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IMF executive board approves Ethiopia review, unlocking $262m

The executive board of the International Monetary Fund (IMF) has approved the third review of Ethiopia's $3.4bn (R59.52bn) loan programme, the IMF said on Wednesday, unlocking access to $262.3m (R4.59bn) in financing for the East African nation as the country continues debt restructuring talks. Ethiopia and IMF staff reached a staff-level agreement on May 30, citing "strong results" from the first year of the programme, which aims to stabilise Ethiopia's economy amid ongoing debt restructuring negotiations with official creditors and bondholders. The approval comes as Ethiopia and its official creditor committee, co-chaired by France and China, finalised a memorandum of understanding on debt restructuring. The draft agreement, announced in principle in March, aims to restructure $8.4bn (R147.05bn) in debt and provide $2.5bn (R43.76bn) in debt service relief during the IMF programme period, which runs through 2028. The debt restructuring process is part of the G20 Common Framework initiative designed to accelerate debt treatments for low-income countries. Ethiopia has been in default since December 2023.