Danish Gov't to Donate $4.5m to Humanitarian Efforts

Nov 20 , 2021


The government of Denmark has announced it will be donating 30 million Danish kroner (4.5 million dollars at current exchange rates) to boost ongoing UN humanitarian efforts in Ethiopia. The UN estimates that some 20 million people are in need of urgent aid in Ethiopia as a result of armed conflict, drought, flooding, insect infestation and the COVID-19 pandemic. Last week, the UN also approved the release of 40 million dollars in funding for emergency operations in Ethiopia. Most of the financing is from the UN's Central Emergency Response Fund while the remaining 15 million dollars is being sourced from the country-based Ethiopia Humanitarian Fund. The money will support aid agencies providing protection and other life-saving assistance to those affected by the conflict in the Amhara, Tigray and Afar regional states.


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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

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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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