Ethiopia Advocates For Accelerated Debt Relief At Global Sovereign Debt Roundtable

Ethiopia’s Finance Minister Ahmed Shide represented Ethiopia at the Global Sovereign Debt Roundtable/GSDR co-chaired by the IMF, WB, and Brazil as the G20 Presidency, during the 2024 Spring Meetings.

The meeting, according to the Ethiopian Embassy in Washington, D.C., was attended by Paris Club and non-Paris Club creditors, debtor countries, and representatives of the private sector.

The discussion focused on progress on debt relief processes to date and measures that can be taken to accelerate debt restructuring and make them more efficient, including under the G20 Common Framework.

The Minister expressed Ethiopia’s position on the ongoing debt restructuring discussions under the Common Framework.

He reiterated Ethiopia’s appreciation of the Framework and efforts by creditors and partners to improve the debt treatment process, including the advocacy for automatic debt service suspension while underscoring the actions that can be taken now to provide timely debt relief for countries under debt distress, including alignment of interest between official creditors and private creditors/bondholders as well as the need to shorten the timeline for debt treatment and avoid protracted negotiations on debt restructuring.

The meeting agreed the GSDR will continue to work closely together and with other partners to further support the international response to current debt challenges.

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