On 23 February, the IMF reached a staff-level agreement for the combined first and second reviews of Ethiopia’s ECF/EFF programme. As such, we will have to wait until the matter goes to the Board and the report is published before there is more clari...

Ethiopia’s announcement of plans to restructure its external debt under the G20’s Common Framework this past Friday took markets, and us, by surprise (see here for the announcement and here for our initial thoughts). We can then compare the outputs t...

Ethiopia plans to restructure its debt under the G20's Common Framework – a new restructuring process for eligible countries with unsustainable debt that goes beyond debt service relief under DSSI – media reports said on Friday. The IMF staff report...

We present our top strategy picks and provide a brief description of the motivation of each one. Buy on Ethiopia 6.625% 2024, which we’ve upgraded from Hold. Despite the anticipated arrival of LNG revenues later in the decade, fiscal consolidation wi...

Ethiopia’s National Planning Commission recently released the final GDP estimates for the 2019-20 fiscal year that ended in June 2020. While the headline figure—of 6.1 percent real GDP growth—has been widely reported, other aspects have received less...

Our Top 5 picks for 2021 are Buys on Angola, Ethiopia, Mozambique, Sri Lanka and Egypt T-bills. Seven other trades to watch – Ecuador, Pakistan, Ukraine, Turkish local & credit, other HY, local currency. Global tailwinds are expected to continue into...