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(Reuters) – S&P Global Ratings on Friday downgraded Ethiopia’s long-term foreign and local currency sovereign credit ratings to ‘B-’ from ‘B’ on potential debt restructuring, announcing the move days after Fitch Ratings downgraded the country. “Exacerbated by the effects of the COVID-19 pandemic, Ethiopia’s structurally weak external balance sheet has deteriorated further, in our view”, […]
ECONOMYNEXT – Ethiopia had been downgraded to ‘CCC’ from ‘B’ by Fitch Ratings after it applied for ‘Paris Club’ debt relief having printing money through central bank advances, despite relatively low government debt and a budget deficit of only 2.8 percent of gross domestic product. The “Common Framework for Debt Treatments (G20 CF) goes beyond […]
The African Report | Ethiopia’s plan to seek debt restructuring under a G20 common framework agreed in November triggered a sell-off in African debt at the end of January on fears of a contagion effect. The framework enables debtor countries to seek an IMF programme to strengthen their economies and renegotiate their debts with public […]
Financial Times | Pandemic adds to pressure on developing economies trying to meet repayments Ethiopia has asked for debt relief under a G20 programme to help poor countries reeling under the economic impact of coronavirus, making it the second African country to do so in the past week. Ethiopia has long been seen as one […]
NAIROBI (Reuters) – Ethiopia is updating its debt sustainability assessment with International Monetary Fund help and will then talk to official creditors, its finance ministry said in an apparent attempt to allay market concerns over a possible restructuring of sovereign debt. On Friday, a Finance Ministry official told Reuters that Ethiopia planned to seek a […]
NAIROBI (Reuters) – Ethiopia plans to seek a restructuring of its sovereign debt under a new G20 common framework and is looking at all the available options, the country’s finance ministry told Reuters on Friday. Ethiopia’s government bonds saw their biggest ever daily fall on the news and analysts said restructuring concerns could spill over […]
DevEx | The European Union’s top representative for development aid said Tuesday that the bloc needs to “plan very carefully” when it comes to Ethiopia, as Brussels continues to withhold funding from the government over the conflict in the country’s North. In December, the European Commission postponed €88 million in planned budget support payments, with […]
NASDAQ | Ethiopia’s sovereign dollar bonds dropped nearly 2 cents after Fitch downgraded the country to CCC, citing the government’s plan to make use of the new G20 common framework to overhaul its debt burden. The country’s outstanding 2024 bond XS1151974877=TE dropped to as low as 92.06 cents in the dollar, according to Tradeweb data, […]
Bloomberg | EU envoy scheduled to meet Ethiopian premier on Tuesday. UN says international staff given approval to travel to Tigray The European Union accused Eritrean troops of fueling the months-long conflict in Ethiopia’s Tigray region and echoed a U.S. call for their withdrawal. The presence of Eritrean forces is “exacerbating ethnic violence” in Tigray, […]
Fitch typically does not assign Outlooks or apply modifiers to sovereigns with a rating of ‘CCC’ or below. KEY RATING DRIVERS The downgrade reflects the government’s announcement that it is looking to make use of the G20 “Common Framework for Debt Treatments beyond the Debt Service Suspension Initiative (DSSI)” (G20 CF), which although still an […]