Ethiopia becomes Africa’s latest sovereign default

Africa’s second most populous country announced earlier this month that it intended to formally go into default, having been under severe financial strain in the wake of the Coronavirus (COVID-19) pandemic and a two-year civil war that ended in November 2022.

According to two sources familiar with the situation, bondholders had not been paid the coupon as of the end of Friday Dec. 22, the last international banking working day before the grace period expires.

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