COVID-19 Cases Spike to Record Highs

Dec 25 , 2021


The number of COVID-19 cases has jumped dramatically over the past week with an average of 2,740 people testing positive each day between December 20, 2021, and December 23. Over one-third of all samples sent to medical laboratories have been coming back positive, though the death toll is far lower than what was observed during the pandemic's third wave between September and October this year. The previous record number of cases recorded in a single day was at the beginning of last April when around 2,370 samples tested positive. Nearly 7,000 people have lost their lives to the virus since March 2020, and around 10 million people have received at least one dose of a COVID-19 vaccine since the Ministry of Health began its vaccination campaign last April.


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Parliament Nods for Cabinet Appointments

Federal legislators have approved five cabinet-level positions last week with a member of Parliament (MP) voted against and two abstentions were counted. Gedion Timotheos (PhD) leads the charge as the new minister of Foreign Affairs, filling in Taye Asqeselassie's shoes, where he stayed briefly before becoming the country's president. With law degrees from Addis Abeba and Central European universities, Gedion was previously Attorney General and Minister of Justice. Joining him in the redev...


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Abyssinia Group Eyes Expansion with IFC Funding

Abyssinia Group of Industries (AGI), a leading East African steel producer, is poised for significant expansion owing to a proposed investment from the International Finance Corporation (IFC) which is considering a financing package of up to 50 million dollars, including parallel loans in local currency. Headquartered in Kenya, AGI operates two steel plants in Ethiopia, six in Kenya, and has mining activities in Uganda. AGI currently produces 660,000 metric tons of steel annually and employs...


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Fitch Acknowledges Easing Financial Pressures, Enhanced Macroeconomic Stability

Fitch Ratings has upgraded Ethiopia's Long-Term Local-Currency Issuer Default Rating (LTLC IDR) to 'CCC+' from 'CCC-', citing easing financing pressures, improved macroeconomic stability, and increased confidence that local-currency obligations will not be part of the ongoing debt restructuring. This positive development comes as the government implements key reforms and secures renewed concessional external financing. The ratings agency has taken note of the introduction of a market-based ex...


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