Ethiopia expects its long-running debt restructuring to reach completion by mid-2026, Finance Minister Ahmed Shide said on Friday, outlining a timeline as the government accelerates negotiations with lenders, Bloomberg reported.

Speaking in Addis Ababa at a briefing held with International Monetary Fund Deputy Managing Director Nigel Clarke, Ahmed said the authorities have moved into detailed, country-specific work with members of the Official Creditor Committee (OCC) after broader terms were agreed earlier this year.

The OCC, which includes China, France and other bilateral lenders, signed a memorandum of understanding in July covering 3.5 billion US dollars of obligations. According to Ahmed, most participating governments have now formalised their individual commitments, with the remainder expected to follow as technical discussions continue.

Ethiopia entered the G-20 Common Framework in 2021, a process that requires a borrower to secure comparable treatment from private creditors once terms with official lenders are settled. That condition has become a sticking point, especially after negotiations with holders of the country’s one billion US dollar Eurobond fell apart in October. The bond, which went into default in 2023, remains the main unresolved piece of the restructuring. Ahmed said engagement with investors is ongoing “through advisers and directly,” adding that the government remains prepared to return to the table.

Clarke used the joint appearance to highlight the pace of Ethiopia’s reforms, noting the expansion of external support after the government moved to liberalise the exchange-rate regime last year. IMF forecasts show the economy growing by more than seven percent in both 2025 and 2026, a rate Clarke said reflects improvements across key macroeconomic indicators.

The finance minister said the government remains committed to completing all outstanding agreements and bringing the Common Framework process to a close within the new timeline.