Economy

Ethiopia Last of Six Restructuring Cases Yet to Close Bond Exchange

Ethiopian Business Review · 4 hours ago · Read the Full Story on Ethiopian Business Review

AI SUMMARY

A global debt report shows Ethiopia is the only country among six post-pandemic restructuring cases yet to complete its bond exchange.

Ethiopia is the only country among six post-pandemic debt restructuring cases tracked globally that has yet to complete its bond exchange.
The Global Sovereign Debt Roundtable 7th co-chairs progress report was released on 14 October in Bangkok.
Zambia, Ghana, Sri Lanka and Suriname closed their bond exchanges between November 2023 and December 2024.
Ethiopia requested debt treatment under the G20 Common Framework in early 2021 and currently shows no closing date.
Ethiopia's credit ratings are Caa3 at Moody’s, SD at S&P and RD at Fitch.
Ethiopia took 2.1 months from staff-level agreement to IMF programme approval, the quickest of all six cases.
11 of 14 bilateral agreements with official creditors on the Official Creditor Committee have been finalized.
An initial deal proposed a 15 percent haircut on Ethiopia’s $1 billion Eurobond, on which it defaulted in December 2023.
Ethiopia reached a new agreement in principle on 29 June, which the Ministry of Finance announced on 21 August was found consistent with comparability of treatment by the OCC.
The new deal and other agreements cover about 75 percent of Ethiopia’s external commercial debt and include a New Money Warrant.
National Bank of Ethiopia Governor Eyob Tekalign urged the GSDR to provide streamlined processes, clear timelines, and early caps on advisory fees for new applicants.
The World Bank has committed close to $16 billion to Ethiopia since fiscal year 2021, with over half on grant terms and net flows above $17.3 billion.
The IMF completed the fifth review of Ethiopia’s programme in July.

Read the Full Story on Ethiopian Business Review

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