Ethiopia has made a deal to restructure its defaulted $1bn international bond after investors threatened to sue over the flaws of a G20 framework for reworking debts of poor countries.
Ethiopia’s finance ministry said on Monday that a group of bondholders had agreed to cut the face value of the debt to $880mn, after years of abortive talks and official creditor opposition that almost landed the restructuring in court.
The new deal has the “non-objection” of China, Ethiopia’s biggest official creditor, and approval by the IMF, the finance ministry said. It comes after Ethiopia secured more than $8bn of debt relief from official creditors in recent years.
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