Ethiopian Prime Minister Abiy Ahmed has appointed Fitsum Assefa Adela as the country’s new finance minister, replacing Ahmed Shide, who has been named speaker of the lower house of parliament.
Fitsum, who previously served as minister of planning and development, assumes the finance portfolio as Ethiopia continues efforts to restructure its external debt and attract greater private investment.
Ethiopia is currently restructuring its debt under the G20 Common Framework after defaulting on its only Eurobond in 2023.
Earlier this year, the government reached a preliminary agreement with private creditors to restructure the 2024 Eurobond.
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Abiy also appointed Frehiwot Tamiru, chief executive of state-owned Ethio Telecom, as minister for innovation and technology.
Mohammed Edris was named minister of defence as part of the new cabinet.
