{"id":997,"date":"2026-01-03T12:38:46","date_gmt":"2026-01-03T12:38:46","guid":{"rendered":"https:\/\/www.amn.gov.et\/en\/?p=997"},"modified":"2026-01-03T12:38:49","modified_gmt":"2026-01-03T12:38:49","slug":"ethiopia-reaches-agreement-in-principle-with-ad-hoc-committee-of-bondholders-on-principal-financial-terms-of-restructuring-of-2024-notes-ministry-of-finance","status":"publish","type":"post","link":"https:\/\/www.amn.gov.et\/en\/ethiopia-reaches-agreement-in-principle-with-ad-hoc-committee-of-bondholders-on-principal-financial-terms-of-restructuring-of-2024-notes-ministry-of-finance\/","title":{"rendered":"Ethiopia reaches agreement in principle with Ad Hoc Committee of bondholders on principal financial terms of restructuring of 2024 Notes- Ministry of Finance"},"content":{"rendered":"\n

<\/a>AMN PLUS – January 2\/2026<\/p>\n\n\n\n

The Ministry’s Full Statement<\/p>\n\n\n\n

The Ministry of Finance (\u201cMoF\u201d) of the Federal Democratic Republic of Ethiopia (\u201cEthiopia\u201d) announces today that between 23 December and 1 January 2026 (the \u201cRestricted Period\u201d), it held restricted discussions with a group of holders (the \u201cAd Hoc Committee\u201d, and together with Ethiopia, the \u201cParties\u201d) of its US$ 1 billion 6.625% Notes due 2024 (the \u201c2024 Notes\u201d) to discuss the potential restructuring of the 2024 Notes. Ethiopia was joined by its legal and financial advisors, White & Case LLP and Lazard, respectively, and the Ad Hoc Committee was joined by its legal and financial advisors, Weil, Gotshal & Manges (London) LLP and Ankura Sovereign Advisors LLP, respectively. The Ad Hoc Committee comprises institutional holders controlling in aggregate more than 45% of the 2024 Notes.<\/p>\n\n\n\n

The MoF is pleased to announce that the discussions yielded an agreement in principle (the \u201cAgreement in Principle\u201d) between Ethiopia and the Ad Hoc Committee on the principal financial terms of a restructuring of the 2024 Notes.<\/p>\n\n\n\n

Ethiopia believes that the Agreement in Principle is consistent with: (i) the targets and parameters of Ethiopia\u2019s International Monetary Fund (\u201cIMF\u201d) programme; and (ii) the Comparability of Treatment principle as applied by Ethiopia\u2019s official creditor committee (\u201cOCC\u201d). The terms of the Agreement in Principle have been communicated to the OCC for their non-objection as well as to the IMF to ensure compliance with Ethiopia\u2019s long-term debt sustainability.<\/p>\n\n\n\n

In parallel, Ethiopia has committed to work collaboratively and in good faith with the Ad Hoc Committee and its advisors to reach agreement on non-financial terms of the new instruments to be issued in the restructuring. The Agreement in Principle remains subject to reaching agreement on such non-financial terms and receipt of the confirmations from the IMF and the OCC referenced above.<\/p>\n\n\n\n

Ethiopia also commits to expedite the implementation of the restructuring of the 2024 Notes through an exchange offer and\/or consent solicitation as early as possible in 2026.<\/p>\n\n\n\n

Ethiopia would like to thank the Ad Hoc Committee and the Ad Hoc Committee\u2019s advisors for their close collaboration, constructive spirit and continuous support throughout the negotiations.<\/p>\n","protected":false},"excerpt":{"rendered":"

AMN PLUS – January 2\/2026 The Ministry’s Full Statement The Ministry of Finance (\u201cMoF\u201d) of the Federal Democratic Republic of Ethiopia (\u201cEthiopia\u201d) announces today that between 23 December and 1 January 2026 (the \u201cRestricted Period\u201d), it held restricted discussions with a group of holders (the \u201cAd Hoc Committee\u201d, and together with Ethiopia, the \u201cParties\u201d) of […]<\/p>\n","protected":false},"author":1,"featured_media":998,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"cybocfi_hide_featured_image":"","footnotes":""},"categories":[10,4],"tags":[],"class_list":["post-997","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-ethiopia","entry","has-media"],"_links":{"self":[{"href":"https:\/\/www.amn.gov.et\/en\/wp-json\/wp\/v2\/posts\/997","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.amn.gov.et\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.amn.gov.et\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.amn.gov.et\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.amn.gov.et\/en\/wp-json\/wp\/v2\/comments?post=997"}],"version-history":[{"count":1,"href":"https:\/\/www.amn.gov.et\/en\/wp-json\/wp\/v2\/posts\/997\/revisions"}],"predecessor-version":[{"id":999,"href":"https:\/\/www.amn.gov.et\/en\/wp-json\/wp\/v2\/posts\/997\/revisions\/999"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.amn.gov.et\/en\/wp-json\/wp\/v2\/media\/998"}],"wp:attachment":[{"href":"https:\/\/www.amn.gov.et\/en\/wp-json\/wp\/v2\/media?parent=997"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.amn.gov.et\/en\/wp-json\/wp\/v2\/categories?post=997"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.amn.gov.et\/en\/wp-json\/wp\/v2\/tags?post=997"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}