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Toronto – China’s economic influence in Africa has been growing and Ethiopia has been one of the countries that benefited from the former’s economic presence.
Now Ethiopia and China are poised to take their economic relation to the next level as agreement has been reached between the two countries for currency swap.
Ahmed Shide, Ethiopia’s Minister for Finance, revealed this in an interview with the state media.
However, details of the amount of currency swap is undisclosed at this time.
What is indicated is that the National Banks of China and Ethiopia are instructed to work on it. Timeline for finalization is unspecified too.
Chinese financial service providers will be operating in Ethiopia as part of the arrangement for the currency swap, according to Ahmed Shide.
Ethiopia has been struggling with hard currency shortages in recent years.
In July this year, Ethiopia signed a currency swap agreement with the United Arab Emirates amounting to U.S. $817 million which is believed to ease the reserve shortage for U.S. dollars.
There is speculation that the currency swap arrangement with China could be much higher. Currently, China is the largest source of Foreign Direct Investment to Ethiopia and the largest trading partner.
According to a report by state media, China and Ethiopia have signed about 17 cooperation agreements on the sidelines of the Forum on China-Africa Cooperation (FOCAC) in Beijing this week.
Forum on China-Africa Cooperation (Focac) is organized every three years and it was the 9th edition this year.
President Xi Jinping of China on Thursday pledged over $50 billion in financial support to Africa and creation of more than one million jobs during his speech to the African heads of state who were hosted in Beijing for the China-Africa summit.
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This is a great development, the Chinese Yuan is one of the IMF’s basket of currencies, which means existing USD based IMF loans obligations can be paid using the Yuan instead of USD.
Most importantly, the recent IMF austerity-demand in exchange for a new line of loan can be canceled in favor of a loan from China with a lower interest-rate as well as no interference in the country’s sovereignty. There are other huge future benefits related to IMF & WB case by having these arrangements in place now.
Link = scmp.com/news/china/article/3229556/argentina-strikes-deal-peoples-bank-china-secure-us17-billion-yuan-imf-debt
Be well.
Blessed love,
Give thanks for the Sabbath.
Ethiopia is facing challenges with protecting it’s citizens and concerns with it’s national sovereignty? How does this play a role into the economy of Ethiopia. Are they ready to allow Chinese immigrants into their society through these kind of transactions? Why is the Prime Minister far away from Ethiopia at this present time where 10000 Egyptian troops have been deployed with weapons of destruction along it’s borders. Why are there ethnic tensions within Ethiopia that has escalated to genocidal war?
The Chinese people and government must prove themselves to being loyal and trustworthy to make such open access to Ethiopian economy and market. Furthermore, the Chinese government must be an Ally to the Ethiopian government and Ethiopian people… Afterall, we as the would should seek for the best interests and outcomes in Ethiopia is a sacred place to humanity.
You probably do not know or wouldn’t mind, but the Europeans ( you probably do not know) colonized the majority of African nations ( enslaving (buy & sell) thousands) except one Ethiopia. As they have done all around the world, “the Americas” killing (100s) of millions, Asia, Australia doing the same and ransacking the resources of these places and they went on to build what they now call “The Garden” with the stolen loot.
Read and watch the link i post below and tell me what part of that is remotely resemblance to what the Chinese with the full collaboration the African leaders standing with them are attempting to do, in proposing these win/win economic development to build “the garden” ‘in Africa’, they have already have built their ‘Garden’ in China (in 40 years, not 600) without invading a single country.
Link = duckduckgo.com/?q=king+furdinad+of+belgium+cur+congoliese+hands+for+not+…&atb=v314-1&ia=web
(1)
Link = youtube.com/watch?v=7Q9i2azb4c8
(2)
Link = youtube.com/@GeorgeGallowayOfficial
(3)
Link = youtube.com/watch?v=Vx_2L_eYVjU
(4)
Link = youtube.com/watch?v=VhyfijyEkqo
(5)
Link = youtube.com/watch?v=XMb9nxEzzKA
Either you are new to the planet, or are brainwashed watching CNN (CIA podcast), MSNBC Rachel meadow and all the rest
All the mainstream mead are owned and operated by the jewish billionaires according to a post on X by Elon Musk, I was unable to post a copy of his post here… but you can find it on X yourself.
Link = https://projects.iq.harvard.edu/futureofmedia/index-us-mainstream-media-ownership
TPOTEOZ.
“You live you learn”, or ignore all to your own detriment.
Be well.
Hii