IMF Pins Ethiopia Funding Program on Debt-Restructuring Progress

Ethiopia’s long-awaited International Monetary Fund program requires clear commitments from development partners and financing assurances from creditors on the nation’s debt-restructuring plan for funding to be approved, the Washington-based lender said.

The Horn of Africa nation is in talks with the lender about a loan of at least $2 billion. The government must initiate a new funding program to proceed with an overhaul of up to $28.2 billion of external debt under the Group of 20’s so-called Common Framework.