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 <p>The <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> alliance invited six new countries to join the bloc during the 15th summit in August 2023 in Johannesburg. Argentina was the only country to reject <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> membership as the newly-elected President Javier Milei was skeptical about the group. Read here to know the real reason why Argentina declined <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> membership after receiving the invitation. However, the United Arab Emirates, Egypt, Iran, and Ethiopia joined <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> and are now part of the grouping. Conflicting reports about Saudi Arabia joining the alliance are now making the rounds.</p>
 <p><strong>Also Read:&nbsp;3 Countries Agree To Launch <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> Currency To Challenge US Dollar</strong></p>
 <h2 class="wp-block-heading" id="h-brics-ethiopia-succumbs-to-financial-burden">BRICS: Ethiopia Succumbs To Financial Burden</h2>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="585" src="https://cdn.thebittimes.com/images/2024/01/18/cb0601f8ce252c4e9cec351948bce6b0.webp" alt="brics spotlight" class="wp-image-118159" srcset="https://cdn.thebittimes.com/images/2024/01/18/cb0601f8ce252c4e9cec351948bce6b0.webp 1024w, https://cdn.thebittimes.com/images/2024/01/18/cb0601f8ce252c4e9cec351948bce6b0.webp 300w, https://cdn.thebittimes.com/images/2024/01/18/cb0601f8ce252c4e9cec351948bce6b0.webp 768w, https://cdn.thebittimes.com/images/2024/01/18/cb0601f8ce252c4e9cec351948bce6b0.webp 380w, https://cdn.thebittimes.com/images/2024/01/18/cb0601f8ce252c4e9cec351948bce6b0.webp 550w, https://cdn.thebittimes.com/images/2024/01/18/cb0601f8ce252c4e9cec351948bce6b0.webp 800w, https://cdn.thebittimes.com/images/2024/01/18/cb0601f8ce252c4e9cec351948bce6b0.webp 1063w" sizes="(max-width: 1024px) 100vw, 1024px">
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   Source: Watcher Guru
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 <p>The new <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> member Ethiopia recently defaulted on a <a rel="noopener noreferrer nofollow" title="Eurobond" href="https://thebittimes.com/tag/eurobond.html">Eurobond</a> loan installment redemption. Just a few days before the New Year, the US-based rating agency Fitch marked Ethiopia down to <strong>“restricted default”</strong>. The government of Ethiopia is unable to repay the <a rel="noopener noreferrer nofollow" title="Eurobond" href="https://thebittimes.com/tag/eurobond.html">Eurobond</a> loan installments and is now in the process of negotiating an aid package with the International Monetary Fund (IMF).</p>
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 <p><strong>Also Read:&nbsp;These 25 Countries Are Ready To Join BRICS in 2024</strong></p>
 <p>Ethiopia hopes the aid package will lift up its ailing economy and help the country on a path of recovery. The aid will not only bring hope to Ethiopia but will also provide stability to Africa as a whole. Finance Minister Ahmed Shide explained that the move is seen as an important gain to Ethiopia during the financial crisis.</p>
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 <p><strong>“Ethiopia will continue to cooperate with its traditional partners,” </strong>Shide said.<strong> “But Ethiopia will also significantly improve its relations with new partners, such as the BRICS countries, whose economies are growing quickly”.</strong></p>
 <p><strong>Also Read:&nbsp;<a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a>: Investors Bet Indian Rupee Will Rise, US Dollar To Decline</strong></p>
 <p>The majority of the <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a> members, both old and new, are financially stable except for Ethiopia. However, Susanne Stollreiter, Head of the Friedrich Ebert Foundation (FES) in Addis Ababa, said that Ethiopia will grow with <a rel="noopener noreferrer nofollow" title="BRICS" href="https://thebittimes.com/tag/brics.html">BRICS</a>. <strong>“Ethiopia is very important from a geopolitical point of view. Owing to its large population, its economy has the potential to grow strongly in the future,”</strong> she said.</p>
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  <li>BRICS</li>
  <li>ethiopia</li>
  <li>Eurobond</li>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/ethiopia-gets-a-difficult-start-in-brics-tbt76983.html">https://thebittimes.com/ethiopia-gets-a-difficult-start-in-brics-tbt76983.html</a></p>

Ethiopia Gets a Difficult Start in BRICS

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