Fitch downgraded Ethiopia deeper into junk territory on Thursday to CC from CCC-, citing gaps in the country's external financing that it said increased its likelihood of a default.
Fitch cut the rating for the country's foreign currency debt, also citing the "probable risk of a default" as it pursues debt relief under the G20's "Common Framework" agreement.
Africa's second most populous country has struggled with debt, which government figures pegged at $28.2 billion at the end of March, following a punishing two-year civil war that ended last year.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Zimbabwe: CCC reports surge in post-election violence in rural areasThe opposition party says its members are increasingly subject to abductions, torture, arson and intimidation perpetrated by supporters of ZANU-PF.
Read more »
Ethiopia: Exploiting the Tourism Potential to Boost the Nation's RevenueTourism has numerous characteristics that make it valuable as an agent for development. It is a driver for socio-economic progress and has considerable impact on local development trends. The sector generates multiple effects across many other economic activities in the tourism supply chain.
Read more »
Ethiopia: IDPs in Western Oromia Suffer From Lack of Aid, Forced Returns Amid Volatile SecurityInternally Displaced People (IDP) in Western Oromia, particularly the East Wollega, West Wollega, Kellem Wollega, and Horo Guduru Wollega zones have endured dire humanitarian crisis for years in an area where relief operations are constrained by continued security threats.
Read more »
Ethiopia: Addis Abeba Trade Bureau Cracks Down On Sunday Market Traders Selling Overpriced ProductsThe Addis Abeba Trade Bureau began to take action against Sunday market traders who have been selling goods at prices higher than the ceiling. So far, administrative measures have been implemented against traders in three sub-cities.
Read more »
Ethiopia: Ministry Identifies Major Areas to Boost Horticulture's Export PerformanceADDIS ABABA- Enhancing productivity and ensuring quality would boost the export performance of the horticulture sector thereby improving nation's foreign currency earnings, so stressed Ministry of Agriculture (MoA).
Read more »
Ethiopia: State Projects Coffee Exports to Hit Over 33, 000 TonsADDIS ABABA- Sidama State has been working to export over 33, 000 tons of coffee during this Ethiopian fiscal year (FY).
Read more »