gearhead wrote: ↑15 Feb 2021, 03:04
The worst is yet to come for the path set by a stolen transitional roadmap and a crumbling empire!
S&P Global Ratings on Friday downgraded Ethiopia's long-term foreign and local currency sovereign credit ratings to 'B-' from 'B' on potential debt restructuring, announcing the move days after Fitch Ratings downgraded the country.
https://mobile.reuters.com/article/amp/idUSKBN2AD06W
Not necessarily; I would say, with the obstacles "ethnic pimps" removed, our best is yet to come!
Yes, Fitch/S & P chopped Ethiopia’s credit score by two notches last week after Addis Ababa signalled it could be the first with an international government bond to use a new G20 ‘Common Framework’ plan.
The scheme, which is open to over 70 of the world’s poorest countries, encourages their governments to defer or negotiate down their external debt as part of a wider debt relief programme.
The money raised by the "bonds" were not used properly to start making payments on them; so Abiy's government need to negotiate. Projects like the GERD were mismanaged/misappropriated and new 3-4 Chinese & other contractors were hired to do the work by removing METEC; according to Dr. Sileshi Bekele, the duds couldn't build a functioning flour mill, let alone a huge project like GERD. So, time and money was wasted.
Having said that, GERD for one is now progressing quickly to the finishing line; not only it will generate one billion dollars a year when completed selling power, it has multiplier effect to make our country prosperous. In other words, down the line, we can pay our debt comfortably.
Listen to the following interview of Dr. Sileshi: