a Public Private Partnership (PPP) Unit for the implementation of the recently passed PPP proclamation, The Reporter learnt.
After shunning repeated call from the International Monetary Fund (IMF) and the World Bank Group (WBG) to limit commercial borrowing, and feeling the pressure of the accumulated external debt of Ethiopia, the Ministry of Finance and Economic Cooperation (MoFEC) has decided to strictly avoid non-concessional loans from foreign creditors for an unspecified period of time, The Reporter has learnt.
The Ethiopian Railway Corporation (ERC) is preparing to take over the operation of the Addis Ababa Light Rail Transit (AALRT) system from the Chinese handler, contracted to build and manage the operational aspect of the country’s first light rail transit system.