Ethiopia saved USD1.44 billion debt service dueOfficials at the Ministry of Finance say they expect to see Ethiopia’s external debt standing upgraded to ‘moderate’ status following an agreement with external creditors and the International Monetary Fund (IMF). An IMF debt restructuring program is also expected to eliminate Ethiopia’s budget deficit for up to six years, according to Ahmed Shide, minister of Finance. “Negotiations for debt restructuring under the Common Framework are ongoing. Ethiopia’s external debt currently stood at USD28.4 billion, a slight increment from last year due to fresh disbursements from World Bank. According to the finance ministers, Ethiopia’s debt to GDP is still sound but deteriorating compared to the stagnating export performance.

Source: Ethiopian News May 22, 2024 14:05 UTC