Addis Ababa, Ethiopia – Ethiopia has successfully negotiated a $1.5 billion debt relief agreement, providing significant respite to the nation’s financial challenges. The announcement was made by the Governor of the National Bank of Ethiopia, Mamo Mihretu.

According to Africa News Agency, the agreement marks an “important achievement” for Ethiopia, a country grappling with economic strain. Governor Mamo Mihretu, addressing a parliamentary committee, stated that the interim debt service suspension will save approximately $1.5 billion in debt servicing costs. This relief comes at a crucial time for Ethiopia, whose economy has been severely impacted by the two-year conflict in the Tigray region, which concluded with a peace agreement in November of the previous year.