Ethiopia’s Finance Minister Highlights Progress in Debt Treatment at Global Roundtable

WASHINGTON D.C. — Ethiopia’s Finance Minister Ahmed Shide recently reiterated the country’s gratitude for international efforts aimed at improving the debt treatment process, including proposals for automatic debt service suspensions. Shide represented Ethiopia at the Global Sovereign Debt Roundtable (GSDR), co-chaired by the IMF, World Bank, and Brazil under its G20 presidency, during the 2024 Spring Meetings.

According to Ethiopian News Agency, the roundtable included participation from Paris Club and non-Paris Club creditors, debtor nations, and private sector representatives. Discussions at the meeting centered on evaluating the current progress of debt relief initiatives and exploring methods to expedite and enhance debt restructuring processes under the G20 Common Framework.

Minister Shide used the platform to express Ethiopia’s support for the Framework and the collaborative efforts by creditors and international partners to refine debt management strategies, emphasizing the importance of adopting automatic mechanisms for debt service suspension to alleviate pressures on debt-distressed countries.

Furthermore, he advocated for the alignment of interests between official creditors and private bondholders and called for a reduction in the timeframe required to negotiate debt restructurings. The meeting concluded with a consensus on the necessity for continued close cooperation among stakeholders to address global debt challenges effectively.