An International Monetary Fund staff mission is in Ethiopia, a senior finance ministry official said on Thursday, as the nation faces a deadline with major creditor countries to secure a loan from the international lender.
Last month, IMF spokesperson Julie Kozack had said the fund would send a mission to the Horn of Africa nation to discuss its request for a loan programme. The ministry official did not disclose the reason for the mission’s visit. In December, the Paris Club of developed creditor nations said Ethiopia’s agreement with its bilateral creditors, other than China, to suspend debt payments until 2025 could be voided if the country does not secure an IMF loan by March 31, 2024.
In the same month, Ethiopia became Africa’s third default in as many years after it failed to make a payment on its $1 billion Eurobond. Ethiopia is also in talks with IMF to borrow around $3.5 billion under a reform programme, three sources familiar with the matter told Reuters in December. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
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