Ethiopia Calls for Stepped Up G20 Common Framework Debt Treatments Process

Even if the series of discussions between the Government of Ethiopia and the G20 Common Framework for Debt Treatments are likely to succeed, the slow process needs to be stepped up urgently, Finance Minister Ahmed Shide said.

The minister told ENA that if Ethiopia’s debt treatment request succeeds its high debt status will improve to a moderate one.

From the series of fruitful discussions held with stakeholders and officials, the request is believed to succeed, he added.

“We are among the countries that have requested G20 Common Framework debt treatment; and different meetings were held with the creditors’ committee. We, including the premier, have been holding many discussions and this will continue.”

According to him, it is believed that Ethiopia’s G20 Common Framework debt treatment request will succeed. “It is late. We (therefore) call for it to be quick. We are making fruitful discussions and when it succeeds our debt will improve from high to moderate.”

Moreover, the minister revealed that the government is concluding the preparation of the Second Home-Grown Economic Reform Agenda.

Ahmed pointed out that price increases are affecting Ethiopia’s economy despite the resilience and growth witnessed in the country over the past few challenging years due to the war in the northern part of the nation and the Russia-Ukraine war.

In order to solve these and other problems, the government will continue to implement the Second Home-Grown Economic Reform and facilitate reconstruction efforts, narrow macro-economic gaps, and increase private sector participation in the economy.

The Second Home-Grown Economic Reform Plan will be discussed among government circles and partners before implementation, he stated.

The First Home-Grown Economic Reform introduced in 2018 has proved effective to deter internal and external economic challenges.

Therefore, the government is working on additional economic reform plan that will help to control inflation, improve foreign currency availability and administration, enhance domestic resources mobilization, and increase local and foreign investment.

Source: Ethiopian News Agency