Nigeria's News Central published on 26 January 2024 an article titled "Ethiopia Defaults, Crumbling Under Chinese Loans" by Nesta Sani.
Ethiopia is trying to restructure its foreign debt of about $28 billion, which Fitch Ratings has downgraded to junk status. Chinese loans for infrastructure projects financed primarily by the Export-Import Bank and China Development Bank make up about half of the debt. In 2023, China suspended debt payments due over the next 12 months. It is not clear what happens when the debt suspension ends in July 2024.
