#Ethiopia to Hold Investor Call as Debt Relief Talks with Bondholders Stall

The Ethiopian government has scheduled an investor call for this Thursday to discuss debt negotiations, after talks with some bondholders broke down last week. Ethiopia was unable to make a $33 million bond coupon payment due on Monday, putting it at risk of default.

#Addis_Ababa had previously secured debt service suspension agreements with other bilateral creditors for 2023 and 2024. However, negotiations with bondholders broke down, with Ethiopia seeking similar debt relief terms to treat all creditors equitably.

Facing mounting debt pressures from the economic impacts of the COVID-19 pandemic and #Tigray war, Ethiopia is in discussions with the #IMF for a four-year loan program. The country entered the #G20 debt relief process in early 2021 and aims to remain current on obligations.

https://www.reuters.com/markets/ethiopia-investor-call-scheduled-thursday-after-bondholder-talks-break-down-2023-12-11/

#Ethiopia: Refugee camps failing as a safety net against hunger, homelessness and ill-health

A new study by the International Institute for Environment and Development (#IIED) has found that refugees living in camps in Ethiopia, #Kenya, and #Jordan are experiencing concerning levels of hunger, limited access to healthcare, and instances of homelessness.

Despite being prioritized for funding by the UN and other agencies, the paper found that 53% of refugees in Ethiopia's #Aysaita camp and 60% of refugees in Kenya's #Dadaab camp reported not having enough to eat in the week before.

The quality of shelter in the camps was also a concern, with many residents reporting homelessness.

Read more at: https://twitter.com/addisstandard/status/1734197014802452936

#Ethiopia: Ethiopian Orthodox Church pleads for peace amidst escalating violence against believers

The Permanent Synod of the Ethiopian Orthodox Tewahedo Church (#EOTC) issues a grave concern for the escalating violence against Orthodox Christians in various regions. According to EOTC, 36 worshippers were forcefully evicted and killed in attacks on churches in the #Oromai region. Among the victims were elderly individuals and infants as young as 28 days old.

In another distressing incident, 28 believers, including seven women, were abducted and murdered in the #Soledigelu and #Tijolebu kebeles. The Holy Synod reports additional casualties at #Digelo Maryam Church and during the Feast of the Virgin Mary celebration in #Robe.

The #Amhara region is also grappling with violence, where one clergy member and a teacher were killed in suspicious circumstances. The Synod strongly condemns these acts, urging an immediate end to attacks on civilians and religious institutions. EOTC also raised its concern for Ethiopia's cultural heritage as historic sites face threats.

The Church calls for authorities to ensure security, bring perpetrators to justice, and implement preventative measures. The Synod implores conflicting parties to cease hostilities, engage in dialogue, and enhance early warning systems to protect citizens of all faiths.

https://addisstandard.com/news-ethiopian-orthodox-church-pleads-for-peace-amidst-escalating-violence-against-believers/

#Ethiopia: PM Abiy Ahmed sacks #Taye_Dendea as state minister of Peace

Prime Minister Abiy Ahmed has sacked Taye Dendea, state minister of Peace, effective immediately in a letter issued on 11 December 2023.

The letter, which is posted on a verified facebook page of Taye Dendea, fails short of explaining the reason underlying the decision, but thanked the now ex-state minister for his contribution during his tenure since 08 October 2021.

This comes in the backdrop of unprecedented recent media engagement and social media posts by Taye Dendea where he made stern remarks criticising the PM Abiy led government.

https://addisstandard.com/news-pm-abiy-ahmed-sacks-taye-dendea-as-state-minister-of-peace/

#African Union convenes stakeholders to break impasse on continental financial integration

The African Union (#AU) is set to host a consultative forum this week in #Lusaka, #Zambia, convening stakeholders to address delays in establishing the African Union Financial Institutions (#AUFIs). The meeting comes amid external economic volatility posing threats to macroeconomic stability across Africa.

While trade integration initiatives have progressed over the years, financial integration has stalled. Legal frameworks for the African Investment Bank and African Monetary Fund were passed in 2009 and 2014 respectively, but have yet to secure the ratifications required to operationalize. Inadequate funding has also constrained establishing AU financial bodies.

There has been some progress, including member states adopting shared macroeconomic convergence criteria last year.

Read more at: https://x.com/addisstandard/status/1734444649769509371?s=20

#Ethiopian Birr plummets to record low amid rising economic uncertainty

The Ethiopian birr has plummeted to a record low, with the official rate hovering around 55 against the #US dollar this week, far surpassing this year's previous low of 53. The currency has declined over 100% versus the dollar in the last 5 years. The current plunge comes amidst mounting economic uncertainty and liquidity issues.

The birr's freefall reflects the country's deteriorating fiscal situation. From COVID-19 decimating key sectors like transportation and tourism to billions in infrastructure spending fueling debt vulnerabilities, unsustainable policies have burdened Ethiopia with massive obligations. Lingering impacts of regional conflicts have also dampened growth prospects.

Read more at: https://x.com/addisstandard/status/1734497296568537499?s=20

#Ethiopia: Gov’t extends olive branch to non-compliant exporters to boost earnings

The government is urging oilseed exporters to adhere to legal procedures for registration and assessment before shipping their products, particularly those sourced through contract farming. Exporters must register their contracts with the Ministry of Trade and Regional Integration and have their goods assessed at the Ethiopian Commodity Exchange’s wheelhouses for weight and quality.

In response to non-compliance, the Ministry has extended the registration period by 15 days, warning that exporters failing to register within the extended timeframe will be disqualified from shipping their products abroad. This move aligns with the government's efforts to address under-invoicing and hoarding practices, aiming to enhance export revenues through the effective implementation of the contract farming scheme.

Recent reports show that Ethiopia earned $31.5 million from oilseed exports in the first quarter of the current fiscal year, achieving 79% of the plan. However, challenges such as conflicts and non-compliance with laws have contributed to falling short of the export target. The sector also faces issues such as security concerns, price disparities, and difficulties in enforcing contracts between farmers and exporters.

https://addisstandard.com/news-govt-extends-olive-branch-to-non-compliant-exporters-to-boost-earnings/

#Breaking: Security forces arrest Taye Dendea, former state minister of peace

In a statement sent to the media the Federal government's Security and Intelligence Task Force announced the arrest of the former state minister who was sacked by PM Abiy Ahmed yesterday.

Developing story....

#Ethiopia: Former state minister Taye Dendea arrested over alleged terrorist ties

Former State Minister for Peace, Taye Dendae, has been arrested by the Federal Security and Intelligence Task Force for alleged involvement in terrorist activities during his tenure. The Task Force claims Taye collaborated with groups aiming to destabilize Ethiopia and endorsed violence through social media.

According to the statement put forward today, the Task Force alleged that Taye had ties with terrorist activities, including kidnappings. A search of his residence yielded significant evidence, including electronic devices, weapons, #OLA logos, and IDs associated with anti-peace activities, according to the statement. Another individual linked to OLA was also apprehended at Taye's residence.

Prime Minister Abiy Ahmed dismissed Taye from his cabinet-level role on 11 December without specifying the reasons. Taye, an outspoken critic of the administration, has accused the Prime Minister of "playing with human blood." The Security and Intelligence Task Force has pledged ongoing public disclosure of legal actions against government officials involved in alleged activities.

https://addisstandard.com/news-former-state-minister-taye-dendea-arrested-over-alleged-terrorist-ties/

#Sudan expels 15 UAE diplomats over perceived Support for RSF militia

Sudan has ordered 15 Emirati diplomats to leave the country after accusations emerged that the #UAE was providing support to the Rapid Support Forces (#RSF) paramilitary group. The expulsions come amid rising tensions between the governments of Sudan and the UAE regarding allegations of Emirati arms shipments benefiting the RSF militia.

Last week, senior Sudanese official Yassir Alatta accused the Emiratis of supplying weapons and logistics to the RSF through neighboring countries like #Uganda, the Central African Republic (#CAR), and #Chad. Hundreds subsequently protested in Port Sudan, demanding the UAE ambassador be expelled.

The fighting between Sudan's military, led by General Abdel Fattah Al-Burhan, and the RSF has contributed to over 12,000 deaths and 33,000 injuries, per #UN figures. In August, officials alleged Emirati aid planes were smuggling arms to the RSF disguised as humanitarian supplies.

https://www.middleeastmonitor.com/20231211-sudan-expels-15-uae-diplomats-over-support-for-rsf/

#Ethiopia: Field Marshall Berhanu Jula, Chief of Staff of the Ethiopian National Defense Force (#ENDF), admits to using drones on human targets.

He vowed to continue the use of drones at extremist gatherings and cautioned the general public to refrain from mingling with extremists.

#Ethiopia: Gov’t initiates agricultural shift with early fertilizer delivery

Following the docking of a vessel at #Djibouti port on 11 December, 2023, laden with 610,000 quintals of NPS fertilizer, the cumulative fertilizer stock at the port has now exceeded 3.3 million quintals. This milestone marks a significant turning point for small-scale farmers who have, in the past, faced challenges with untimely deliveries.

In a departure from the norms observed in previous and current harvesting seasons, the transport of soil fertilizer for the forthcoming dry season cultivation, known as "Bega," as well as the primary harvesting season, "Mehir," commenced in October 2023.

This move comes a month after Girma Amente, the Minister of Agriculture, announced the government's ambitious plan to procure 23 million quintals of fertilizer for the upcoming harvesting season.

Read more at: https://twitter.com/addisstandard/status/1734811992244764999

News: #US, #EU reiterate support for Algiers agreement, call for peace between #Ethiopia and #Eritrea

The US and EU urge Ethiopia and Eritrea to honor the 2000 #Algiers_Agreement, emphasizing the importance of stable borders. Both nations recommitted in 2018 to respecting established boundaries, crucial for regional peace.

Celebrating the 23rd anniversary of the agreement, the international community emphasizes the need to uphold sovereignty. The historic peace pact, previously stalled, was fully embraced by Ethiopia in 2018, leading to restored relations.

Amid rising tensions and Ethiopia's #Red_Sea access claim, the call for collaboration gains significance. Challenges persist as Eritrean forces remain within Ethiopian borders post-#Tigray war.

https://addisstandard.com/news-us-eu-reiterate-support-for-algiers-agreement-call-for-peace-between-ethiopia-and-eritrea/

#Ethiopia: Enterprise unveils fare revisions for toll roads

The Ethiopian Toll Roads Enterprise has announced the revision of toll fares on the #Addis_Abeba-Adama, #Dire_Dawa-Dawale, and #Mojo-Batu toll roads, effective 12 December, 2023.

The fares for the Addis-#Adama and Mojo-#Batu Expressways have increased by 31%, while the fees for the Dire Dawa-#Dawale toll road have seen a 42% hike.

In the past nine years, the enterprise has undergone tariff revisions only twice, according to the Ethiopian Press Agency. The initial revision of the service charge tariff took place in March 2019 on the Addis-Adama toll road. Officials from the enterprise cite the impact of the COVID-19 epidemic and national security concerns as reasons for not revising the service fee tariff for the past four years.

Read more at: https://twitter.com/addisstandard/status/1734847751106494644

News: #Ethiopia’s food insecurity deepens with four million at risk of emergency hunger

A distressing report from the Famine Early Warning Systems Network (FEWS NET) unveils a worsening food emergency in Ethiopia, putting four million lives at risk of plunging into hunger by mid-2024. The crisis spans five regions, exacerbated by drought, conflict, and flash floods.

In #Oromia and Somali regions, over 20% of households in pastoral regions are displaced or destitute. Desperate for aid, they'll resort to begging until early 2024. Emergency conditions persist in northern regions due to conflict and crop failures, with #Tigray facing a potential surge in food insecurity post-harvest.

Tragically, drought in #Waghemra Zone of #Amhara region has claimed six lives, compounded by conflicts, leaving 180,000 individuals at risk. The looming lean season from June to September 2024 could intensify the crisis unless immediate recovery assistance is provided, according to the report.

https://addisstandard.com/news-ethiopias-food-insecurity-deepens-with-four-million-at-risk-of-emergency-hunger/

#Ethiopia: Only 30% of target beneficiaries received humanitarian aid in Ethiopia in 2023

The Ethiopian government has disclosed that only 30% of the intended beneficiaries received vital humanitarian aid in 2023. Shiferaw Teklemariam, Commissioner of the Ethiopian Disaster Risk Management Commission (#EDRMC), shared this disheartening update during the launch of the 2024 Global Humanitarian Appeal.

Despite requiring nearly $4 billion in 2023 for humanitarian support, only 30% of that amount has been funded, leaving countless individuals without essential assistance. During the event, Antonio Guterres, #UN Secretary General, emphasized the need for urgent action, highlighting the UN's request for $46.4 billion to aid 180.5 million people in 2024.

This appeal aims to address conflicts, climate emergencies, and other crises affecting approximately 300 million individuals worldwide, with 74.1 million of them located in East and Southern #Africa.

https://addisstandard.com/asdailyscoop-only-30-of-target-beneficiaries-received-humanitarian-aid-in-ethiopia-in-2023/

#Washington warns against dividing #Sudan

#US Special Envoy Michael Hammer issued a stern warning to Sudanese military leaders Abdelfattah El Burhan and Mohamed 'Hemedti' Dagalo. The talks, held in Jeddah with US and Saudi presence, have hit a deadlock, prompting concerns from Hammer about the potential division of Sudan. Speaking at the 2023 Doha Forum, he emphasized the dire situation, comparing it to #Libya.

Hammer praised the efforts of the Intergovernmental Authority on Development (#IGAD) in addressing the humanitarian needs in Sudan and called for immediate adherence to ceasefire pledges made by the warring parties. The IGAD member states, in a recent session, vowed to intensify efforts for a peaceful resolution, supporting a civilian-led political process.

Amid conflicting reports on a potential one-to-one meeting between El Burhan and Hemedti, the US expressed deep concern about the impact on women and children, urging coordinated efforts with IGAD, the #African_Union, and others. As accusations of war crimes surfaced, the US committed to facilitating a Sudanese-led dialogue for democratic transition.

https://www.dabangasudan.org/en/all-news/article/washington-warns-against-dividing-sudan

#Ethiopia: #Tigray region establishes 'Emergency Response Committee' as severe drought claims over 400 lives

In response to the acute humanitarian crisis caused by a severe drought in the Tigray region, President Getachew Reda, leading the Tigray Interim Administration, officially established the "Tigray Emergency Response" Committee. Comprising 22 members with diverse backgrounds, including representatives from opposition parties, religious leaders, and civil society, the committee is dedicated to tackling the pressing situation.

Gebrehiwot Gebregzabher (PhD), Commissioner of the Disaster Risk Management Commission of Tigray, disclosed in a press briefing to state media that over two million individuals in 32 districts and 196 stations across five zones are currently facing food scarcity. According to Gebrehiwot, within just one month, around 400 people, including 25 children, have tragically succumbed to starvation.

Read more at: https://twitter.com/addisstandard/status/1734912242921910476