Ethiopia Bond Coupon Miss to Make It Africa’s Latest Default
- Government says it’s unable to pay coupon due on Monday
- Ethiopia has 14-day grace period before it’s deemed in default
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Ethiopia looks set to miss an interest payment due later on Monday on its December 2024 dollar bond, becoming the latest emerging-market sovereign to default on debt.
The country’s finance ministry said on Friday, it was “not in a position to pay” the $33 million coupon because of the nation’s “fragile external position.” It added that “restricted discussions” it had held with a group of bondholders had thus far been unsuccessful.