Tuesday, October 3, 2023
HomeEconomyEthiopia's public creditors renew commitment to debt relief

Ethiopia's public creditors renew commitment to debt relief

PARIS (Reuters) – On Wednesday, some creditor nations renewed their promises of debt relief for cash-strapped Ethiopia in the face of glacier progress.

Ethiopia requested debt relief from its creditor governments early 2021 under the new G20 debt restructuring framework, but due to the Months of civil war, progress has been complicated in the northern region of Tigray.

The Ethiopian Creditors Committee, co-chaired by representatives of the Chinese and French governments, only met for the first time in September 2021.

The committee of creditors said in a statement Wednesday that members discussed the latest macroeconomic developments at their most recent meeting in July 19.

“The Ethiopian Creditors Committee will continue its work to find an appropriate solution to Ethiopia’s external debt vulnerabilities in a timely, orderly and coordinated manner,” the committee stated.

The Committee said it welcomed the June meeting between government and IMF staff and looked forward to further discussions on the IMF’s support program, which is needed for debt relief.

The International Monetary Fund will visit the country next month, a senior adviser to the country’s finance ministry said on Tuesday, following up on a June visit.

The International Monetary Fund, the World Bank, etc. are pushing for Ethiopia’s largest creditor, China and private creditors, to speed up the joint debt restructuring of Ethiopia, Chad and Zambia in G20 work on the debt treatment sought under the framework.

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