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sarcasm
Senior Member
Posts: 10186
Joined: 23 Feb 2013, 20:08

Ethiopia’s worsening inability to pay $40 billion debt

Post by sarcasm » 25 Aug 2021, 07:16

Ethiopia’s worsening inability to pay $40 billion debt

While Abiy Ahmed has struggled trying to squelch rebellion throughout Ethiopia and proclaiming wonderous record economic growth truth of financial collapse is coming out. This week China’s EximBank decided to hold disbursing $339 million in further loan to Ethiopia because it is default. Currently 12 major infrastructure projects have no capital to continue including the electric railroad from Dijoubti to Addis Ababa. Another $98 million in debt from the African Development bank is also in default.

The railway is currently disabled by forces allied with the Tigray Army but its problems started well before the Tigray Ethiopian conflict. Under Abiy Ahmed’s leadership production of electricity for the whole nation had fallen behind to the extent that often there was not enough power to run the train. Secondly, although the Ethiopian government had dreamed of the train carrying exports including shoes to Djibouti this did not happen.

Since 2018 the African Union and international credit organizations had counseled Abiy Ahmed to focus on realistic economic development and restructure debt in a realistic matter. Instead he fixed his whole plan for fixing the economic distress and debt burden of Ethiopia on visions of selling electricity from the Grand Renaissance Dam.

Continue reading http://blog.ethiopianeurosurgery.com/et ... llion-debt

Abiy Ahmed is a liability to Ethiopia

What woud African Union and international credit organizations say when they hear what Abiy Ahmed was telling senior national organizations leaders after they have been advising him to focus on realistic matters?


sarcasm
Senior Member
Posts: 10186
Joined: 23 Feb 2013, 20:08

Re: Ethiopia’s worsening inability to pay $40 billion debt

Post by sarcasm » 06 Dec 2021, 18:47

sarcasm wrote:
25 Aug 2021, 07:16
Ethiopia’s worsening inability to pay $40 billion debt

While Abiy Ahmed has struggled trying to squelch rebellion throughout Ethiopia and proclaiming wonderous record economic growth truth of financial collapse is coming out. This week China’s EximBank decided to hold disbursing $339 million in further loan to Ethiopia because it is default. Currently 12 major infrastructure projects have no capital to continue including the electric railroad from Dijoubti to Addis Ababa. Another $98 million in debt from the African Development bank is also in default.
Did the Chinese Bank release the funds?

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