Ethiopian Delegation Engages in Global Sovereign Debt Discussions

WASHINGTON: A high-level Ethiopian delegation participated in the Global Sovereign Debt Roundtable during the 2024 annual meetings of the International Monetary Fund (IMF) and the World Bank. The roundtable was jointly led by IMF Managing Director Kristalina Georgieva, World Bank President Ajay Banga, and Brazil's Finance Minister Fernando Haddad, who currently chairs the Group of 20.According to Ethiopian News Agency, Ethiopia's Finance State Minister, Eyob Tekaligne, shared insights on the country's experience with debt relief. Tekaligne advocated for temporary debt relief for nations demonstrating good faith in repaying their obligations. He proposed a new procedure aiming to complete debt restructuring within six months following the approval of IMF programs.Participants at the meeting acknowledged the necessity of an effective, reliable, and timely debt restructuring process. The Global Sovereign Debt Roundtable serves as a platform for debtor countries and creditors to enhance understanding of debt sustainability and restructuring challenges. Co-chaired by the IMF, World Bank, and the G20 Presidency, the roundtable includes official bilateral creditors, private creditors, and borrowing nations.