Ethiopia’s financial woes deepened as the nation defaulted on its bond payments, failing to meet a $33 million coupon obligation due on December 11. “Ethiopia is committed to treating all creditors equally,” affirmed Finance Minister Ahmed Shide, reflecting the government’s stance on the non-payment of the coupon. “Ethiopia has defaulted on her bond payments,” financial analyst, Kalu Aja noted. “Africa’s credit risk rating which was up will rise further, this means it will now be very difficult for African debt especially Nigeria to find buyers. This default marks a critical juncture for Ethiopia’s economy, with implications resonating beyond its borders, raising concerns about Africa’s credit rating and the accessibility of credit for other nations in the region.

Source: Ethiopian News December 26, 2023 11:17 UTC