Sunday, October 2

IMF giving advice to Ethiopia’s creditors, monitoring conflict

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LONDON — The International Monetary Fund is providing technical advice to Ethiopia’s creditor committee working on debt restructuring and will hold further discussions with authorities on the East African country’s proposed reforms and on potential IMF financial support, a Fund spokesperson said on Thursday.

An IMF staff visit to Ethiopia provided an initial look at the country’s plans and work to prepare for a future mission to negotiate a potential new Fund program was continuing, the spokesperson said in a statement.

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The statement did not provide any details on the timing of a potential mission, which Ethiopia’s finance minister had said was expected in September.. But fighting has erupted again around the borders of Ethiopia’s northern Tigray region, shattering a ceasefire declared in March.

“We are closely following the recent developments on the ground and hope that there is a quick return to peace,” the spokesperson said.

“The Fund has been and will continue to work closely to provide needed technical support to the work of the creditor committee,” the spokesperson added.

“Building on the IMF staff visit in June, we look forward to discussing with the Ethiopian authorities their reform plans and modalities for potential IMF support.” (Reporting by David Lawder and Rachel Savage; Editing by Toby Chopra and Stephen Coates)

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