IMF Urges Creditor Committee for Quick Decisions

Jul 17 , 2022

The International Monetary Fund (IMF) has called on the creditor committee for Ethiopia to hasten negotiations with federal authorities and reach an agreement for the debt restructuring process under the G-20 Common Framework. IMF representatives said the Fund's representatives and the country's creditor committee, chaired by France and China, are due for a sitdown in the coming week. Ethiopia is one of the three African countries that have applied for debt restructuring under the G-20 common framework in February 2020. The process has been moving slowly, frustrating IMF officials. Ethiopia owes external creditors close to 30 billion dollars, nearly half of which goes to China. Chad and Zambia are the other two African countries that have applied for debt rework under the framework.