UN Agencies, Gov't Appeal for $73m in Refugee Funding


UN Agencies, Gov't Appeal for $73m in Refugee Funding

The United Nations World Food Programme (WFP), the UN High Commissioner for Refugees (UNHCR), and the Refugees & Returnees Service are appealing for 73 million dollars in funding to provide food to over 750,000 refugees in Ethiopia. Funding shortfalls have already forced the WFP to cut rations for refugees residing in 22 camps and five sites in the Afar, Amhara, Benishangul-Gumuz, Gambella, Somali, and Tigray regional states.  The Benishangul-Gumuz Regional State hosts the highest number of camps and refugees, while refugees from South Sudan comprise 46pc of the refugee population. Food rations fell by 16pc in November 2015, by 40pc last November, and by half in June 2022. The lack of funding and prevailing global food strains brought on by the pandemic and Russia's war in Ukraine, pose a serious risk to refugees. A study conducted by the UN agencies and the Service found that households in refugee camps are coping by reducing the number of meals they eat, consuming less appealing food, engaging themselves and children in income-generating activities, and borrowing cash.


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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

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...


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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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