Ethiopia became Africa’s third default in as many years in December 2023. Progress on debt restructuring has been sluggish amid slow movement on reforms and drawn-out negotiations of a $3.4 billion programme with the International Monetary Fund.
During a call with global investors on Tuesday, the government sketched out “illustrative” terms of a bond restructuring, saying an 18% haircut – or writedown – on the nominal value of its sole outstanding dollar bond, excluding past due interest, would be compatible with debt sustainability targets.
Source link : https://www.cnbcafrica.com/2024/ethiopia-bondholders-reject-governments-1-bln-bond-restructuring-outline/
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Publish date : 2024-10-03 10:09:06
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