The Ethiopian Finance Ministry announced that it reached an agreement in principle with a bondholder committee regarding the restructuring of a $1 billion eurobond, Reuters reported June 29. Addis Ababa said the International Monetary Fund confirmed the deal was consistent with its debt-sustainability targets, and that official creditors had not objected to it, with the terms of the agreement involving a 12% nominal haircut and the creation of a new financial instrument granting eurobond holders subscription rights for a future bond issuance by Ethiopia.