There is no doubt that Ethiopia’s Ministry of Finance ended 2023 in a challenging place with a missed debt coupon payment of $33m on its Eurobond.

But how exactly did one of the fastest growing economies on the planet, without the tell-tale signs of debt distress, and having just made a debt-standstill agreement with its bilateral creditors, end up defaulting?

And how might Ethiopia be able to turn this around for 2024?