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Ethiopia’s eurobond traded higher on Monday after the government said it has tentatively agreed on key terms for a debt workout with private bond investors.

The Ministry of Finance has confirmed that negotiations with private creditors over Ethiopia’s USD 1 billion Eurobond, due in 2024, have collapsed without a deal, intensifying the country’s ongoing debt restructuring challenge under its IMF program.

Abrham Tekeste (PhD), Ethiopia’s Minister of Finance and Economic Cooperation, proposed a 320.8 billion Birr budget for the coming fiscal year. The budget the Minister tabled for the House Peoples’ Representatives on Thursday, June 8, 2017, was 17 percent higher than last year’s.

Ethiopia’s Ministry of Trade disclosed during the first 5 months of the current fiscal year, the nation has earned more than 1 billion USD from export trade. Nevertheless, this was still short of the target set at the beginning of the year, which was 1.7 billion USD..

Ethiopia’s export earning are up by 16.6% in the last eight months as compared to the same period in the previous fiscal year noted data released by the Ministry of Trade.

Revenue from export was 1.87 billion US dollars while earnings for the same period last year was 1.6 billion US dollars.

The increase in revenue was due to higher earnings from oil seeds and gold although the revenue from the number one national export coffee has shown a decline showed the report.