#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

#Ethiopia: Echoes of Tigray: Stories of #Tigrayan children struggling for survival on the streets of Addis

Despite the Tigray war’s conclusion in November 2022, the humanitarian crisis persists as displaced families disperse across Ethiopia. A stark reality unfolds on #Addis_Ababa’s bustling streets where growing numbers of Tigrayan children seek refuge, driven by conflict and poverty.

Nine-year-old Wegen fled eastern Tigray when violence erupted in 2020, hindering his education. He traverses 10 kilometers daily, selling items to aid his financially constrained family. Similarly, seven-year-old Bri’s family fled southern Tigray when drought ravaged 20% of the region’s farmland. The boys sell goods so parents can hawk wares, yearning to resume their disrupted schooling.

Fourteen-year-old Bisrat endured a grueling 1,000 kilometer exodus from southern Tigray after her village’s ruthless invasion, struggling to reconcile horrendous memories. Compelled to prematurely discontinue 4th grade, Bisrat sells items with a displaced friend to assist her family, nurturing aspirations to resume learning and epitomizing migrant resilience.

Facing tenure insecurity and devoid of a support network, the displaced Tigrayan children epitomize the human toll inflicted by the conflict. Their childhoods, meant for schoolyard games and acquiring classroom knowledge, are now consumed with securing their families’ survival.

https://addisstandard.com/echoes-of-tigray-stories-of-tigrayan-children-struggling-for-survival-on-the-streets-of-addis/?amp=1

#Somalia Secures $4.5 Billion Debt Relief Package from #IMF and World Bank

The International Monetary Fund and World Bank have approved a major debt relief package for Somalia under the Heavily Indebted Poor Countries (HIPC) Initiative. This will unlock $4.5 billion in debt service relief for Somalia from multilateral, bilateral and commercial creditors.

Somalia implemented numerous reforms across fiscal policies, revenue collection, public financial management and governance over the last decade. This paved the pathway for debt relief, despite challenges like droughts and terrorism that the country faced.

The debt relief will substantially reduce Somalia’s debt levels from 64% to under 6% of GDP. It facilitates access to additional financing to invest in strengthening the economy, reducing poverty and boosting job creation.

https://www.imf.org/en/News/Articles/2023/12/13/pr23438-imf-and-world-bank-announce-us-4-5-billion-in-debt-relief-for-somalia

#Ethiopia: Echoes of Tigray: Stories of #Tigrayan children struggling for survival on the streets of Addis

Meet Wegen Desta and Bri Yisfaw, two courageous boys from Tigray who now work as street vendors in Ethiopia's capital city, Addis Ababa. Despite their young age of 9 and 7 years old respectively, Wegen and Bri wake before dawn each morning to traverse up to 10 kilometers selling small items to support their financially strained families.

After fleeing violence in Tigray, these displaced youths now confront adversity in Addis Ababa. By hawking goods for long hours, they strive to aid parents similarly grappling with loss of livelihoods back home.

To learn more about the journeys of Wegen, Bri and other youths exhibiting inspirational perseverance and determination amidst hardship, please follow the link:

https://addisstandard.com/echoes-of-tigray-stories-of-tigrayan-children-struggling-for-survival-on-the-streets-of-addis/?amp=1

#Ethiopia to lead Eurobond Investor talks today after missed payment

Officials from Ethiopia's Ministry of Finance will lead a global investor call today to discuss proposals for revising the country's outstanding eurobond terms. The call comes after Ethiopia missed a coupon payment deadline last week, placing it at risk of default.

During the discussions, the government is expected to provide further details on its debt restructuring framework in an effort to restore sustainability and offer moderate upside from current distressed bond price levels. However, risks remain if negotiations extend in length or non-current securities face opportunity costs.

Ethiopia's eurobond price rose over 2% yesterday ahead of today's call, its largest single-day increase in almost a year, on cautious optimism around the debt overhaul plans. The nation had announced intentions for relief under the Common Framework in 2021 after public finances were strained by COVID-19 and conflict impacts.

https://www.bloomberg.com/news/articles/2023-12-12/ethiopian-eurobond-surges-as-investors-await-bondholder-call