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Bond Market News
Ethiopia Receives $3.4bn Funding from the IMF
July 30, 2024
Ethiopia has won the approval for $3.4bn funding from the IMF. The funding will be spread over four years as part of an economic reform program, with $1bn being disbursed on an immediate basis. The key step in the economic reform program is to begin debt restructuring talks with creditors. The IMF said in its statement the program will “catalyze additional external financing from development partners and provide a framework for the successful completion of the ongoing debt restructuring.” Ethiopia has about $28.4bn of external debt and has been seeking to restructure its loans since 2021, whose progress was delayed by a two-year civil war. Ethiopia’s central bank paved the way for an IMF deal when it announced on Monday that it would allow its currency to trade freely, a step echoed by a similar measure by Egypt in March earlier this year.
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