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Africa Live: Top Ugandan court upholds controversial anti-LGBT law - BBC News | |
(32 minutes later) | |
A team from the International Monetary Fund (IMF) visited Ethiopia to discuss the country's request for financial support, but left without reaching a deal. | A team from the International Monetary Fund (IMF) visited Ethiopia to discuss the country's request for financial support, but left without reaching a deal. |
The IMF said in a statement that it however "made substantial progress" in establishing how it could support the country's economic programme. | The IMF said in a statement that it however "made substantial progress" in establishing how it could support the country's economic programme. |
Discussions with Ethiopia's authorities will continue later this month, said the team's head, Alvaro Piris. | Discussions with Ethiopia's authorities will continue later this month, said the team's head, Alvaro Piris. |
Ethiopia is on the verge of an economic crisis after defaulting on a $33m (£26m) interest payment that was due in December. | Ethiopia is on the verge of an economic crisis after defaulting on a $33m (£26m) interest payment that was due in December. |
The Paris Club - a group of creditor nations - set a condition for Ethiopia to secure an IMF loan by the end of March in order to maintain a debt-servicing deal that gives the country repayment relief until next year. | The Paris Club - a group of creditor nations - set a condition for Ethiopia to secure an IMF loan by the end of March in order to maintain a debt-servicing deal that gives the country repayment relief until next year. |
The East African country's economic difficulties were worsened by the Covid pandemic and back-to-back conflicts. | The East African country's economic difficulties were worsened by the Covid pandemic and back-to-back conflicts. |
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