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Ethiopia
Summary
Moody’s B1 / S&P B / Fitch B1
Economy: Agriculture 41%, Industry 16%, Services 43%
Ethiopia is one of the poorest countries in the world but has experienced one of the highest growth
rates. The economy has grown at an average rate of 10.2% on the back of the “development state”
model, which has helped to improve social conditions and infrastructure substantially. The challenge
for Ethiopia going forward is to sustain strong economic growth without major economic imbalances.
The public sector plays a key role in economic expansion, putting pressure on the public balance sheet
and indirectly on the banking system as SOEs are major borrowers. The external sector is relatively
weak given the high current account deficit and relatively low foreign reserves. On the political side,
the ruling party won the parliamentary elections comfortably in 2015 and remains firmly in power.
However, social tension has been erupting against the government from ethnic Oromos and Amharas,
which has led to major protests and a state of emergency in October 2016 for six months. As a
response to the crisis, the government has reshuffled the cabinet to include Oromo members.
Economic Indicators
2013
2014
2015
2016F
2017F
Population (Millions)
2012
85.6
87.0
88.3
89.8
91.2
92.7
GDP per Capita (USD)
504
548
628
687
759
830
Nominal GDP (USD Billions)
43.1
47.7
55.5
61.6
69.2
76.9
7.5
Real GDP (%)
8.7
9.9
10.3
10.2
6.5
Year-End CPI (%)
15.0
7.7
7.1
10.0
9.7
8.0
Fiscal Balance (% of GDP)
-1.2
-1.9
-2.6
-2.5
-3.0
-3.2
Interest (% of Revenues)
1.9
2.1
2.4
2.7
3.2
3.2
FC Debt/Public Debt (%)
55.2
54.9
53.6
52.1
51.4
51.6
Government Debt (% of GDP)
36.9
42.4
46.3
56.1
57.4
60.3
238.6
268.0
310.7
347.2
332.5
353.1
Current Account (% of GDP)
-6.9
-5.9
-7.9
-12.0
-10.7
-9.3
FDI (% of GDP)
2.5
2.6
4.0
5.2
6.4
6.3
External Debt (% of GDP)
20.3
23.3
25.5
30.0
32.9
35.0
Foreign Reserves/External Debt (%)
Government Debt (% of Revenue)
27.4
22.5
23.0
18.4
16.1
15.3
Foreign Reserves (Mo. of Imports)
1.4
1.5
1.9
1.9
1.9
1.9
Foreign Reserves (% of GDP)
5.6
5.2
5.9
5.5
5.3
5.3
As of November 2016
Forecasted or estimated results do not represent a promise or guarantee of future results and are subject
to change.
Source: IMF, Standard Bank, Haver and Lazard
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Lazard Emerging Markets Debt
Rating History
Below is a history of the country’s foreign and local currency ratings by the major agencies
dating back to 2000. We have also included a chart of the country’s hard currency external
debt spread and the JP Morgan EMBI Global Diversified Index spread for comparison.
Rating History
Hard Currency
Local Currency
B+
B+
B
B
B-
2000
2008
Moody's
2016
S&P
Fitch
B-
2000
2008
Moody’s
S&P
2016
Fitch
As of December 2016
Performance represents past performance. Past performance is not a reliable indicator of future results.
Source: Fitch, Moody’s, Standard and Poor’s, Bloomberg
Bond Spreads
1000
800
600
400
200
0
2008
Ethiopia
2010
2012
2014
2016
EMBIGD
As of December 2016
Performance represents past performance. Past
performance is not a reliable indicator of future
results.
Source: JP Morgan
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Ethiopia
Strengths
Strong Economic Growth
Ethiopia’s economy is growing at one of the fastest paces in the world, at an average rate
of 10.2% in 2006–2016, which is among the top five globally.2 In the next five years, the
International Monetary Fund expects the economy to grow at average rate of 7.4%, among
the top 10 in the world.3 Expansionary fiscal policy is an engine of economic growth, especially as several public companies are completing major investment projects in the energy
sector, as Ethiopia is aiming to become an energy exporting country. One of the most important projects in the pipeline is the construction of the largest hydropower plant on the Blue
Nile River, which will increase electricity output fivefold by 2020.4 In the past decade, the
service and agriculture sectors have led economic growth with the industrial sector lagging.5
Economic Growth Potential
Not only is the country growing, it has untapped growth potential. Although Ethiopia’s
economy is small by global standards, it is one of the largest economies in Sub-Saharan
Africa, totaling US$76.9 billion.6 It has a very young population with an average age of 18,
which may be an important source of growth.7 The young population and relatively low
income levels may attract foreign firms looking for cheap labor. In addition, Ethiopia has the
second-largest population in Africa; thus, it could continue to expand and become an attractive market, assuming income levels increase.
Banking System
The banking system is relatively healthy, although not very diversified, according to the IMF.
The banking system is dominated by three banks that total close to 80% of banking assets.
The Commercial Bank of Ethiopia (CBE), the public bank, is by far the most important,
amounting to 70% of the system’s assets.8 The capital adequacy ratio of the banking system
amounts to 15% compared to the minimum requirement of 8%, while non-performing
loans represent 3.5% of total loans. Liquidity has declined, but remains slightly above the
15% minimum requirement at 16.1%. 9 Through the CBE, the banking system provides a
substantial amount of credit to public enterprises.10
Political Stability
Ethiopia is Africa’s oldest independent country, and since the overthrow of the communist
regime in 1991, political stability has consolidated. However, democracy is rather weak as
the country has been governed by one party, the Ethiopian People’s Revolutionary Party
(EPRDF), since 1991. Meles Zenawi was the prime minister from 1995 until his death in
2012; he was replaced by Hailemariam Desalegn, who is still in power. During most of Prime
Minister Zenawi’s term, economic performance was solid and social conditions improved,
including ending famine in Ethiopia.11 However, on the political side, he was known for
intimidating the opposition.12 Democratic elections tend to fall short of international standards, and although international observers criticized the previous election, no sanctions have
been adopted.13 The last parliamentary elections took place in May 2015 and the EPRDF
won by a huge margin. It, and its allies, won 546 seats out of the 547 seats in Congress, thus
maintaining political stability for the country until the next election cycle.
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Lazard Emerging Markets Debt
Weaknesses
Social Tensions
The Oromos, Ethiopia’s largest ethnic group accounting for almost 35% population, have
been staging protest rallies against systematic persecution and discrimination since April
2014. Oromos are traditionally farmers, and a development plan that intended to expand
Addis Ababa territorial limits into towns and villages inhabited by Oromos was perceived as
an annexation that triggered massive national protests14 resulting in thousands arrested and
an estimated 400 deaths. This led the Amhara, the second-largest ethnic group accounting
for 27% of the population, and traditionally a rival to the Oromos, to also protest against
the government in July 2016, as both ethnic groups feel they are economically and politically
marginalized by a government that is dominated by ethnic Tigray, who account for only 6%
of the population.15 Ultimately, these protests evolved into a broader rally over politics and
human rights that resulted in the government declaring a state of emergency for six months
in October 2016, the first time in 25 years.16 Amid increasing social tensions, in November
2016, the prime minister reshuffled his entire cabinet to include Oromian ministers, but this
is unlikely to calm the situation.17
Limited Economic Diversification
The Ethiopian economy is not very diversified, with the agriculture sector playing a key role
in the economy. According to CIA indicators, agriculture amounts to close to 50% of GDP
and more than three-fourths of the labor force.18 Coffee is by far the most important export,
amounting to about one-third of total exports.19 Meanwhile, agricultural products amount to
close to three-quarters of total exports.20 The government is aiming to diversify away from the
agricultural sector and to expand the industrial sector with the goal of increasing the share of the
industrial sector from 12.9% of GDP to 18.8% of GDP.21 The government is spending a large
share of its budget in the capital expenditure necessary to diversify away from agriculture, and
has also developed a 10-year National Sustainable Tourism Master Plan to foster tourism.22
Government Balance Sheet
The public-sector balance sheet is weak when public enterprises are included. The general
government deficit totaled an estimated 3% of GDP in 2017–2018 and is expected to remain
at similar levels in the medium term. A 3% deficit seems low, but this does not include the
public enterprises, which are expanding considerably. Including the public enterprises, total
financing needs of the public sector are close to 7.4% of GDP. Government debt has also
increased considerably, increasing from 40% of GDP in 2010 to 60% in 2017, although a
significant portion was used to finance large-scale infrastructure investments.
Public Enterprises
The public sector continues to play an important role in the economy as public companies
control key industries such as in the electricity, telecommunications, and financial sectors.
Opening up some key industries may help increase competition and put less pressure on
the government balance sheet.23 The government has also created a new Ministry for Public
Enterprises, which will strengthen the commercial profitability of SOEs and improve governance.24 However, there is also a risk that any potential problems with the public enterprises
could lead to significant problems in the banking system. Banks have a high exposure to
public enterprises, as they are the major borrowers in the economy, accounting for slightly
more than 50% of the banking sector’s domestic credit.25
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Ethiopia
Financing Limitations/Low Savings
Ethiopia has a very low savings rate, which is common among poor countries. The banking system is relatively small, with domestic credit totaling less than 10% of GDP.26 The
domestic debt market is not very developed, even when compared with some other African
countries such as Ghana, Kenya, and Nigeria. Like other African countries, the central
government is dependent on multilateral lending. The central bank is also another important
financing source of the central government. Meanwhile, public enterprises consume a large
portion of banking system resources, crowding out the private sector.
External Sector
Ethiopia runs large external imbalances reflected in the high current account deficit, totaling close to 10% of GDP; the rising external debt; low foreign reserves; and an overvalued
exchange rate. The high current account deficit reflects both the country’s low savings and
lack of competitiveness despite an increase in exports. Like most African countries, Ethiopia
imports many of the products it consumes domestically. The country’s ongoing investment
projects have also resulted in higher intermediate capital imports. Meanwhile, the bulk of
the financing comes from concessional lending and from foreign direct investment (FDI).
At the same time, the level of foreign reserves remains very low, equivalent to two months
of imports, which falls below the three-month threshold considered to be adequate. The
exchange rate is overvalued by an estimated 10–15%.27
Landlocked
Ethiopia’s location is not ideal. It is a landlocked country, which increases transportation
costs substantially, especially since infrastructure is not limited. About 90% of Ethiopia’s
trade goes through Djibouti, which is located about 700 kilometers from the capital.28
This results in significant costs. For example, the cost to import a container is US$2,660 in
Ethiopia compared to US$670 in Vietnam.29 On the positive side, the government is replacing the railway connecting Addis Ababa and Djibouti, which should reduce costs by half.30
Location
Ethiopia is located in a relatively unstable area as it shares borders with Sudan, South Sudan,
and Somalia, three countries that are facing civil war or have faced a recent armed conflict.
The armed conflicts in neighboring countries negatively affect economic growth via trade,
while increasing social costs as a result of refugees from these countries.31 While Ethiopia’s
relationship with Eritrea has improved since the end of the war in 2000, tension remains as a
result of disputed border regions.32
Transparency of Economic Data
A key constraint of Ethiopia is transparency and the quality of economic indicators, even
by Sub-Saharan Africa standards. The best source of information is the IMF, and additional
details of Ethiopia’s economic data is not readily available. The quality of the data is also
limited; for example, the national accounts are not very reliable, according to the IMF.33 The
government does not provide the details of the public balance sheet, especially the public
enterprises and the financial system, which makes it very difficult to analyze the strength of
the public and financial sectors. In addition, the informal sector is relatively large, totaling
38.6% of GDP, but this is in line with the 38% ratio for all low-income countries. The large
informal sector is one of the reasons that tax collection is very low at only 11% of GDP.34
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Lazard Emerging Markets Debt
Income Level
Although social indicators are relatively good by Sub-Saharan standards, Ethiopia is still one
of the poorest countries in the world despite recent improvements. Ethiopia’s GDP per capita
totals an estimated US$830, among the bottom 10 in the world.35 The government spends
a substantial amount on social programs, with poverty-related expenditure totaling 12% of
GDP.36 According to an IMF report, Ethiopia has “the second largest social protection program
in Africa.”37 This has helped to reduce poverty levels faster than other African countries; poverty
levels have declined from above 60% in 1982 to close to 30% in 2011, while in the rest of SubSaharan Africa, poverty has only declined from 60% in 1996 to 48% through 2010.38 Ethiopia
also ranks higher than other low-income countries on the Human Development Index,39 and
its income distribution is more evenly distributed than in other African countries.40 The government’s ultimate goal is to become a middle-income country by 2025.
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Ethiopia
Country Background
Size
1,104,300 KM2 (27th)
Capital
Addis Ababa
Population
102.4 Million
Ethnic Groups
Oromo 34%, Amhara 27%, Somali 6%, Tigrai 6%
Religion
Ethiopian Orthodox 43.5%, Muslim 33.9%, Protestant 18.5%
Median Age
17.8 Years
Literacy Rate
49.1%
Independence
—
Political System
Federal Republic
Prime Minister
Hailemariam Desalegn
Legislative Elections
2020
Legislative Branch
Bicameral
Economy
Agriculture 40.5%, Industry 16.2%, Service 43.3%
Labor Force
Agriculture 85%, Industry 5%, Service 10%
Merchandise Exports
Coffe, Khat, Gold
Export Partners
China 17%, Germany 7 %, US 7%, Belgium 7%,
Saudi Arabia 7%
Currency
Birr (ETB)
As of November 2016
Source: CIA
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Lazard Emerging Markets Debt
Country Timeline
Italy invades
1895
Italy invades Ethiopia.
1896
Italian forces defeated by the Ethiopians at Adwa; treaty of Wuchale annulled; Italy recognises Ethiopia's independence but retains control over Eritrea.
1913
Menelik dies and is succeeded by his grandson, Lij Iyasu.
1916
Lij Iyasu deposed and is succeeded by Menelik's daughter, Zawditu, who rules through a
regent, Ras Tafari Makonnen.
1930
Zawditu dies and is succeeded by Ras Tafari Makonnen, who becomes Emperor Haile
Selassie I.
1935
Italy invades Ethiopia.
1936
Italians capture Addis Ababa, Haile Selassie flees, king of Italy made emperor of Ethiopia;
Ethiopia combined with Eritrea and Italian Somaliland to become Italian
East Africa.
Haile Selassie’s reign
1941
British and Commonwealth troops, greatly aided by the Ethiopian resistance - the arbegnoch defeat the Italians, and restore Haile Selassie to his throne.
1952
United Nations federates Eritrea with Ethiopia.
1962
Haile Selassie annexes Eritrea, which becomes an Ethiopian province.
1963
First conference of the Organisation of African Unity held in Addis Ababa.
Red terror
1973-74 An estimated 200,000 people die in Wallo province as a result of famine.
1974
Haile Selassie overthrown in military coup. General Teferi Benti becomes head of state.
1975
Haile Selassie dies in mysterious circumstances while in custody.
1977
Benti killed and replaced by Colonel Mengistu Haile Mariam.
1977-79 Thousands of government opponents die in "Red Terror" orchestrated by Mengistu; collectivisation of agriculture begins; Tigrayan People's Liberation Front launches war for regional
autonomy.
1977
Somalia invades Ethiopia's Ogaden region.
1978
Somali forces defeated with massive help from the Soviet Union and Cuba.
1984-85 Worst famine in a decade strikes; Western food aid sent; thousands forcibly resettled from
Eritrea and Tigre.
1987
Mengistu elected president under a new constitution.
1988
Ethiopia and Somalia sign a peace treaty.
After Mengistu
1991
Ethiopian People's Revolutionary Democratic Front captures Addis Ababa, forcing Mengistu
to flee the country; Eritrea establishes its own provisional government pending a referendum
on independence.
1992
Haile Selassie's remains discovered under a palace toilet.
1993
Eritrea becomes independent following referendum.
1994
New constitution divides Ethiopia into ethnically-based regions.
1995
Negasso Gidada becomes titular president; Meles Zenawi assumes post of prime minister.
1998
Ethiopian-Eritrean border dispute erupts into armed clashes.
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Ethiopia
War with Eritrea
1999
Ethiopian-Eritrean border clashes turn into a full-scale war.
2000
June—Ethiopia and Eritrea sign a ceasefire agreement which provides for a UN observer
force to monitor the truce and supervise the withdrawal of Ethiopian troops from Eritrean
territory.
2000
November—Haile Selassie buried in Addis Ababa's Trinity Cathedral.
2000
December—Ethiopia and Eritrea sign a peace agreement in Algeria, ending two years of conflict. The agreement establishes commissions to delineate the disputed border and provides
for the exchange of prisoners and the return of displaced people.
2001
February—Ethiopia says it has completed its troop withdrawal from Eritrea in accordance
with UN-sponsored agreement.
2002
April—Ethiopia, Eritrea accept a new common border, drawn up by an independent commission, though both sides then lay claim to the town of Badme.
2003
April—Independent boundary commission rules that the disputed town of Badme lies in
Eritrea. Ethiopia says the ruling is unacceptable.
2004
January-February—Nearly 200 killed in ethnic clashes in isolated western region of Gambella.
Tens of thousands flee area.
2004
March—Start of resettlement programme to move more than two million people away from
parched, over-worked highlands.January-February - Nearly 200 killed in ethnic clashes in isolated western region of Gambella. Tens of thousands flee area.
2004
November—Ethiopia says it accepts "in priniciple" a boundary commission's ruling
on its border with Eritrea. But a protracted stalemate over the disputed town of Badme continues.
2005
March—US-based Human Rights Watch accuses army of "widespread murder,
rape and torture" against Gambella region's ethnic Anuak people. Military angrily rejects
charge.
2005
April—First section of Axum obelisk, looted by Italy in 1937, is returned to Ethiopia
from Rome.
Disputed poll
2005
May—Disputed multi-party elections lead to violent protests over months. April - First section
of Axum obelisk, looted by Italy in 1937, is returned to Ethiopia from Rome.
2005
August-September—Election re-runs in more than 30 seats: Officials say the ruling party
gains enough seats to form a government.
2005
December—International commission, based in The Hague, rules that Eritrea broke international law when it attacked Ethiopia in 1998. More than 80 people, including journalists and
many opposition leaders, are charged with treason and genocide over November's deadly
clashes.
2006
May—Six political parties and armed groups form an opposition alliance, the Alliance for
Freedom and Democracy, at a meeting in the Netherlands. Several bomb blasts hit Addis
Ababa. No organisation claims responsibility.
2006
August—Several hundred people are feared to have died and thousands are left homeless as
floods hits the north, south and east.
Somalia tensions
2006
September—Ethiopia denies that its troops have crossed into Somalia to support the transitional government in Baidoa.
2006
October—UN Secretary General Kofi Annan urges Eritrea to pull back the troops it has moved
into the buffer zone on the Ethiopian border. The UN says the incursion is a major ceasefire
violation. War of words between Ethiopia and Islamists controlling much of Somalia. Prime
Minister Meles says Ethiopia was "technically" at war with the Islamists because they had
declared holy war on his country.
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Lazard Emerging Markets Debt
2006
November—UN report says several countries - including Ethiopia - have been violating a 1992
arms embargo on Somalia by supplying arms to the interim government there. Ethiopia's arch
enemy Eritrea is accused of supplying the rival Islamist administration. Ethiopia and Eritrea
reject a proposal put forward by an independent boundary commission as a way around
a four-year impasse over the demarcation of their shared border. Ethiopian troops enter
Somalia, engage in fierce fighting with Islamists controlling large parts of the country and
capital. The Islamists disperse.
Somalia invasion
2006
December—Exiled former dictator Mengistu Haile Mariam is convicted, in absentia, of genocide at the end of a 12-year trial. He is later sentenced to death.
2007
April—Gunmen attack a Chinese-owned oil facility in the south-east Somali region, killing 74
people working there.
2007
June—Opposition leaders are given life sentences over mass protests that followed elections in 2005, but are later pardoned.
2007
September—Ethiopia celebrates the start of a new millennium according to the calendar of
the Coptic Orthodox Church.
2007
November—Ethiopia rejects border line demarcated by international boundary commission.
Eritrea accepts it.
2008
June—Peace agreement signed between Somali government and rebels provides for withdrawal of Ethiopian troops within 120 days.
2008
July—UN Security Council votes unanimously to end UN peacekeeping mission monitoring
disputed border between Ethiopia and Eritrea.
2008
September—Celebrations held to mark completion of reassembly of 1700-year-old Axum
Obelisk, looted in 1937 during the Italian conquest and returned by Italy in three parts after
2005.
2008
December—Police re-arrest key opposition leader Birtukan Medeksa, who was jailed for her
role in the opposition protests after the 2005 polls, and freed under a government pardon in
2007.
Somalia pullout
2009
January—Ethiopia formally withdraws forces from Somalia.
2009
June—Ethiopia admits to "reconnaissance missions" in Somalia, but denies re-deploying
troops there.
2009
August—Ethiopia, Eritrea ordered to pay each other compensation for their 1998-2000 border
war.
2009
September—Chinese firms secure deal to build several hydro-power dams and
wind farms.
2009
November—Twenty-six found guilty of coup plot.
2009
December—Rebels of the Ogaden National Liberation Front claim capture of several towns in
the east in a month of heavy fighting.
2010
May—Ruling Ethiopian People's Revolutionary Democratic Front (EPRDF) wins huge majority in parliamentary elections, handing PM Meles Zenawi a fourth term. EU observes say the
vote "fell short". Opposition leaders demand a rerun.
2010
October—Ongoing clashes reported between government forces and Ogaden rebels.
Tensions with Eritrea
2011
March—Ethiopia accuses Eritrea of sending agents across the border to plant bombs and
warns it will take all necessary measures to halt Eritrean "aggression". Ogaden National
Liberation Front members, Mogadishu, 2006 Rebels from the ethnic Somali Ogaden region
are seeking regional autonomy.
2011
April—Ethiopia for the first time declares openly that it will support Eritrean rebel groups fighting to overthrow President Isaias Afewerki.
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Ethiopia
2011
June—Parliament designates three domestic political and armed organisations as terrorist
groups.
2011
July—Drought. Millions of Ethiopians and refugees from Somalia need emergency aid. Two
Swedish journalists are captured by Ethiopian troops in Ogaden region during a clash with
ONLF rebels.
2011
October—The American military begins flying drone aircraft from a base in Ethiopia, as part of
its fight against Islamist militants in Somalia.
2011
November—Ethiopian troops are spotted in Somalia. A government spokesman denies their
presence.
2011
December—Two Swedish journalists arrested while covering conflict in Ogaden region are
found guilty of supporting terrorism. They are sentenced to 11 years in jail.
2012
January—Ethiopia accused of forcing thousands off their land for foreign investors.Group of
European tourists kidnapped, killed in remote Afar region near the border with Eritrea.
2012
March—Ethiopian troops attack positions in south-eastern Eritrea, alleging that subversive
groups were being trained there.
2012
June—Rebel Ogaden National Liberation Front claims it attacked an army convoy and garrison, killing 168 Ethiopian troops. Ethiopian troops withdraw from towns in central Somalia
which they had seized from rebel al Shabaab control.
New leader
2012
August—Prime Minister Meles Zenawi dies after several months of rumours about his declining health. Deputy Prime Minister and Foreign Minister Hailemariam Desalegn takes over the
following month.
2013
June—Ethiopia and Egypt agree to hold talks to quell tensions over the building of an
Ethiopian dam on the Blue Nile. Egypt worries the dam will reduce vital water supply.
2015
March—Ethiopia destroys entire stockpile of illegally poached ivory. Conservationists say the
country remains a key trafficking hub.
2015
May—Ruling Ethiopian People's Revolutionary Democratic Front (EPRDF) wins an overwhelming victory in general election.
2015
July—Barack Obama becomes the first sitting US president to visit Ethiopia, and praises the
country's role in fighting Al-Shabab militants in Somalia.
Anti-government protests
2016
January—Government drops plans to expand Addis Ababa boundaries after months of protests by Oromo ethnic group fearing farmers could be displaced. Rights groups estimate at
least 140 people killed by security forces during protests.
Millions of people face dire food shortages after Ethiopia suffers its worst drought in decades.
2016
July—Tens of thousands of people from Ethiopia's ethnic Amhara group take part in an antigovernment demonstration in the northern city of Gondar.
2016
September—The African Union calls for restraint in Ethiopia after months of anti-government
protests which began in the central Oromo region before spreading to Amhara in the north.
Human rights groups say at least 500 people have been killed.
2016
September—Britain, the EU and the World Bank announce a project to create 100,000 jobs in
Ethiopia. A third of the jobs will be for Eritrean refugees to whom the Ethiopian government
will grant full employment rights.
2016
October—Government declares a six-month state of emergency following months of violent
anti-government protests.
2016
December—Economic growth declines to 8% from a previous annual average of 10%.
Government blames drought but observers say unrest has also had an effect.
Source: BBC
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Lazard Emerging Markets Debt
Notes
1 As of December 2016.
2 World Economic Outlook Database,” International Monetary Fund, October 2016, accessed on November
26, 2016, http://www.imf.org/external/pubs/ft/weo/2016/02/weodata/index.aspx.
3 World Economic Outlook Database,” International Monetary Fund, October2016, accessed on November
26, 2016, http://www.imf.org/external/pubs/ft/weo/2016/02/weodata/index.aspx.
4 Pronina, Lyubov, “Ethiopia Plans Debut Dollar-Bond Joining Ghana, Kenya,” Bloomberg, November 25,
2014, accessed on December 10, 2014, http://www.bloomberg.com/news/2014-11-25/ethiopia-plans-debutforeign-currency-bond-joining-ghana-kenya.html.
5 “Ethiopia: Article IV Consultation,” International Monetary Fund, IMF Country Report No. 14/303, October
2014, http://www.imf.org/external/pubs/ft/scr/2014/cr14303.pdf.
6 “World Economic Outlook Database,” International Monetary Fund, October 2016, accessed on November
26, 2016, http://www.imf.org/external/pubs/ft/weo/2016/02/weodata/index.aspx.
7 “The World Factbook,” Central Intelligence Agency, accessed on December 9, 2014, https://www.cia.gov/
library/publications/the-world-factbook/geos/et.html.
8 “The Federal Democratic Republic of Ethiopia: Selected Issues,” International Monetary Fund, IMF Country
Report No. 13/309, October 2013, http://www.imf.org/external/pubs/ft/scr/2013/cr13309.pdf.
9 Ethiopia: Article IV Consultation,” International Monetary Fund, IMF Country Report No. 16/322, October
2016, https://www.imf.org/external/pubs/ft/scr/2016/cr16322.pdf.
10“Ethiopia: Article IV Consultation,” International Monetary Fund, IMF Country Report No. 14/303, October
2014, http://www.imf.org/external/pubs/ft/scr/2014/cr14303.pdf.
11Ethiopia Bond Prospectus, 2014.
12“Ethiopia’s Hailemariam Desalegn sworn in as prime minister,” BBC, September 21, 2014, accessed on
December 10, 2014, http://www.bbc.com/news/world-africa-19672302.
13EU observers say Ethiopia election ‘falls short,’” BBC, May 25, 2010, accessed on December 10, 2014,
http://www.bbc.com/news/10153216. Malone, Barry, and David Clarke, “Ethiopia’s Meles rejects poll
criticism,” Reuters, May 26, 2010, accessed on December 10, 2014, http://www.reuters.com/article/2010/05/26/us-ethiopia-election-idUSTRE64P5IZ20100526.
14http://www.cnn.com/2016/08/09/africa/ethiopia-oromo-protest/ accessed November 26, 2016.
15http://qz.com/753252/ethiopias-previously-divided-ethnic-groups-are-unifying-to-protest-against-the-government/ accessed November 26, 2016.
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