Ethiopia’s Birr Faces Sharp Decline Against the U.S. Dollar
Federal Court Extends Detention of Healthcare Workers Amid Strike
Ethiopia's Ministry of Finance Clarifies Public Debt Figures
Ethiopia's Ministry of Finance has clarified that the total public debt, including debt owed by state-owned enterprises, reached $31.6 billion by the end of 2024, while domestic debt stood at 2.3 trillion birr. The ministry criticized a recent report claiming that Ethiopia's debt per capita in 2023 was $575.6, calling it a misrepresentation and out of context. The ministry emphasized that debt per capita is not a relevant measure of public finance status or debt burden. It further clarified that the government has been borrowing exclusively concessional loans from international development partners to reduce debt financing costs.
Tigray IRA President Discusses Challenges to Stability and Recovery
Tigray Interim Regional Administration (IRA) President, Gen Tadesse Worede, has highlighted internal divisions as a significant threat to security, stability, and economic recovery in the region. He stressed that the key to overcoming these challenges lies in building strong institutions and resolving internal political differences peacefully. Gen Tadesse expressed disappointment that the Pretoria Cessation of Hostilities Agreement (CoHA) has yet to deliver a peace dividend for the people of Tigray. He also noted that the failure to restore Tigray's constitutional territories has caused disillusionment and anger among the region's youth.
Ethiopia’s Birr Faces Sharp Decline Against the U.S. Dollar
The Ethiopian birr has experienced a significant slump against the U.S. dollar this week. The Commercial Bank of Ethiopia purchased one U.S. dollar at 131 birr and sold it for 133.6 birr on May 28, marking a sharp drop from the previous rate of 124 birr. In a foreign currency auction held last week, the National Bank of Ethiopia (NBE) sold one U.S. dollar at an average rate of 133.17 birr, reflecting ongoing volatility in the exchange rate.
Federal Court Extends Detention of Healthcare Workers Amid Strike
A federal court in Ethiopia has granted the police an additional eight days to continue investigating nine healthcare professionals, who are being detained in connection with the ongoing nationwide strike by healthcare workers. Amnesty International has called for the immediate and unconditional release of all detained healthcare workers. The organization also urged the authorities to engage in negotiations with healthcare workers and end the ongoing crackdown on dissent.
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