By Dawit EndeshawADDIS ABABA (Reuters) - Ethiopia's new $3.4 billion financing deal with the International Monetary Fund paves the way for completion of its long-delayed debt restructuring in the next three to six months, a senior finance ministry official said on Tuesday. The announcement of the four-year, $3.4 billion programme on Monday came hours after Ethiopia had undertaken one of the IMF's key recommendations and floated its currency, the birr. "Debt restructuring should be finalised before the next IMF programme review," State Minister of Finance Eyob Tekalign told Reuters, adding that would typically be between three and six months. The IMF deal is expected to be followed by further financing of up to $7.3 billion from the World Bank and other creditors, Ethiopian officials have said. News of the IMF deal lifted the $1 billion government bond at the centre of the restructuring plan to its highest level since October 2021 on Tuesday.

He said,“In short, equality means mutual respect. Equality means loving one another. Equality means humans recognizing that the other is a divine creation, respecting the divine, and living in reverence of the divine arrangement. At the end of the interview, Hachalu and I discussed doing a follow-up interview and producing a song together to promote neighbor-love in Ethiopia. Equality means humans recognizing that the other is a divine creation, respecting the divine, and living in reverence of the divine arrangement.

Her body will lie in state in Houston’s City Hall rotunda for 10 hours. A large photo of Jackson Lee, as well as two large flower arrangements, stood next to her casket. We gather here this morning, sad but a celebration,” said Whitmire, who had reached out to Jackson Lee’s family about having her lie in state at City Hall. Before being elected to Congress, Jackson Lee served on Houston’s city council from 1990 to 1994. She was only the second person to be granted the honor of lying in state in Houston’s City Hall rotunda.

ADDIS ABABA, July 29 (Reuters) – Ethiopia’s central bank floated the birr currency on Monday, aiming to secure support from the International Monetary Fund (IMF) and advance a long-delayed debt restructuring. The move aligns Ethiopia with other African economies like Nigeria, which have adopted similar strategies. Central bank governor Mamo Mihretu stated in an online video that Ethiopia would receive $10.7 billion in external financing from the IMF, World Bank, and other creditors. It is now a market-based foreign exchange regime, so we will buy or sell based on the legal channels,” said a businessman in Addis Ababa. Earlier this month, the government announced other reforms linked to IMF talks, including adopting an interest rate-based monetary policy.

New Delhi : EaseMyTrip.com, one of India’s leading online travel tech platforms has announced the Azadi Mega Sale, a special sale for the upcoming Independence Day. The sale will provide customers with a prolific lineup of discounts on all travel services. This sale will allow travelers to explore different destinations and experiences by providing attractive discounts on flights, hotels, buses, cab bookings, and holiday packages from July 30th to August 6th, 2024. Mr Nishant Pitti, CEO & Co-founder of EaseMyTrip commented, “As we celebrate the spirit of Independence Day, we’re excited to announce our Azadi Mega Sale. Whether you’re planning a quick getaway or the adventure of a lifetime, our exclusive deals offer unbeatable prices on flights, hotels, and experiences worldwide.

Three journalists who were sentenced to years in prison after writing about corruption and abuse of power in Morocco were released Monday after receiving pardons from King Mohammed VI. The pardons were announced as Morocco prepared to celebrate its national holiday marking the 25th anniversary of when Mohammed VI ascended to the throne. Human rights activists applauded the pardons, but said the move didn't exonerate what they have called the politically motivated manner in which Moroccan authorities pursued and prosecuted the journalists. Awaiting the others — and democracy,” human rights activist Fouad Abdelmoumni wrote on Facebook, referencing that a number of dissidents remained behind bars in the North African kingdom. At the height of the Me Too movement, human rights groups said all allegations merited investigation but accused Morocco of weaponizing them to defame and intimidate its critics.

IMF Executive Board Approves Four-Year US$3.4 billion Extended Credit Facility Arrangement for EthiopiaThe IMF Board approved an SDR 2.556 billion (about US$3.4 billion) ECF arrangement for Ethiopia. The authorities’ economic program, supported by the four-year ECF arrangement, envisages a comprehensive policy package to stimulate private sector activity and increase economic openness to promote higher and more inclusive growth. Strengthening social safety nets to mitigate the impact of reforms on vulnerable households is a critical component of the authorities’ reform program. Raising fiscal revenues and reaching a comprehensive external debt treatment, including of official debt under the G20 Common Framework, are crucial in this regard. Strengthening social safety nets to mitigate the impact of reforms on vulnerable households is critical component of the authorities’ reform program.

The Ethiopian government has transitioned to a market-based foreign exchange rate system, allowing the birr’s value to be determined by the market. This shift marks the most significant economic change in the country in 50 years, moving away from the long-standing fixed exchange rate policy. The National Bank of Ethiopia aims for the market-determined exchange rate system to attract foreign investment, stabilize the economy, secure IMF funding, and advance a long-delayed debt overhaul. The reforms also include ending mandatory foreign exchange surrender for exporters, liberalizing import and capital flow rules, allowing non-bank currency exchanges, and deregulating how commercial banks allocate forex to importers. “A market-based currency exchange system would weaken the birr’s purchasing power and raise the value of the dollar, negatively impacting businesses.

The Ethiopian beverage industry is facing significant challenges due to new government taxes and regional state fees, creating a formidable burden on manufacturers. Regional states have further complicated matters by introducing their own regulations and checkpoint fees, exacerbating the financial strain on companies. Habesha Beer, another significant player in Ethiopia’s beverage market, is also struggling under the weight of these new regulations. Adane Teka, the Corporate Communications and Government Affairs Manager at Habesha Beer, highlighted how the increased checkpoint fees and regional taxes are impacting the company’s operations. The cumulative effect of rising taxes, regional fees, and security concerns is placing immense pressure on Ethiopia’s beverage industry.

A never-before-seen document could shed new light on what contributed to a 2019 Ethiopian Airlines Boeing jet crash that killed everyone on board. The lead Ethiopian investigators say they never saw this document. "This is the most important evidence I've seen in 5 years," Pierson told KING 5. Four months prior, on Oct. 29, 2018, a 737 MAX jet flown by Indonesia’s Lion Air crashed killing all 189 on board. He said his clients feel like Boeing is concealing information and this new document could be another example of that.

PARIS (Reuters)-Tatjana Smith took South Africa’s first gold of the Paris Olympics on Monday and added the 100 metres breaststroke title to the 200 metres she won at Tokyo 2021 under her maiden name of Schoenmaker. China’s world champion Tang Qianting took the silver medal and Ireland’s Mona McSharry looked stunned, tears flowing, after an extraordinary three-way battle for bronze. That was 0.26 clear of Tang and made up for securing only silver in the event in Tokyo. The winning time was slower than the 1:05.00 Smith had clocked in the heats. She will also be a favourite for the breaststroke double by defending her 200 title to secure a place in the record books as her country’s most decorated Olympian, equalling Chad Le Clos’s four.

President Joe Biden also was scheduled to come to Houston Monday evening to pay his respects to Jackson Lee, according to the White House. Her body will lie in state in Houston’s city hall rotunda for 10 hours. Before being elected to Congress, Jackson Lee served on Houston’s city council from 1990 to 1994. She was only the second person to be granted the honor of lying in state in Houston’s city hall rotunda. Bobbie D. Nickerson, 71, a suburban Houston resident, said Monday’s crowd at city hall for Jackson Lee shows “how much she was loved and cared for and respected.”

Beirut: Several airlines announced on Monday the suspension of their flights to Lebanon, while some Western countries urged their citizens to leave as soon as possible amid fears of the escalation between Israel and Hezbollah. The French airlines, Air France, Transavia, and Royal Jordanian Airlines also suspended their flights to Beirut on Monday and Tuesday, Xinhua news agency reported. Turkish Airlines canceled Sunday night flights, while Aegean Airlines and Ethiopian Airlines nixed their Monday flights to Beirut. Meanwhile, Lebanon’s national carrier, Middle East Airlines, announced on Sunday that it had postponed the return of some flights to Beirut from Sunday evening to Monday morning as well as the take-off of some of its flights. In addition, the US embassy in Beirut called on its citizens to leave Lebanon as soon as possible.

ADDIS ABABA, Ethiopia — At least 19 people died in a boat accident in Ethiopia’s war-torn region of Amhara, according to the Ethiopian Press Agency. The incident happened Saturday as a group of 26 was traveling to a funeral on a homemade wooden vessel on the Tekeze River, near Ethiopia’s border with Eritrea. Efforts are underway to retrieve the victims’ bodies, with only two recovered so far, according to the Ethiopian Press Agency. The Tekeze is a gateway for illegal migrants and civilians escaping conflict in Amhara and the neighboring region of Tigray. An ongoing conflict in Amhara, pitting Ethiopian federal forces against an Amhara nationalist group known as FANO, has escalated the displacement of civilians.

While appreciating the Addis Ababa’s choice of formalizing the ambassadorial relations with Pakistan, and the government of Pakistan accepted the need for boosting multidimensional cooperative ties between Pakistan and African nations. The major turn in the bilateral ties occurred in 1973 with the formal opening of the Pakistan’s Embassy in Addis Ababa under Islamabad’s broader framework of Engage Africa Policy. However, Addis Ababa’s launching of formal ambassadorial services in Islamabad started facilitating the two-sided governments in exploring new platforms for trading collaborations. This step started leaving positive impacts on the shared interests of trade, tourism, and pleasant societal contacts between Islamabad and Ethiopia. This pattern of multidimensional cooperative bilateralism contains substantial potential for convincing two-sided leadership to work on certain strategic extents.