Ethiopia in talks to restructure US$1B more of debt - FurtherAfrica 12 °c London Saturday, September 24, 2022 No Result View All Result Countries Angola Botswana Cape Verde DRC Eswatini Ethiopia Kenya Malawi Mauritius Mozambique Namibia Nigeria Rwanda South Africa Tanzania Uganda Zambia Zimbabwe Interviews Understanding Videos Travel Weekend About Countries Angola Botswana Cape Verde DRC Eswatini Ethiopia Kenya Malawi Mauritius Mozambique Namibia Nigeria Rwanda South Africa Tanzania Uganda Zambia Zimbabwe Interviews Understanding Videos Travel Weekend About No Result View All Result No Result View All Result Home Debt Ethiopia in talks to restructure US$1B more of debt by Staff July 8, 2021 in Africa, Budget, Debt, Economy, Ethiopia, Finance, Government, Securities Reading Time: 2 mins read 899 18 0 Share via QRWhatsappShare on FacebookShare on TwitterLinkedInPinteresteMail Ethiopia plans to restructure an additional $1 billion of debt as the government seeks to free up funds to support its economic recovery. Restructuring of the debt will provide a grace period of as long as six years and extend the maturity by 10 years, the Finance Ministry said in a report on its website. “$2.5 billion in principal and interest payment has been postponed for five years by commercial creditors under the first external debt restructuring scheme,” according to the report. The announcement comes after Ethiopia in January requested to rework its debt under the Group of 20 common framework — an initiative to secure debt relief for poor nations from all creditors, including China and commercial lenders. The plan to restructure at least $1 billion more doesn’t include Eurobonds, State Minister of Finance Eyob Tekalign said by phone on Wednesday. Also read: Ethiopia announce tender process to sell 40% of Ethio Telecom G-20 Request Separately, the International Monetary Fund on Tuesday urged Ethiopia to quickly create a creditor committee to support the nation’s debt plans. The IMF in February said it backed Ethiopia’s move to rework its debt under the G-20 program as it would strengthen debt sustainability, and boost the nation’s efforts of recovering from the coronavirus pandemic. With sovereign debt, Chinese loans and other official credit, Ethiopia is considered a key test for the G-20 push aimed at averting a slew of defaults in the developing world. “The IMF strongly encourages the swift formation of the creditor committee for Ethiopia to enable the timely delivery of the debt operation that Ethiopia is requesting” under the G-20 common framework, IMF spokesperson, Gerry Rice, said in an emailed statement. The committee will support Ethiopia’s plan to create fiscal space for development spending and lower the risk that comes with reprofiling debt-service obligations, according to the statement. Yields on Ethiopia’s $1 billion of 2024 securities climbed 30 basis points to 9.79% by 3:26 p.m. in London. That’s the biggest jump in seven weeks. 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Read more All Africa Music Awards unveils 2022 nominees September 24, 2022 BW Energy to discuss Kudu Gas at Invest in Namibia Forum at AEW 2022 September 24, 2022 Oando Energy CEO to drive energy security dialogue at AEW 2022 September 24, 2022 Malawi partners with Scatec, EDF and IFC for Mpatamanga hydropower project September 24, 2022 FurtherAfrica Partners Network Subscribe to FurtherAfrica Enter your email address to receive new articles on your email. Email Address Subscribe Join 100,353 other subscribers. © 2021 FurtherMarkets FurtherAfrica is a FurtherMarkets Limited platform Countries Interviews Understanding Videos Travel Weekend About Follow Us No Result View All Result Countries Angola Botswana Cape Verde DRC Eswatini Ethiopia Kenya Malawi Mauritius Mozambique Namibia Nigeria Rwanda South Africa Tanzania Uganda Zambia Zimbabwe Interviews Understanding Videos Travel Weekend About © 2021 FurtherMarkets Welcome Back! Login to your account below Remember Me Forgotten Password? 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