Germany cancels Ethiopia's debt



5th November, 2001.

NAIROBI - The German government has written off approximately half of the US $24 million Ethiopia owes it, the Ethiopian News Agency (ENA) reported on 2 November, following a meeting held between representatives of the two countries in the German capital, Berlin.

According to the ENA report, the agreement was signed on 30 October, and is based on the economic reform programme agreed between the IMF and Ethiopia in April. The ENA report quoted a press release issued by the German embassy in Ethiopia as saying a greater part of Ethiopia's debt would be written off, while another part had been rescheduled, bringing Ethiopia's debt to Germany down to around $11 million.