Italian G20 Presidency welcomes 1st meeting of Creditor Committee for Ethiopia under Common Framework for Debt Treatments beyond

On Thursday 16 September, a Creditor Committee co-chaired by France and China was established to address the issue of Ethiopia’s debt sustainability. G20 and Paris Club creditors met the Ethiopian authorities to discuss their request.


The Italian G20 Presidency welcomes the 1st meeting of the Creditor Committee for Ethiopia under the Common Framework for Debt Treatments beyond the DSSI

On Thursday 16 September, a Creditor Committee co-chaired by France and China was established to address the issue of Ethiopia’s debt sustainability. G20 and Paris Club creditors met the Ethiopian authorities to discuss their request.

In its capacity as G20 Presidency, Italy welcomes the establishment of the Creditor Committee as well as the commitment by the members of the committee to start the negotiation with the Federal Democratic Republic of Ethiopia and takes note of the joint statement issued by the Creditor Committee formed by 12 countries. This is a further step towards implementation of the Common Framework.

1st Meeting of the Creditor Committee for Ethiopia under the Common Framework for Debt Treatments beyond the DSSI

Statement

28 September 2021

On 3 February 2021, the Federal Democratic Republic of Ethiopia requested a debt treatment under the Common Framework for Debt Treatments beyond the DSSI, endorsed by the G20 and the Paris Club.

On 16 September 2021, twelve countries co-chaired by China and France officially formed a Creditor Committee to discuss Ethiopia’s request. During its first meeting held by video conference, the Ethiopian authorities presented their request for a debt treatment. The IMF and World Bank representatives presented Ethiopia’s recent macroeconomic developments and the current status of their relationship with Ethiopia.

The Creditor Committee for Ethiopia will convene its second meeting in a timely manner to pursue its work in seeking an appropriate solution to the issue of Ethiopia’s external debt.

Background notes

1. The Creditor Committee for Ethiopia was formed on September 16, 2021, under the “Common Framework for Debt Treatments beyond the DSSI”, endorsed by the G20 and the Paris Club in November 2020.

2. Members of the Creditor Committee for Ethiopia are representatives of countries with eligible claims on Ethiopia. China and France co-chair the Creditor Committee.

Observers at the meeting were representatives of the International Monetary Fund and the World Bank Group.

3. The delegation of Ethiopia was headed by HE Ahmed Shide, Minister of Finance and Economic Development.

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