Ethiopia Makes Slight Progress on Human Dev't Report

Dec 19 , 2020


Ethiopia stagnated in the 173rd position out of 189 countries listed on the 2020 edition of the Human Development Index (HDI) released by the United Nations Development Programme (UNDP). Ethiopia remained in the same position it occupied in the 2019 report although the HDI rating has improved slightly to 0.485 from 0.47. The rankings show that Ethiopia showed incremental advances in life-expectancy and education indices. The data also highlight that Gross National Income per capita has climbed higher to just over 2,200 dollars from the previous year's entry of 1,780 dollars. The report emphasises that world leaders need to address the pressure that is being exerted on the environment in order to safeguard stability and progress. It estimates that if things continue the way they are going, parts of the world could face up to 100 more days of extreme weather each year by 2100. The report maintains that tackling inequality, capitalising on innovation, and working with nature are the ideal ways forward. This year, the organisation has also introduced an experimental Human Development Index (HDI) that takes a country's carbon dioxide emissions and material footprints into account.


Radar

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...


Radar

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...


Radar

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...


Back
WhatsApp
Telegram
Email