Affected by financial problems and worried by new disagreements with Somalia, newly minted BRICS member Ethiopia seeks a path to solve liquidation and boost the ailing economy.
Joining the BRICS alliance of emerging economies with four other countries this year provided a glimmer of hope in Africa.
Finance Minister Ahmed Shide told CGTN that the move was an important diplomatic gain for his country.
"Ethiopia will continue to cooperate with its traditional partners," he stressed. "But Ethiopia will also significantly improve its relations with new partners, such as the BRICS countries, whose economies are growing quickly."
For the BRICS group to benefit from such a development, Ethiopia must first solve its economic problems. The country is on the brink of insolvency. "It is being squeezed by heavy foreign debt, but also by the lack of foreign currency and, above all, by rampant inflation. The latter is hurting the population," Stollreiter explained.
A flagging international economy, the after-effects of the COVID-19 pandemic, climate change and the wars in Ukraine and the Middle East are also not helping Ethiopia, according to DW.
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