Ethiopia is set to join Zambia, Sri Lanka, and Ghana on the debt chopping block following the announcement that it can’t pay a $33 million bond coupon due on Monday. The country will officially be in default once a 14-day grace period elapses. The Finance Ministry said it will convene a meeting with bondholders on Thursday. This follows the collapse of earlier talks with bondholders over how to extend the maturity and repayments of a $1 billion bond maturing in December 2024.

Source: Ethiopian News December 12, 2023 12:45 UTC