Ethiopia, Italy Sign Deal over Treatment of Debt Service

ADDIS ABABA – Italy and Ethiopia sign the Agreement on the treatment of debt service in the framework of the Debt Service Suspension Initiative (DSSI), according to Italy Embassy in Addis Ababa.

Since its inception, Italy has strongly supported the adoption of the Initiative promoted by the G20 in favor of the world’s most debt-laden countries.

Given the particular condition of vulnerability that low-income Countries are experiencing during the pandemic, a temporary suspension of debt-service payments owed to their official bilateral creditors is granted until 30 June 2021, with the possibility for a further six-month extension.

“The signature of the Agreement on the treatment of debt service,” stressed the Ambassador of Italy, Arturo Luzzi, “demonstrates Italy’s commitment to debt relief”

The ambassador also said the agreement is also a testament to Italy’s engagement “to support Ethiopia’s economic growth, especially during the hard times caused by the pandemic”.

“It testifies a further step towards a closer cooperation with our strategic partner in the Horn of Africa” Ambassador Luzzi added.

The agreement was signed by Ethiopia’s Finance Minister Ahmed Shide and the Ambassador of Italy, Arturo Luzzi.