Editorial | Dec 28,2019
May 18 , 2021
Ethiopia's credit rating further deteriorates as its latest application for debt relief under G20 framework undermines its ability to repay debt to private creditors.
The US-based rating agency, Moody's Investors Service (Moody's), downgraded Ethiopia's long-term issuer and senior unsecured ratings from B2 to Caa1, signalling that the second biggest East African economy is on the brink of defaulting on its foreign debt.
Moody's is the latest amongst globally-accepted agencies to cut the country’s credit rating following its application for debt treatment under the common framework, which was agreed to and signed by the G20 countries and the Paris club creditors to offer borrowing countries the options of rescheduling or reducing their debt.
Fitch Ratings downgraded Ethiopia's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'CCC' from 'B' on February 2021, as such a move explicitly raises the risk of a default event.
Likewise, Moody's downgrade to Caa1 reflects that protracted deliberations regarding Ethiopia's application for debt relief under the G-20 Common Framework have increased the risk of private sector creditors incurring losses.
Ethiopia's external debt stood at 25 billion dollars at the end of last fiscal year, of which little over 10pc is owed to private creditors.
Editorial | Dec 28,2019
Fortune News | May 29,2021
Fortune News | May 23,2021
Fortune News | Feb 15,2020
Radar | Oct 23,2018
Radar | Oct 26,2019
Sunday with Eden | Jul 06,2019
Fortune News | Mar 21,2020
Commentaries | Aug 17,2019
Commentaries | Nov 30,2019
Fortune News | 39011 Views | Jul 18,2020
Photo Gallery | 19605 Views | May 06,2019
Photo Gallery | 18202 Views | Mar 16,2019
Photo Gallery | 17997 Views | Mar 17,2019
The debate around corporate social responsibility (CSR) remains rife even today. But...
Leaders of the National Election Board are in a charm offensive mood, of a sort. Last week, they organised a rare tour for members of the me...
When the country’s most senior diplomats and envoys return back to their posts after two-week debriefings, they leave behind a point or tw...
June 19 , 2021
The wait for Ethiopia’s sixth national elections, since it became a federal republi...
June 12 , 2021
Milton Freedman, the renowned monetary economist, had a mantra. He believed, "inflati...
June 5 , 2021
In retrospect, it is nothing less than astounding that the 2015 national elections we...
May 29 , 2021
Those entrusted with public office may love throwing events; but, no one is doing it...
PM Abiy Ahmed (PhD) at a Gala Dinner Called for the Awarding of the Félix Houphouët-Boigny Peace Prize
May 6 , 2019
Too many of us do not have a culture of inquiry. It could be the way we were raised – obedient and a bit subservient – or a tradition of...
Or see contact page