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Ethiopia Seeks Market-Friendly Solution to Debt Restructuring

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Photographer: Eduardo Soteras/AFP/Getty Images

Ethiopia’s government wants to find a “market friendly” solution for a planned debt restructuring to ensure it has access to the markets for more capital in coming years, State Minister for Finance Eyob Tekalign Tolina said.

Eyob set out the state’s intentions on a call with investors on Thursday to discuss the proposed reorganization of Ethiopia’s loans under a Group-of-20 initiative.

“We want this liability exercise to not affect our ability to raise more capital,” Eyob said by text message Friday. “It’s the government’s intention to “find a market friendly solution given Ethiopia’s interest to raise significant capital from the market in the next couple of years,” he said.

Yields on Ethiopia’s $1 billion of 2024 Eurobonds soared to nine-month highs after the government’s said on Jan. 29 it intends to restructure its external debt. The announcement led Fitch Ratings to downgrade the nation’s credit and warn of an increased risk of default.

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