ADDIS ABABA/LONDON, Jan 3 (Reuters) – Ethiopia has struck a preliminary agreement with a group of investors holding some of its $1 billion 2024 international bond, according to the Finance Ministry, a crucial step on the African nation’s path to restructure its debt.
The draft agreement covers the main financial terms of the debt rework, a statement on the ministry’s official Facebook page said on Friday.
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However, authorities still needed to agree the non-financial terms of the new instrument that was going to be issued to replace the defaulted bonds with the Ad Hoc Committee, it said.
The ministry had also communicated the terms of the agreement to the International Monetary Fund and its Official Creditor Committee, and was waiting for feedback from both.
Ethiopia strikes draft restructuring deal on $1 billion bond with bondholder group
