By Dawit EndeshawADDIS ABABA (Reuters) - Ethiopia's new $3.4 billion financing deal with the International Monetary Fund paves the way for completion of its long-delayed debt restructuring in the next three to six months, a senior finance ministry official said on Tuesday. The announcement of the four-year, $3.4 billion programme on Monday came hours after Ethiopia had undertaken one of the IMF's key recommendations and floated its currency, the birr. "Debt restructuring should be finalised before the next IMF programme review," State Minister of Finance Eyob Tekalign told Reuters, adding that would typically be between three and six months. The IMF deal is expected to be followed by further financing of up to $7.3 billion from the World Bank and other creditors, Ethiopian officials have said. News of the IMF deal lifted the $1 billion government bond at the centre of the restructuring plan to its highest level since October 2021 on Tuesday.

Source: Ethiopian News July 30, 2024 12:55 UTC