The Reckoning

Ethiopia's debt restructuring operates across three creditor tracks simultaneously: the Official Creditor Committee co-chaired by China and France, the IMF's Extended Credit Facility as the reform anchor, and $1 billion in Eurobonds that matured and defaulted in December 2023. The July 2025 OCC Memorandum of Understanding and the February 2026 France bilateral agreement mark the most active phase since the 2021 Common Framework application.