April 26, 2024

BRICS Inductee Ethiopia Becomes Third African Country in Three Years to Default on Sovereign Debt

Ethiopia on Tuesday became the third African nation in three years to default on its sovereign debt, following in the unfortunate footsteps of Zambia and Ghana. Ethiopia’s default was unsurprising, as it has pursued debt relief since 2021. As with many other developing nations, the Wuhan coronavirus pandemic slammed Ethiopia’s finances, followed by the enormous

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