Ethiopian Finance Minister Ahmed Shidi said today, Sunday, that his country in the “final stage” of negotiations with creditors, as part of a plan to restructure its debts.
Ethiopia is making efforts to restructure its sovereign debt under the G20 initiative, but the talks with creditors were slowly advancing.
Difficulties
Ethiopia faces difficulties in paying its huge debts, as it left in 2023 to pay international bonds worth one billion dollars.
“We are in the final stage of negotiations on debt restructuring,” the minister said at a joint press conference in the capital Addis Ababa, adding that the process will be completed soon.
At the end of last June, the external debt of Ethiopia amounted to $ 28.9 billion, almost half of which is due to multilateral lenders such as the International Monetary Fund, the World Bank and the African Development Bank.
“It is at the top of my priority list,” said Georgiviva, referring to the process of restructuring Ethiopia’s debt.
In July, Ethiopia reached an agreement with the International Monetary Fund on a new financing program worth $ 3.4 billion.
