Ethiopia made only 10% of loan repayments that were due in the first nine months of the country’s fiscal year after a debt suspension agreement reached in 2023 gave it some respite, according to Finance Minister Ahmed Shide . The nation repaid $52.1 million in the July-March period, when it should have remitted $512 million, Ahmed told lawmakers in the capital, Addis Ababa. Ethiopia and some of its lenders agreed last year to freeze repayments, which led the east African nation to default on a eurobond repayment in December.

Source: Ethiopian News May 22, 2024 15:20 UTC