The Ethiopian government is hoping that the G20 countries’ decision to suspend debt service will be extended for a longer period.

The State Minister of Finance, Eyob Tekalegn, informed the Budget and Finance Affairs Standing Committee at the budget hearing on Monday, June 24, that the debt service suspension, which was scheduled to expire on June 30, will be further extended.

To expedite Ethiopia’s negotiations on the Common Framework (CF), which aims to restructure debt service for poor countries, and to wrap up discussions with the International Monetary Fund (IMF) that are anticipated to release funds for the nation, the G20 countries granted Ethiopia a debt suspension in the budget year ending on July 7.

According to Eyob, the negotiations under CF are progressing well. “We will stay on the same course in the upcoming months, which might result in further suspension of debt service.”

Ethiopia was the first nation to request debt treatment under the Common Framework in early 2021, but it has taken more than three years to complete the process.