Russia to Cancel Ethiopia’s $164m Debt

Oct 26 , 2019

President Vladimir Putin announced Monday that Moscow will soon forgive the debt Ethiopia owes his country. That will make Ethiopia the fourth African country to get the debt cancellation as Russia moves to increase its influence on the continent. Ethiopia’s 163.6 million dollars debt will soon be written off under Russia’s debt-for-development programme, Putin said. Mozambique, Madagascar and Tanzania have already had their debts cancelled under this programme. Putin said that Russia has already written off about 20 billion dollars of debt to African countries that had accumulated during Soviet times. The debt cancellation was made in exchange for privileges such as expanding business opportunities for Russian companies, access to natural resources and building strategic economic ties. "We expect that Ethiopia's remaining debt to Russia will be settled under similar conditions. The relevant draft agreement is currently being elaborated," the Russian president said.



A street lamp around Addis Abeba Stadium melds into the concrete backdrop emblematic of the capital's ageing infrastructure. Over the past few years, Ethiopia's electric grid has been subject to destruction and theft, subjecting the public treasury to hundreds of millions in losses. Nearly half of the country's population does not have access to electricity. A series of projects by the World Bank has contributed to the slight but essential upgrade to the nation's grid, including a 500 million do...



A trio of donkeys drag along the main road in front of Menlik School around the Arat Kilo area. While the four-legged domestic animal is a venerated member of the Ethiopian labour force, its skin and meat are increasingly valued in the international markets. Rhong Chang, a donkey slaughterhouse operating in Assela Town, Oromia Regional State reopened its services after a seven-year break two years ago. Public outroar has often accompanied the entrance of donkey abattoirs into Ethiopia since anot...



A bustling market emerges under a bridge in the boroughs of the Bole Michael area. Addis Abeba City Administration has launched a series of aesthetic initiatives embalmed in themes of beautification and urbanisation that have removed thousands of shops built with makeshift tents. Above a quarter of Addis Abeba's labour force is engaged in the informal economy, which while often associated with connotations of illegality, remains a sizeable employer in emerging economies across the world. Calibra...