Ethiopian authorities announced that Ethiopia cannot honor a $33 million bond coupon on Monday, December 11. A decision that puts the country on the path to debt default like Zambia and Ghana.

Ethiopia's debt corresponds to a $1 billion international bond, maturing at the end of next year. In reality, among the reasons that prevented the country from honoring a $33 million payment to its creditors on Monday, December 11, were a “position extrêmement fragile”, des réserves de change very “low” and double-digit inflation. The Ethiopian government wants to reach an agreement with private bondholders after reaching an agreement with its bilateral creditors at the end of November. Ethiopia has obtained a temporary suspension of debt service of 1.5 billion euros for two years provided that negotiations with the International Monetary Fund (IMF) to obtain a loan are completed by March 2024