© Reuters. FILE PHOTO: A basic view reveals the cityscape of Ethiopia’s capital Addis Ababa, January 29,2017 REUTERS/Tiksa Negeri/File Photo
LONDON (Reuters) – Ethiopia endedupbeing Africa’s 3rd default in as numerous years on Tuesday after it stoppedworking to make a $33 million “coupon” payment on its just global federalgovernment bond.
Africa’s 2nd most populated nation revealed earlier this month that it meant to officially go into default, havingactually been under serious monetary pressure in the wake of the COVID-19 pandemic and a two-year civil war that ended in November 2022.
It hadactually been expected to make the payment on Dec. 11, however technically had up upuntil Tuesday to offer the cash due to a 14-day ‘grace duration’ stipulation composed into the $1 billio