Ethiopia Reaches Preliminary Deal With Group of Investors Holding Part of Its $1 Billion 2024 International Bond: Finance Ministry
Ethiopia Reaches Preliminary Deal With Group of Investors Holding Part of Its $1 Billion 2024 International Bond: Finance Ministry
The draft deal outlines the key financial terms of the debt restructuring, the Finance Ministry said on Friday. However, non-financial terms of the new instrument to replace the defaulted bonds still need to be agreed upon with the Ad Hoc Committee.
The ministry added that it had shared the agreement’s terms with the IMF and the Official Creditor Committee and was awaiting their feedback to ensure compliance with Ethiopia’s long-term debt sustainability.
Ethiopia defaulted on its only international bond in late 2023 and opted to restructure its debt under the G20 Common Framework, which requires equal treatment for bilateral, Eurobond, and other commercial creditors.
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