Debt Restructuring
Ethiopia has reached an agreement in principle with the Ad Hoc Committee of eurobond holders to restructure its 2024 notes. This breakthrough follows more than two years of seeking debt relief and over a year since defaulting on interest payments. The Ministry of Finance announced the deal on Friday.
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An IMF delegation is in Ethiopia for the fourth review of the nation's Extended Credit Facility program. The review highlights debt restructuring and currency challenges. Successful completion would unlock about $262.3 million in funding.