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Ethiopia Defaults on $33m Bond Payment
Ethiopia, Africa’s second most populous nation, entered official default Tuesday, December 26, 2023 after failing to pay a $33 million interest payment on its sole international government bond. This marks the third such default in Africa in three years, placing Ethiopia alongside Zambia and Ghana in a comprehensive debt restructuring process under the G20’s “Common Framework” initiative.
The East African nation had previously announced its intention to default earlier this month, grappling with economic pressures from the COVID-19 pandemic and a two-year civil war that ended in November 2022. Despite a 14-day grace period, bondholders confirmed by Friday the 22nd that no payment had been received.
“This widely expected default underscores the severe financial strain Ethiopia faces, with depleted foreign reserves and rampant inflation,” stated an economic analyst familiar with the situation. “Joining the Common Framework with Zambia and Ghana marks a critical step towards restructuring debts and seeking sustainable solutions.”
Ethiopia initially sought debt relief under the G20-led initiative in 2021. However, progress was stalled by the civil war. While government creditors like China agreed to a debt service suspension deal in November, negotiations with private sector bondholders, primarily pension funds, fell through by December 8th, prompting S&P Global to downgrade the bond to “Default” on December 15th.
The default casts a shadow over Ethiopia’s economy, raising concerns about potential impacts on foreign investment and access to international markets. However, it also opens the door for comprehensive debt restructuring under the Common Framework, offering a potential path towards economic recovery and long-term financial stability.
South African Playwright Mbongeni Ngema Dies In Car Crash At 68
South Africa is mourning the loss of renowned playwright, composer, and theatrical director Mbongeni Ngema, who died in a car crash on Wednesday, December 27, at the age of 68. Ngema was a prolific artist whose work chronicled the struggles and triumphs of Black South Africans during apartheid and beyond.
President Cyril Ramaphosa led the nation in paying tribute to Ngema, calling him a “masterful storyteller” who “honored the humanity of oppressed South Africans” and “exposed the inhumanity” of apartheid. Tributes also came from fellow artists, with actress Sophie Ndaba saying that Ngema would be “remembered for generations to come.”
Ngema’s career began in the 1970s, when he transitioned from backing guitarist to stage actor. He co-wrote the groundbreaking play “Woza Albert!” in 1981, which satirized apartheid through the lens of Jesus Christ’s return to Earth. This play, along with subsequent works like “Asinamali!” and the iconic musical “Sarafina!”, established Ngema as a leading voice in South African protest theatre.
“Sarafina!”, set during the Soweto Uprising, captured the revolutionary spirit of South African youth and resonated with audiences worldwide. The play was later adapted into a successful film starring Whoopi Goldberg in 1992.
Ngema’s post-apartheid work continued to grapple with social issues, but it also sparked controversy. His play “Sarafina 2,” aimed at raising awareness about HIV/AIDS, was criticized for its high production costs and perceived messaging flaws. Similarly, his song “AmaNdiya,” which addressed alleged racism within the Indian community, was banned for inciting hatred.
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