Fed to Receive $15M Lifeline for Urgent Humanitarian Relief

Sep 1 , 2024


The United Nations has allocated 15 million dollars to Ethiopia from its Central Emergency Response Fund (CERF) for urgent relief to millions facing hunger, displacement, disease outbreaks, and climate-related disasters. It is expected to support critical interventions, including food assistance, shelter, health services, and protection efforts, particularly in areas severely affected by conflict and natural disasters. Ethiopia is among the top recipients in this latest funding round, second only to Yemen, which is set to receive 20 million dollars. The fund is part of a broader 100-million-dollar package aimed at addressing underfunded humanitarian crises around the globe. It comes amidst a worsening global funding outlook for humanitarian emergencies. Joyce Msuya, acting under secretary general for Humanitarian Affairs & Emergency Relief Coordinator, said lack of funding prevents aid agencies from reaching people who need life-saving assistance, stressing the importance of CERF as a crucial emergency fund when other humanitarian financing falls short. Managed by the UN Office for the Coordination of Humanitarian Affairs (OCHA), CERF has been a lifeline for those in dire need since its inception in 2005, disbursing over 9.3 billion dollars to support emergency responses in more than 110 countries. This includes over 3.2 billion dollars allocated specifically for underfunded crises like the current one in Ethiopia.


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