Ethiopian Prime Minister Abiy Ahmed appointed Dr. Fitsum Assefa Adela as the country’s new Minister of Finance, executing a major leadership shift atop East Africa’s largest economy.
According to official government announcements released on Thursday, Fitsum replaces longtime finance chief Ahmed Shide, who transitions to serve as speaker of the lower house of parliament.
Fitsum previously served as Minister of Planning and Development since 2018. She takes over key financial duties as Ethiopia navigates complex international debt restructuring and market reforms.
The East African nation is actively reworking its sovereign debt under the G20 Common Framework after defaulting on its $1 billion Eurobond in December 2023.
Earlier this year, authorities secured a preliminary restructuring deal with private bondholders while advancing macroeconomic adjustments, including a landmark currency float aimed at unlocking multilateral support.
The high-profile cabinet restructuring also appointed Frehiwot Tamiru, former chief executive officer of state-owned Ethio Telecom, as Minister of Innovation and Technology.
Fitsum Assefa’s appointment reassures foreign creditors and the IMF of policy continuity as Ethiopia advances critical economic reforms, including its currency float and G20 debt restructuring under its $3.4 billion Extended Credit Facility program.
