Ethiopia's foreign exchange reserves in 2023 are only expected to cover 0.6 months, or 18 days, of international purchases, according to the International Monetary Fund (IMF).

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  Ethiopia's foreign exchange reserves in 2023 are only expected to cover 0.6 months, or 18 days, of international purchases, according to the International Monetary Fund (IMF). Ethiopia's foreign exchange reserves are only expected to cover 0.6 months or 18 days' worth of foreign purchases in 2022, according to the IMF's most recent report on global economic growth and status. It is also expected that this situation may deteriorate in 2023. Ethiopia's foreign exchange reserves in 2023 are only expected to cover 0.7 months, or 21 days, of international purchases, according to the International Monetary Fund (IMF) . Consequently, in the year According to the organization's projection, Ethiopia will only have enough foreign exchange reserves to cover purchases for 0.6 months. Ethiopia's average yearly foreign exchange reserves for the previous five years are shown by the same IMF statistics. In 2021, there were sufficient foreign exchange reserves to pay for
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Gunfire erupted near the Guinean capital, Guinea-Bissau.



 The capital of Guinea-Bissau was engulfed in flames.

Gunfire erupted near the Guinean capital, Guinea-Bissau.

It is believed that heavily armed men surrounded the palace on Tuesday.

it happened during President Umaro Sisoko Imbalo and Prime Minister Nuno Gomez Nabiya  attended a cabinet meeting.

According to AFP, panic-stricken people were seen fleeing the area, disrupting business, closing banks and trucks were transporting  troops on the streets.

UN Secretary-General Antonio Guterres has expressed concern over reports of clashes in Guinea-Bissau.

Antonio Guterres called for an immediate end to hostilities and for the country's democratic institutions to be fully respected.

A few minutes ago, ECOWAS issued a statement denouncing the incident as a "coup attempt."

Three countries in West Africa - Mali, Guinea and Burkina Faso - have experienced military coups in less than 18 months.

Source:AFP

@Hilinasolom

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