Shijal ChudasamaJanuary 19, 2023

Ethiopia calls rumors of a depreciation of the birr "absolutely baseless."

Ethiopia calls rumors of a depreciation of the birr "absolutely baseless."

According to Ethiopia's junior finance minister, rumors that the birr currency will be depreciated are "absolutely untrue" as the nation applies for an IMF loan after agreeing to a ceasefire in its two-year civil conflict.

According to Refinitiv Eikon statistics, the birr presently exchanges for 53.42 to the US dollar, but it is apparently worth 96 to 97 on the black market, and the nation suffers long-standing foreign exchange shortages.

Eyob Tekalign, a state minister in the Ministry of Finance, stated on Twitter on Thursday that there is a "widespread notion that a devaluation is in the works." It's simply a rumor, says I. utterly unfounded Although a sensible macroreform is always on the table, there should be no worry about a simple devaluation.

Ethiopia manages the birr's currency rate, allowing it to appreciate against the dollar gradually. To address an inflated currency and a lack of foreign exchange, the IMF suggested switching to a market-determined exchange rate in 2020.

Early in 2021, the second-most populous nation in Africa asked for debt restructuring, but the two-year civil conflict in its Tigray area slowed down the process.

On November 2, the Tigray People's Liberation Front, a former rebel group that has since become a political party, and the government of Ethiopia reached a cease-fire. More than two million people were displaced by the conflict, which also had a negative impact on the economy.

The IMF, which demands debt relief promises from a country's creditors before it agrees to a loan program, has been approached by the government for assistance.

The IMF frequently demands that countries adopt an exchange rate that is more flexible. For instance, after switching to a more market-determined FX regime in accordance with the terms of an IMF program, Egypt's pound declined.

In an interview with Reuters in October, Eyob said, "We've made it very obvious we want to modernize our forex system, so the exchange rate unification remains one major policy goal, but we are just implementing it gradually."

Shijal ChudasamaJanuary 31, 2023

India's budget would face severe challenges during the upcoming fiscal year.

Indian Prime Minister Narendra Modi's administration will deliver its final budget for a complete fiscal year on February 1 before he and the

India's budget would face severe challenges during the upcoming fiscal year.
Shijal ChudasamaJanuary 31, 2023

Uzbekistan imprisons demonstrators due to discontent against the government

22 persons, including a journalist, were given varied prison sentences by an Uzbek court for the fatal uprising that occurred in the independent

Uzbekistan imprisons demonstrators due to discontent against the government
Shijal ChudasamaJanuary 31, 2023

Bahraini prisoners suffer long-lasting "wounds" as a result of torture

According to a recent investigation, torture and other alleged breaches they allegedly faced during their arrest, questioning, and detention are

Bahraini prisoners suffer long-lasting "wounds" as a result of torture
Shijal ChudasamaJanuary 30, 2023

The 150-day march of Gandhi is over. Will it, however, reinvigorate Congress?

On the final day of his over 150-day cross-country "unity" march, hundreds of people defied the bitter Himalayan cold to gather in Srinagar, the

The 150-day march of Gandhi is over. Will it, however, reinvigorate Congress?
Shijal ChudasamaJanuary 30, 2023

NATO commander calls on South Korea to increase military aid to Ukraine

Jens Stoltenberg, the secretary-general of NATO, has asked South Korea to step up its military aid to Ukraine, citing other nations that have

NATO commander calls on South Korea to increase military aid to Ukraine
Shijal ChudasamaJanuary 30, 2023

More Russian military have moved into the Ukraine border region: Governor

According to the regional governor, Russia has sent more troops and equipment to its western Kursk region along the Ukrainian border. Roman

More Russian military have moved into the Ukraine border region: Governor
Shijal ChudasamaJanuary 30, 2023

Finland declares it will support Sweden's NATO application.

According to Finland's foreign minister, despite a potential Turkish stumbling block on Sweden's NATO application, both countries still intend to

Finland declares it will support Sweden's NATO application.
Shijal ChudasamaJanuary 30, 2023

Death toll from Peshawar mosque explosion rises to 32

A suspected suicide explosion targeting police officers at a mosque in the Pakistani city of Peshawar has left over 30 people dead and 150 others

Death toll from Peshawar mosque explosion rises to 32
Shijal ChudasamaJanuary 28, 2023

India's Adani Group loses $48 billion in stocks due to allegations of fraud.

After a US investment firm said that Gautam Adani, the richest man in Asia, had engaged in "brazen" corporate fraud, shares of his business empire

India's Adani Group loses $48 billion in stocks due to allegations of fraud.
Shijal ChudasamaJanuary 28, 2023

India forbids the BBC's Modi film, "Ghosts of Gujarat"

The 2002 Gujarat riots are the subject of a BBC documentary that sparks a media frenzy in India. Additionally, the labor movement vs. the UK

India forbids the BBC's Modi film, "Ghosts of Gujarat"
Shijal ChudasamaJanuary 28, 2023

At a memorial for death camps, Russian "megalomania" in the Ukraine war is mentioned.

A recent massacre in Ukraine by Russian soldiers has been linked by the head of the Auschwitz Nazi death camp memorial to similar misery endured

At a memorial for death camps, Russian "megalomania" in the Ukraine war is mentioned.
Shijal ChudasamaJanuary 28, 2023

High-stakes presidential primaries are held by the Maldives' ruling party.

In a primary that will be held by the Maldives' ruling party, current President Ibrahim Mohamed Solih will face off against Mohamed Nasheed, a

High-stakes presidential primaries are held by the Maldives' ruling party.
Shijal ChudasamaJanuary 28, 2023

Afghan artist who is currently a refugee discusses the predicament of women

Thousands of Afghans left the country when the Taliban took back control in August 2021 out of concern for restrictions on their freedoms. One of

Afghan artist who is currently a refugee discusses the predicament of women
Shijal ChudasamaJanuary 27, 2023

Egypt's "oldest and most complete" mummy

Near Cairo, Egypt's capital, archaeologists unearthed a Pharaonic tomb with what may be the oldest and "most complete" mummy ever found

Egypt's "oldest and most complete" mummy
Shijal ChudasamaJanuary 27, 2023

UN denounces M23 rebel assault on DRC town as hundreds of people escape

The M23 rebel onslaught in the east of the country, which prompted 450 people, including women and children, to flee to the area near the UN

UN denounces M23 rebel assault on DRC town as hundreds of people escape
Shijal ChudasamaJanuary 27, 2023

US sanctions Wagner Group's financial support from a Chinese company

For allegedly providing satellite footage of Ukraine to support the mercenary Wagner Group's military operations for Russia, the US has sanctioned a

US sanctions Wagner Group's financial support from a Chinese company
Shijal ChudasamaJanuary 26, 2023

Elections in two provinces will take place in April, according to a Pakistani poll panel.

Final election dates for two provinces whose assemblies were dissolved earlier this month as part of former prime minister Imran Khan's effort to

Elections in two provinces will take place in April, according to a Pakistani poll panel.
Shijal ChudasamaJanuary 26, 2023

After securing combat tanks, Ukraine wakes up to devastating attacks

During the wave of missile and drone attacks that Russia launched against Ukraine, at least one person was reported dead in Kyiv. A day after

After securing combat tanks, Ukraine wakes up to devastating attacks
Shijal ChudasamaJanuary 26, 2023

Overview of the Middle East: Turkey, Sweden, NATO, and the Quran

NATO negotiations between Sweden and Turkey are broken off, the chief prosecutor of Lebanon and the judge who is trying to indict him square off,

Overview of the Middle East: Turkey, Sweden, NATO, and the Quran
Shijal ChudasamaJanuary 26, 2023

"Killing spree" in Iran as the authorities crack down on opposition

Alireza Akbari, a British-Iranian national and former deputy defense minister, was executed by Iran recently on suspicion of spying for the United

"Killing spree" in Iran as the authorities crack down on opposition