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Ethiopia secures $1.5 billion in debt relief

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Ethiopia secured a 1.5 billion U.S. dollar debt relief agreement with creditors, its central bank chief said. The deal will temporarily ease the country’s financial burden as it seeks a wider funding programme.

National Bank of Ethiopia Governor Mamo Mihretu and confirmed the deal in a statement on Thursday.

“We’ve been able to achieve an interim debt service suspension and therefore able to save around $1.5 billion that would have gone to debt servicing,” Mamo told a parliamentary committee.

The landlocked country has about $28 billion of external debt and is also grappling with inflation at and a shortage of foreign currency reserves.

Ethiopia has been in discussions with the International Monetary Fund for a programme of financial support for its economic reforms.

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