IMF Calls for Formation of Creditor Committee

Jul 11 , 2021


[ssba-buttons]

The International Monetary Fund (IMF) has called for the swift formation of a creditors committee that will be in charge of reviewing Ethiopia's credit restructuring request, according to a statement issued last week by Gerry Rice, spokesperson for the fund. “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," reads the statement In November 2020, G20 nations made the decision to form a common framework for restructuring government debts to help ease the burdens of developing economies that have been hampered by the COVID-19 pandemic and are at high risk of default. Although Ethiopia requested restructuring before the G20 over five months ago, a creditors committee has not yet been formed. Ethiopian government bonds are due for repayment by 2024.


Radar

Bank of Abyssinia Signs Partnership with Droga Cooperative

Bank of Abyssinia has entered into a partnership agreement with Droga Health & Financial Savings and Credit Cooperative to provide financial support and services for its members. The agreement was signed yesterday at the Bank's headquarters. The deal aims to strengthen collaboration between the two institutions, enabling cooperative members to access tailored banking services. It was signed by Wosenyeleh Abera, Deputy CEO for Customer Relations and Marketing at the bank, and Zelalem Yilma...


Radar

Wegagen Introduces Real Time SWIFT Tracking

Wegagen Bank has launched a new mobile app feature enabling customers to track international SWIFT payments in real time. The bank is the first in Ethiopia to introduce an online SWIFT payment tracking system. By integrating SWIFT Global Payment Innovation, customers, particularly those involved in import-export trade, can monitor cross-border transactions using a Unique End-to-End Transaction Reference (UETR) directly from their smartphones. To use the service, customers select the SWIFT...


Radar

National ID, Zambia Partners to Expands Program Reach

The National ID Program has signed an agreement with Zambia's counterpart to provide consulting services for the development of software that will issue digital IDs. It is the first time the institution has extended its expertise beyond national borders, a sign of growing recognition for its rapid progress. Program officials described the partnership as a milestone in their effort to position themselves as a regional player in digital transformation. The collaboration is expected to center...