INSUBCONTINENT EXCLUSIVE:
Ethiopia, facing a challenging economic period, recently saw its credit rating downgraded by Fitch Ratings.This change indicates a
heightened risk of the country defaulting on its debts.Previously known for rapid economic growth, Ethiopia is now grappling with heavy debt
now joins Zambia and Ghana, African countries that have already defaulted since the pandemic began.Efforts to negotiate debt relief with
bilateral creditors and secure a new IMF loan have been ongoing.Debt Woes Escalate for Ethiopia as Credit Rating Drops
challenges mirror a common trend in developing countries, where debt has doubled to approximately $3.5 trillion over the past decade.The
complexities in maintaining financial stability amidst global economic changes.BackgroundHistorically a rapidly growing African economy,
Ethiopia now confronts challenges from internal conflicts and the pandemic, leading to a surge in debt.This situation mirrors broader issues
in developing countries, where debt sustainability is increasingly problematic.The pandemic has heightened these challenges, causing a spike
growth to near default is a cautionary tale for developing nations, emphasizing the risks of unsustainable debt levels.The downgrade
