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Ethiopia Agrees to $1B Eurobond Restructuring Amid Default

1/4/2026

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Summary

Story summary

Ethiopia reached an agreement in principle with institutional investors holding over 45% of a $1 billion Eurobond due in 2024 to restructure the debt.
Negotiations occurred from December 23 to January 1.
The Ministry of Finance said the terms align with the IMF program and the Official Creditor Committee's principles.
Ethiopia defaulted on the bond in December 2023, the first African country to default on an international bond since Ghana.

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Story summary

Ethiopia reached an agreement in principle with institutional investors holding over 45% of a $1 billion Eurobond due in 2024 to restructure the debt.
Negotiations occurred from December 23 to January 1.
The Ministry of Finance said the terms align with the IMF program and the Official Creditor Committee's principles.
Ethiopia defaulted on the bond in December 2023, the first African country to default on an international bond since Ghana.