IMF Calls for Formation of Creditor Committee

Jul 11 , 2021

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.