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23.09.2021 07:56 News >> Ethiopia Seeks To Restructure Its Debt

Ethiopia Seeks To Restructure Its Debt

Country expresses its gratitude to France, China for their efforts to give government opportunity to present its request.

Ethiopia's Finance Ministry on Wednesday welcomed the step taken by the country's creditors to restructure the nation's debt under the G20 Common Framework.
The G20 Common Framework meeting was held successfully on Sept. 16, 2021.
In a press conference, State Minister of Finance Eyob Tekalgn said the government of Ethiopia has attended the virtual meeting and presented Ethiopia's case on the overall macro reform and the need for the debt restructuring, the official Ethiopian News Agency reported.
"We are pleased with the commitment shown by the Creditor Committee to support Ethiopia in its endeavor to provide debt treatment tailored to the needs of the economy as a foundational step towards ensuring macro-economic stability," Tekalgn said.
He particularly expressed gratitude for the work done so far by the co-chairs of the creditor committee, France and China, for their tireless efforts to form the committee and the opportunity extended to the Government of Ethiopia to attend the virtual meeting and present its request.
"This action will provide liquidity relief from the economic challenges created by the COVID-19 pandemic and help establish the fiscal space needed to meet Ethiopia's development and social spending needs while lowering the risk of the debt distress rating to moderate by reprofiling debt service," he said.
He further reiterated Ethiopia's commitment to work with its creditors to finalize the details of the debt treatment.
The steadfast commitment of the government to implement the nation's Homegrown Economic Reform Plan is resulting in a resilient economy with a stable growth path, it was indicated.
"Our achievements include a prudent and proactive macroeconomic management, a sustainable public debt management system, an improved business environment for greater private sector participation, enhanced performance of public enterprises, improved export performance, as well as increased revenues and measured expenditures."
Ethiopia is beneficiary of the International Monetary Fund's Extended Credit Facility and Extended Fund Facility. Ethiopia's latest request pertains to the extended credit facility that expired on Sept. 19. The nation owes external creditors close to $30 billion, according to official reports. -



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