From the alien-like ninja turtle characters to their own fantastically fascinating food and communication habits in nature, turtles are one of the most interesting reptilian species on Earth. If you’re curious to learn more about these incredible creatures, you’ll find that there is so much more than meets the eye when it comes to their lives–from astounding adaptation abilities to crazy shapes and sizes! In this blog post, we’ll dive into some truly remarkable facts about turtles; a few picks might just surprise even the most devoted turtle fanatics out there! Be prepared for some amazing education too: from health care insights to ancient oceanic migration paths, get ready as we explore together some of the best bits of knowledge surrounding these charming shelled pals.
Turtles Have Been Around Since Before The Dinosaurs
Turtles have been around longer than many of us can even fathom. They evolved over 200 million years ago, making them one of the oldest living creatures on earth. This is just one of the many great facts about turtles, not only have turtles weathered several mass extinction events, but they’ve also had their shells morph and change along with their environments. Today, we get to marvel at these hardy reptilians in zoos, aquariums, and from time to time on hikes. They deserve our respect and protection for being such a remarkable species!
Turtles Are Able To Breathe Through Their Skin
Turtles are adaptable creatures that have evolved some fascinating abilities over the years to help them survive and thrive in their environment. One of the most striking abilities is their uncanny knack for staying underwater for long periods of time without having to come up for air; this ability is made possible by their unique ability to breathe through their skin! Clearly, turtles have found a way to truly make use of the oxygen that can be found in their watery habitats, allowing them to accurately and effectively navigate this liquid world. As we marvel at all that our amazing planet has to offer, it’s no wonder these aquatic reptiles continue to draw our attention with their remarkable adaptations.
Turtles Have Special Adaptations That Allow Them To Survive In Different Climates
Turtles are remarkable animals that have uniquely adapted to their environment. From the sheer versatility of different habitats they can dwell in, such as ponds, wetlands, and even deserts, to the incredible features of their shells, turtles are remarkable survivors. For example, turtles can seal off their shells tightly when it gets colder or needs protection from predators; some species also have flaps or eyelids that cover their eyes during hibernation and cold months. Their special adaptation does more than just keep them alive—it ensures they thrive in whatever climate they find themselves living in. Without this exceptional ability to survive in various conditions, these reptiles wouldn’t be able to reach the longevity for which they are known—up to 100 years!
Most Turtles Lay Eggs On Land And A Few Species Even Give Birth To Live Young!
Out of all the world’s creatures, turtles have a truly remarkable reproductive strategy. Rather than relying on the mother to care for her young, most turtles lay their eggs in vulnerable places like sand dunes or riverbanks and then leave them to fend for themselves – hoping that they will make their way out of the eggshells and start life on their own. But that’s not all – some turtle species have actually evolved beyond this method and now give birth to live young instead! This incredible adaptation means that these turtles can protect their babies from predators by staying close and keeping them under wraps until they are ready to face the world. It’s fascinating to see how nature has found ways for different species to survive and thrive – even if it does mean playing a bit of a dangerous game with those vulnerable eggs behind on land.
Unlike Other Reptiles, Some Aquatic Turtles Can Sleep Underwater
Sea turtles have some truly remarkable qualities and adaptions; their ability to sleep underwater is certainly one of the most amusing. Though most reptiles sleep above the surface, aquatic turtles such as the painted turtle use a tactic that mimics hibernation, known as torpor, to take restful naps without breaking their streak of swimming and exploring. To do this, they purify their bloodstreams in preparation for deep sleep and tuck their vulnerable heads into the safety of their shells before closing them tight. Their bodies become suspended in time as days pass by, until they decide to awaken with renewed energy and continue on their journey through the depths beneath them. Unique natural wonders like these indicate a level of ingenuity that we can admire, yet never expect to achieve ourselves.
Turtles are truly remarkable creatures, and their ancient legacy is both awe-inspiring and humbling. From their ability to adapt to various climates and habitats to the way they breathe through their skin or even sleep underwater, there’s no denying that turtles have been around for an incredibly long time—they have unimaginable wisdom tucked deep within them! Not only do turtles teach us valuable lessons about living sustainably and adapting with patience and determination, but they are also an important part of Earth’s biodiversity and ecosystem. Let’s take a moment to appreciate these fascinating reptiles, who will hopefully continue making us marvel at their unique abilities centuries from now!
The AfCFTA is the world’s largest free trade area bringing together the 55 countries of the African Union and eight Regional Economic Communities. The overall mandate of the AfCFTA is to create a single continental market with a population of about 1.3 billion people and a combined GDP of approximately US$ 3.4 trillion. The AfCFTA is one of the flagship projects of Agenda 2063: The Africa We Want, the African Union’s long-term development strategy for transforming the continent into a global powerhouse. As the continental trading grounds continue to be sown, Capital’s Metasebia Teshome reached out to Melaku Desta, Coordinator of UNECA’s African Trade Policy Centre (ATPC) for in-depth insights on the trade progression. Melaku has been advising the Government of Ethiopia, since 2004, on Ethiopia’s accession to the World Trade Organization (WTO). He has been a member of Ethiopia’s national technical committee on international trade negotiations, including WTO accession and participation in the AfCFTA. The following are excerpts from the candid interview;
Capital: How would you best describe the Africa Continental Free Trade Agreement (AfCFTA)?
Melaku: I would describe the AfCFTA as Africa’s response to the many, small, and fragmented markets that we inherited from colonialism. As we all know, the political map of Africa is the creation of European colonialism. When European powers sat down at the infamous Berlin Conference in 1884/85, all they had was the African map, a ruler, and their respective national interests. They did not care whether the pieces of territory that were apportioned amongst these powers would stand on their own feet because they were not supposed to ever become independent and viable states anytime in the near future. On attaining independence starting in the late 1950s and 1960s, it was those artificially drawn colonial dividing lines on the map that became political borders for the newly formed sovereign African states. No wonder then that, soon after independence, many of these countries found themselves struggling to stand on their feet. Africa attained political freedom. But political freedom alone cannot enable Africa to realize the full potential and aspirations of its citizens. Instead, political freedom, not supported by economic freedom, only led to a situation where Africa only serves the interest of the former colonial powers, which we often call neocolonialism.
(Photo: Anteneh Aklilu)
To this day, Africa lives with the consequences of that colonial division. We have more than 50 countries, most of them lacking the economy of scale to support industrialization and sustainable development. The AfCFTA is Africa’s response to this adverse colonial legacy. Through the AfCFTA, African countries are aiming to overcome those artificial political borders and lay the foundations for a continental single market. This market, when fully functional, contains over 1.4 billion people with a spending power of around USD 3 trillion. This market is attractive for businesses because a company that produces a particular item in Ethiopia, for example, suddenly finds itself in a position to supply such a large and increasingly attractive market. There lies the power of the AfCFTA.
African leaders have been aware of this from day one. They appreciate, from the start, that for Africa to become free, its economy must be integrated into a single market; they knew and declared repeatedly over the years that integration is a matter of survival for Africa; it is not an option.
African leaders have been unrelenting in their pursuit of the vision towards a single pan-African market since 1963 when they established the Organization of African Unity (OAU). The Lagos Plan of Action of 1980, the Abuja Treaty of 1991, and the AfCFTA of 2018 are all landmarks on that same road toward an African single market. The journey has not been smooth, nor could it have been. It has had its own challenges. Because it had these challenges, there are many who cast doubt on the viability of the AfCFTA project as well. To them, I have only one answer that I put in the form of a question: what is the alternative? The status quo is not an option. Africa must integrate. For those who are ready to see the glass half full rather than half empty, Africa already has a great record of integration. Just look at the East African Community (EAC) next door, or the Economic Community of West African States (ECOWAS) further afield, and many in between. The markets in these sub-regions are already co-integrated and the AfCFTA is in fact built using them as building blocks and learning from their rules, institutions, and traditions, which we technically call the REC acquis. The AfCFTA holds tremendous promise, but its realization is in the hands of all Africans.
We have faced challenges previously, but let’s learn the right lessons from those challenges. Once bitten, twice shy might be a useful maxim in some areas, but certainly not here.
Trade-led integration is good for Africa for more than merely economic reasons. There are political reasons, too. Countries that trade with each other are more likely to be at peace with each other than those that do not trade. People do not kill their customers. The main objective of the AfCFTA is to create a unified African market that permits unrestricted trade in goods and services across Africa. The goal of the AfCFTA, which our forefathers have been working so hard to achieve over decades, is to unite Africa first as a single market and then as a single political unit.
Capital: The agreement was signed on March 21, 2018. It’s been 5 years, almost 4 years since it went into force, but it is not going as planned. Of course, there have been and still are different challenges, including COVID-19 and global geopolitics, that the continent is facing. In light of this, how do you see the overall readiness of governments in the implementation process?
(Photo: Anteneh Aklilu)
Melaku: In my opinion, the level of government preparedness varies by country. Typically, when we discuss about Africa, we make the erroneous assumption that all African nations are the same. That is not true. AfCFTA implementation faces different challenges in different countries, often reflecting the policies, regulations, and institutions in place prior to the AfCFTA itself. For instance, Ethiopia, a founding member of the League of Nations, the IMF, the World Bank, and later the UN, has never been a member of a single functioning trade agreement; although it is a founding member of COMESA, its participation in the COMESA free trade area has been very limited. Ethiopia is also a part of IGAD, one of the eight AU-recognized regional economic communities, but IGAD hardly deals with trade issues.
The East African Community (EAC), one of the most advanced and effective RECs on the continent, is next door, but Ethiopia is not part of it. If we look at Kenya, regional integration remains one of the pillars of the country’s economic development strategy. Some nations have both the capacity and the interest; others have the interest but not the capacity; and still others, such as Ethiopia, have the capacity but lack the demonstrated political will, understanding, and experience. The AfCFTA is a learning and trading opportunity for Ethiopia.
Several countries are moving fast. Ghana, Egypt, Rwanda, Kenya, South Africa, and Mauritius can be mentioned as good examples. These countries could not even wait to start trading under the AfCFTA until all others are on board. Within the AfCFTA itself, eight countries have launched the so-called Guided Trade Initiative (GTI) through which they are already trading on AfCFTA preferential terms. Ethiopia and others need to move fast.
AfCFTA implementation creates enormous opportunities for Ethiopia to overhaul its regulatory system and make it conducive for the business sector. It has been five years since the Agreement was signed, and it will be four years on May 1 since it entered into force. The progress so far is broadly encouraging but we all need to do more and faster.
Capital: Why are some countries taking AFCFTA as a challenge to their economies?
Melaku: I don’t believe they see it as a concern; if the political will were an issue, countries would not be ratifying or signing the agreement at the speed and numbers they have done. The primary problem often is one of technical capability. In Ethiopia, for example, the Ministry of Trade and Regional Integration has the mandate to coordinate and lead the implementation of the AfCFTA, but it also has the responsibility to ensure all stakeholders are informed and involved. The key implementation challenge in my view is more technical than political. Of course, in Ethiopia’s situation, Covid-19 was immediately followed by a deadly conflict, diverting the political attention away from AfCFTA implementation. I am seeing encouraging movements recently in this direction.
Capital: Ethiopia has been working a lot to be a member of the World Trade Organization, but it has been delayed; what is its status now?
Melaku: Ethiopia started the process of accession over two decades ago. In 1997, Ethiopia applied for and secured observer status at the WTO. Six years later, in 2003, it formally applied for membership and launched the accession process. In 2006, it submitted its Memorandum of Foreign Trade Regime, which was distributed to WTO members in January 2007. The Ethiopian Accession Working Party held three meetings until 2012, after which it paused for a long time. I suspect there might also be interest groups that didn’t want Ethiopia to be a member.
Following the change of Government in 2018, Ethiopia resumed the WTO accession negotiation process. In January 2020, after an eight-year pause, the 4th meeting of the Ethiopian Accession Working Party was held in Geneva.
I have been participating in all four working Party Meetings, and my observation is that the Government has had the interest to join the WTO, but the process itself is long while the political momentum has also been unsteady.
(Photo: Anteneh Aklilu)
WTO membership negotiations follow two tracks; bilateral and multilateral. On the bilateral front, Ethiopia has commenced negotiations with interested WTO members on terms of market access, such as the level of tariffs that can be imposed on imports. Through the multilateral track, Ethiopia has been engaged in negotiations to bring its policies, laws, and institutions into conformity with WTO requirements. The process is long and challenging, but I am confident that it will be completed successfully.
The main problem I see in many countries, including Ethiopia, is that most such initiatives are dependent on particular personalities. When a particular individual occupies a particular position, you see movement; when that person moves or dies, the entire project can easily come to a halt. That is why institutions are critical.
Capital: African countries are on the same level of industrialization and mostly depend on importing items from Asia, Europe, and other non-African continents. Without strong industries and manufacturing capacity, what is the benefit of opening all the tariff barriers?
Melaku: That’s a good question. Most African economies are dependent on extractive industries like mining, oil and gas, and agriculture. We have a very low industrial base. Of course, we need to produce goods before we can speak about trading in goods. So, our productive capacity is critical.
Then there is the AfCFTA. Why is it relevant for our productive capacity? Because the large single market that nit aims to create provides a major incentive for African entrepreneurs to produce at scale.
Some have argued that there is a lack of trade complementarity among African countries. In other words, what many African countries produce and export does not match what many African countries want to import; in fact, they are competitors on the global market for the same customer. This appears to make sense at first sight. But, on closer scrutiny, it becomes apparent that, as soon as we start adding value to our primary products, differentiation starts. Trade complementarity is therefore a function of value addition and beneficiation.
Capital: Countries like Ethiopia might lose revenue due to AfCFTA-led trade liberalization and the reduction of tariffs at the border. How do you see this?
Melaku: I’m not sure what the exact number is, but Ethiopian Government’s income from goods imported from other African countries is probably less than 1%. This is not unexpected given that we rely heavily on imported goods from non-African sources. We don’t have a lot of trade relations with African countries, so we don’t have a lot to lose.
Capital: How do you see the overall understanding of the private sector about AFCFTA?
Melaku: When we speak of trade deals, we are referring to the removal of trade barriers and the establishment of a more predictable and open trading and business climate. The private sector is the primary player; AfCFTA is a start, but private sector empowerment is required to realize the advantages of freer trade. The private sector is an essential stakeholder in the AfCFTA. We acknowledge the critical role of the private sector in pushing intra-Africa trade and increasing Africa’s manufacturing capacity, and we need to ensure that the private sector is on the driver’s seat so to speak.
Of course, more effort is needed to increase awareness of the AfCFTA’s details and how businesses can benefit. For example, at the UNECA, we work closely with the business sector through its organizations, such as the Ethiopian Chamber of Commerce and Sectoral Associations (ECCSA).
Capital: Infrastructure, currency, and free movement of people are some major challenges for the full implementation of the AfCFTA. How can these issues be addressed to accelerate implementation of the Agreement?
Melaku: Yes, even though our manufacturing capacity has grown, commerce is still impossible without adequate infrastructure, including all forms of transit (air, land, rail, and water). This is a significant problem that is difficult to address because it requires a lot of capital, good project management skills, and so forth. There has been a lot of progress that we often do not recognize. For example, in Ethiopia we have the best airline on the continent; the road network which connects neighboring countries is expanding; etc. We can also take the Kazungula Bridge over the Zambezi River which connects Zambia and Botswana. I can go on and on. All these things give us hope that progress is indeed possible.
We have 42 different currencies in use in Africa. If you travel anywhere with US dollars or euros, it is okay, but if you are holding your local currency, you are likely to struggle. This has to come to an end. Africa is losing around 5 billion dollars annually due to currency conversion alone. To stop this, Afreximbank has now launched the Pan-African Payments and Settlements System (PAPSS), which is expected to enable payment across Africa using national currencies, simplifying the complexities and cost of making payments across borders and providing operational efficiency. Here, traders make payments in their local currency to beneficiaries through PAPSS, and beneficiaries will receive their payments in their own currency. It is now at an early stage, but it is promising.
Capital: In their latest meeting, the AU heads of state approved three protocols:
(Photo: Anteneh Aklilu)
investment, competition policy, and intellectual property. What do you think about these moves?
Melaku: The approval of these three protocols is a major achievement. Investment is about capital movement, while competition policy aims to ensure the market is not distorted by anti-competitive business practices, such as price-fixing or market segmentation practices. The protocol on intellectual property aims to foster African innovation for the benefit of Africa and the rest of the world.
The summit had some important outcomes. It was focused on implementing the Africa Continental Free Trade Area (AfCFTA) and expediting its implementation. Once again, the summit demonstrated that the political will behind the AfCFTA remains undiminished. Indeed, accelerated implementation of the AfCFTA was declared as the theme of the year 2023. The next frontier is implementation. We are eager to see the action unfold
Rating factors gains high recommendation for the motor insurance class of business as opposed to application of flat rate and minimum rates that have been adopted by insurance companies uniformly.
To navigate the best way forward, a brainstorming event was recently held by insurers to upgrade services and products on the insurance business in collaboration with At Insurance Broker and Consultant and Dawit Begashaw Insurance Consultancy, an insurance consultancy based in Canada.
Asseged Gebremedhin, the sector guru and Head of At Insurance Brokerage Consultancy, said that such kinds of events would create alternative to know the level of the sector in Ethiopia and to share lessons from others for the benefit of the sector growth.
(Photo: Anteneh Aklilu)
Dawit Begashaw, Head of Dawit Begashaw Insurance Consultancy, at the event shared the insurance business experiences in Canada, as well as his vast experience on the sector in Ethiopia prior to doing business in North American.
He underlined that for the insurance sector to be at par with the international standards, brain storming and experience sharing events are crucial in mapping what needs to be done to shift Ethiopia’s insurance business sector.
According to Dawit, with regards to motor class of business or auto insurance as referred to in Canada, is highly backed by technology. On the car underwriting history of driver or the client in connection with driving experience, his claim and insurance practice and experience is built up on the central data base, called ‘auto-plus’, which is a shared service that shall be accessed by all insurers, which helps to rate the premium for a given car insurance client.
Motor vehicle report (MVR) is the other input for the motor insurance that shows conviction report in the recent years including moving violations like speed, traffic light or failing to stop on the scene of an accident.
MVR is a major risk indicator for the insurance company since the driver is at potential risk even though the company may not face a claim.
MVR also has a role for traffic safety since conviction is one of the points for premium rating.
Participants in the meeting expressed that the experience of Canada in relation to motor class of business was the best route to follow by the Ethiopian insurance sector against the new initiative being used.
Further criticism of the latest decision taken by insurance companies on the set minimum premium rate on motor insurance was heavily relayed by the sector participants at the event.
Most of the participants claimed that the government through the regulatory body, National Bank of Ethiopia (NBE), is also drafting a directive that will impose minimum premium on the motor insurance.
They expressed their concern that the new minimum rate whether the one applied by insurance companies uniformly as of November 1, 2022 or that will be applied by NBE in near future, will damage the motive of insurance business in general.
They argued that the newly applied flat rate has generalized clients. They said that rate factors on premium that consider the production date, driving experience and other factors ought to be applied as opposed to generalizing customers at minimum rate.
Such kind of directives that set minimum rate on the motor insurance is not fruitful on
(Photo: Anteneh Aklilu)
other countries, experts argued. They claimed that the study conducted by the actuarial company, which was assigned by the Association of Ethiopian Insurers, did not cover the required parameters like vehicle type, fleet discount, and a no-claim discount (NCD).
“Now NBE has drafted a minimum rate directive without any study,” they expressed their concern over the perceived challenges to come.
Regarding the regulation in Canada, Dawit showed that the Office of the Superintendent of Financial Institutions is the insurance regulating institution, while there are lower bodies like the Insurance Council that is comprised of insurers and regulation and, Brokers Association, who have roles on the sector operation.
As Dawit cited, the various institutions work in tandem to keep the health of the sector in check, while the federal government regulation body plays a big role on the same. He said that since the sector was established separately in Ethiopia, its mandate should be clear owing to the sensitivity and impact of the sector.
“Besides the independent regulatory body that is governed by the central government, there would be other regulatory bodies like different councils like professional association or brokers association with a clear mandate,” Dawit added.
One of the participants in the capacity building event emphasized that a balanced regulation scheme should be formed as per the experience in the developed market.
According to the expert who now operates in North American insurance business, any agents or advisor that faces customers directly must bear a license, while a back underwriter does not need to be licensed. He also explained that an agent or advisor that is regulated by the independent insurance council have delegated authority from insurance companies to underwrite.
“The broker association is also very strong and has a role to play on the regulation part,” the expert remarked.
Brokers are a big deal and their responsibility is highly esteemed in the sector. Operating with such kind of brokerage schemes has big value for the economy since insurance companies do not expect to open redundant branches like in Ethiopia which incurs unnecessary cost in terms of time and transaction cost.
Brokers have to have underwriting quality and they would also be rated by insurance companies so they have to be prudent regarding loss ratio to be preferred by insurers in order to stay competitive in business.
Top priority is to be given in debt servicing in conjunction with restructuring and tightening regulations on recurrent budget, for the coming financial year, underlines the Ministry of Finance (MoF).
The country’s external debt service is expected to have a sharp rise in the coming years since some of the credit maturity period has drawn closer for payment day.
In the latest meeting with the central government budgetary offices, Finance Minister, Ahmed Shide, emphasized that the coming budget year, 2023/24’s priority agenda will be to settle credit on time.
As the minister explained, no new capital projects will be introduced for the upcoming budget year, “On the recurrent budget, appropriate restructuring and prudent control will be applied.”
He stressed that budgetary offices have to prepare their budget plan on the consideration of resource on hand rather than incoming external loans and grants.
For the past few years, the central government was allocating huge amounts of money from its annual budget for debt servicing. The amount has over the years been growing sharply from time to time owing to some of the huge credit stocks resettlement period.
For instance, in the current budget year that started on July 8, 2022, the government allocated 126 billion birr for domestic and external debt service. The amount has a 179 percent increment compared with 45 billion birr that was allocated for the 2021/22 budget year, for debt servicing.
(Photo: Anteneh Aklilu)
The 126 billion birr that was allocated for debt service for the 2022/23 budget year took 36.5 percent from the 345 billion birr recurrent budget and 16 percent from the total 786.6 billion birr budget for the year.
Similarly, in the past few years the debt servicing portion has taken the lion’s share in contrast to other sectors.
For instance from the total capital and recurrent budget allocated by the central government, the debt servicing budget now stands at the top with 22.36 percent , followed by defense budget at a 14.9 percent share.
From the total 126 billion birr budget allocation, 56 billion birr was for the settlement of external debt that the country accessed in the past year.
Even though the country showed its strong stand on debt servicing particularly for external creditors, in the past few years the inflow was incomparable with the outflow for debt settlement, which is stated as one of the reasons for hard currency shortage in the country, as per the experience of about three years ago. Other reasons for negative inflow were the refraining of international partners from disbursing the expected loan as promised.
On the meeting held on Wednesday March 15, Ahmed said that public offices should plan their budget proposal on the consideration of financial capability.
He underlined that for the coming budget year, public offices ought to diligently prepare their budget under the maximum limit that MoF provides.
The public external debt settlement that includes the service of state owned enterprises (SOEs), which operate out of the government budget, is expected to increase in the coming year.
According to MoF debt bulletin that evaluates the 2021/22 budget year, the total public debt service payments in 2021/22 was USD 3.2 billion with external debt service standing at USD 2.13 billion or 66 percent of the total.
The total amount of external debt serviced in the last five years including the 2021/22 budget year was USD 9.68 billion. The central government paid about USD 2.05 billion or 21.2 percent of the total external debt service payment to its multilateral and bilateral creditors, as well as interest payments to Eurobond holders, with SOEs paying the remaining 78.8 percent to their respective creditors.
“Over the last four years, the total annual payment for servicing the public sector’s external debt has not changed significantly but SOE external debt service payments has been growing much faster than central government external debt service payments,” the bulletin read.
It added that since most of its external loans have matured, the SOE’s payment for servicing its external debt has increased.
In 2021/22, the total external debt service payments were USD 2.13 billion, “External debt service is expected to rise steadily over the next two years, from around USD 2.1 billion in 2022/23 to USD 2.2 billion in 2023/24, and then to around USD 3.4 billion in 2024/25 due to maturing sovereign bonds.”
At the discussion, Ahmed said that in consideration of the economic condition in its midterm plan that spans from 2023/24-2025/26 budget years, a priority to use resources carefully, servicing of domestic and external debts, and cost minimization and improvement in revenue, is of paramount importance.
MoF’s bulletin forecast signaled that the contribution of SOE external debt service payments to total external debt service is much higher than that of the central government, but it will decline after about six years, “which can be explained by the short-term maturity structure of most SOE borrowing and the absence of non-concessional borrowing by SOE in recent years, except for Ethiopian Airlines.”
In contrast, the central government’s external debt service payments has increased gradually at the start of the projection before increasing sharply in 2024–2025 when the EUROBOND matures with a plateau afterwards.
“Assuming that the committed and undisbursed amounts are disbursed over the next few years, the total estimated external debt service (Principal plus Interest) will rise from USD 2.3 billion in 2022/23 to USD 4.1 billion in 2024/25 due to maturing sovereign bonds, and subsequently fall,” the MoF document explained.
The government is staking different initiative to ease its debt burden, while so far efforts like debt restructuring that is supported by the likes of International Monetary Fund has not taken shape.
Similarly, there is news that some investors on the first Ethiopian Eurobond, raised USD 1 billion in offering maturity extension, meanwhile the government has declined to speak on the matter.
