Ethiopian delegation attending IMF/WB annual meeting in Washington, D.C.

Addis Ababa, October 25, 2024 (FBC) – High-level Ethiopian delegation has participated in the Global Sovereign Debt Roundtable (GSDR) co-chaired by IMF Managing Director Kristalina Georgieva, World Bank President Ajay Banga, and Finance Minister of Brazil Fernando Haddad (G20 chair).

It is learned that the GSDR deliberated on how to make the debt restructuring process more effective.

Speaking at the Round Table, State Minister of Finance, Eyob Tekalign shared Ethiopia’s debt restructuring experience.

In this connection, he underscored the criticality of making interim debt suspension arrangements automatic when countries are making good faith efforts to resolve their debt issues.

State Minister Eyob also presented an innovative approach to the debt restructuring process by establishing a clear timeline requiring conclusion of the debt restructuring within six months following the approval of an IMF program by the board.

Participants of the Round Table agreed on the need to ensure the efficiency, timelines and predictability of the debt restructuring process.