Rating agency Fitch Ratings downgraded Ethiopia's credit rating on Thursday to junk status. The Ethiopian state still benefits from a grace period of two weeks before being officially declared in default of payment. Ethiopia requested debt relief under the G20 common framework earlier this year 2021, but progress was initially delayed by the war. At the start of the year, the government asked the IMF for a new loan program worth 2 billion dollars. With 132 million inhabitants, Ethiopia has long been the darling of investors, both Western and Chinese, due to its solid industrial base and an attractive legal and institutional framework.

Source: Ethiopian News December 15, 2023 12:33 UTC