Ethiopia marked its name among African nations that have defaulted on international loans after failing to fulfil a $33 million (KSh 5.1 billion) interest payment on the Eurobond that was due on December 11, 2023. Abiy Ahmed (l) is the prime minister of Ethiopia and William Ruto (r) is the president of Kenya. This move places Ethiopia alongside a growing cohort of developing countries, including Zambia, Ghana, and Sri Lanka, grappling with Eurobond defaults in recent years. Kenya set to repay loansMeanwhile, President William Ruto affirmed Kenya's commitment to repay $300 million (KSh 46.4) of a $2 billion (KSh 309.9) Eurobond due June 2024. Kenya's approach draws attention due to concerns surrounding its growing debt, currency depreciation, and escalating yields, which affect many frontier economies.

Source: Daily Nation December 26, 2023 08:49 UTC