Having been marred by 3 years of fighting, East Africa’s largest economy has taken a significant hit and losses incurred as a result are rippling through the nation’s economy.
The AfricaReport, a news publication, recently reported that “cash-strapped Ethiopia has secured a $1.5bn debt relief” from some of its lenders. The report reads in part, “The debt relief agreement was reached with bilateral creditors, including China which has loaned Ethiopia around $14bn.”
Mamo Mihretu, Ethiopia’s National Bank governor made the announcement on Wednesday and confirmed the via a statement from the Paris Club of Creditor Nations on Thursday. He stated that the country has been able to save $1.5 billion from debt forgiveness.
“We’ve been able to achieve an interim debt service suspension and therefore able to save around $1.5bn that would have gone to debt servicing,” Mamo disclosed to a parliamentary committee.
Speaking on the subject the Paris Club stated; “this debt standstill from Ethiopia’s official bilateral
Source: Bussiness Insider
