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Ethiopia nears $1bn Eurobond restructuring deal with investors

Addis Ababa, Ethiopia. Photo by Daniel Emale @ Unsplash
Addis Ababa, Ethiopia. Photo by Daniel Emale @ Unsplash
  • Ethiopia reaches draft financial terms with holders of defaulted 2024 bond
  • IMF and official creditors yet to clear non-financial conditions

 

ADDIS ABABA, ETHIOPIAEthiopia has reached a preliminary agreement with key holders of its defaulted 2024 Eurobond, a significant step in its long-running debt restructuring process.

The draft deal, struck with a group of investors holding part of Ethiopia’s $1 billion international bond, outlines the main financial terms of a proposed restructuring, according to a statement from the Ministry of Finance. The agreement-in-principle marks the most tangible progress yet in negotiations that have dragged on for months following the country’s default.

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