Ethiopia has reached a significant milestone in its ongoing efforts to address mounting external debt, securing a $3.5bn debt relief package through an agreement with its Official Creditor Committee (OCC), the Ministry of Finance announced on Wednesday.
The memorandum of understanding was concluded under the G20 Common Framework for Debt Treatments, a multilateral initiative aimed at supporting low-income countries facing debt distress. While the financial scope of the agreement has been disclosed, specific terms and conditions — including what Ethiopia may be offering in return — have not been made public.
In an official statement, the Ministry of Finance described the agreement as “an important milestone in Ethiopia’s journey…