More from Ethiopia
Must Read🇪🇹The Reporter Ethiopia·22 hours ago
Foreign Minister calls on Africa to adapt to evolving geopolitical landscape
Foreign Minister Gedion Timothewos PhD urged African governments to collaborate in navigating the rapidly changing global geopolitical landscape. In an article for the IMF's F&D Magazine, Gedion highlighted that Sub-Saharan Africa faces reduced development assistance and challenging investment prospects as the world shifts from economic harmony to power-based rivalry. He noted that geopolitics is replacing globalization, with economic decisions increasingly influenced by geopolitical calculations, and trade and critical resources being weaponized. Gedion, formerly the Ethiopian Minister of Justice, pointed out the diminished effectiveness of global organizations like the UN Security Council and called for African governments to unite to address challenges such as renewed global interest in the continent's mineral resources. He emphasized that with the right policies and an adaptive mindset, Africa can transform this crisis into an opportunity, stressing the importance of collaboration over division for the continent's shared prosperity.
5 min read
Must Read🇪🇹The Reporter Ethiopia·22 hours ago
Investors threaten litigation over Ethiopia's unsettled Eurobond debt
A group of investors holding Ethiopia's billion-dollar Eurobond debt are threatening to sue the Ethiopian government in UK courts. This follows the collapse of debt restructuring negotiations last month. Ethiopia defaulted on a 33 million USD coupon payment in December 2023, marking its first external debt default. Bondholders had previously threatened legal action after earlier unsuccessful restructuring efforts. In January 2026, an agreement in principle reached with bondholders was rejected by Ethiopia’s Official Creditors Committee. The Ad Hoc Committee representing bondholders rejected a new proposal last month, which included a 12 percent haircut and staggered payments totaling 880 million USD through July 2029. Debt Justice, a UK-based organization, has called the bondholders' plans to sue "outrageous," stating that the bondholders stood to make 28 percent more profit under the Ethiopian government’s latest proposal than if they had lent to the US government. The Eurobond was issued in 2014 at an interest rate of over 6.6 percent and was primarily used to fund the construction of industrial parks.
6 min read
Must Read🇪🇹The Reporter Ethiopia·23 hours ago
EthSwitch's instant payment platform processes over one million daily transactions
EthSwitch, Ethiopia’s national payment switch, announced its instant payment platform, EthioPay-IPS, processed more than one million transactions in a single day, handling over five billion Birr. This achievement marks a significant step in Ethiopia's efforts to expand digital payments and financial inclusion. The milestone was reached as Ethiopia accelerates the modernization of its financial sector and the expansion of digital financial services, with reforms aimed at increasing interoperability among financial institutions. Digital transactions surpassed ATM withdrawals for the first time in 2024/25. EthSwitch, owned by the National Bank of Ethiopia and other financial entities, operates the national payments infrastructure. Yilebes Addis, chief executive of EthSwitch, stated that this threshold demonstrates growing demand for interoperable instant payment services. The EthioPay-IPS platform, built on BPC’s SmartVista technology, facilitates real-time account-to-account and wallet-to-wallet transfers, QR-code payments, and supports payments for utilities, taxes, and government services. Dahlak Yigezu, BPC’s country manager for Ethiopia, noted that this milestone reflects the continued expansion of the country’s digital payments ecosystem, highlighting the role of interoperable payment infrastructure in reducing cash dependence and broadening access to formal financial services.
Must Read🇪🇹The Reporter Ethiopia·1 day ago
AU and IGAD publish conflicting reports on Ethiopia's election voter turnout and party participation
Preliminary reports from the African Union AU and the Intergovernmental Authority on Development IGAD on Ethiopia's seventh national elections show conflicting statistics. IGAD reported 54 million registered voters, while the AU stated 50.5 million. The Ethiopian Government Communication Service, through EnatalemMeles, claimed 57 million voters went to the polls. The AU report also noted the National Election Board of Ethiopia NEBE initially targeted 40 million voters. Discrepancies also appeared in the number of participating political parties, with IGAD listing 42 and the AU citing 47. The AU observer mission, led by former Kenyan President Uhuru Kenyatta, indicated that voting did not occur in Tigray and parts of the Oromia and Amhara regions due to security and operational challenges. IGAD's mission only highlighted security challenges in the Amhara region. The AU report mentioned "special voting arrangements for members of the military, security services and internally displaced persons IDPs are scheduled for 8 June 2026," a detail not announced by the NEBE, which stated most registered voters had cast ballots. The AU mission attributed inactivity at 6,400 polling stations across 46 constituencies to insecurity, which limited access to registration services for some communities.