reserve risk
A mid-July payment is the first real signal of whether Ethiopia’s debt overhaul translates into market trust or merely buys time.
By
Michael Masrie
Ethiopia faces its first concrete repayment test under its restructured Eurobond on 15 July 2026, when the central bank must transfer $180m to bondholders as the first instalment of a deal that reduces the country’s debt from $1bn to $880m. The payment comes at a time when Addis Ababa’s foreign exchange position looks markedly stronger than it did 18 months ago, yet the test carries weight beyond
