Ethiopia will save $4.9 bln from debt restructuring, state minister says

Ethiopia expects $4.9 billion in debt relief after completing a restructuring process, according to State Finance Minister Eyob Tekalign.

This follows the country's default on its debt at the end of 2023.

Ethiopia recently secured a new IMF financing program and aims to finalize deals with creditors soon.

Prime Minister Abiy Ahmed highlighted reforms, including the restructuring of a $1 billion Eurobond.

The central bank allowed the birr to float freely, causing a significant devaluation.

While the move aims to unify the official and black market rates, concerns over inflation have prompted a government crackdown on price hikes and hoarding.