Ethiopia’s only Eurobond is declining, increasing concerns about a possible default. The bond’s value dropped by 0.8 cents on Friday. This decline has persisted for nine out of the last ten days. While Ethiopia is in discussions with the IMF for a minimum USD 2 bln loan, the fund has not provided any clear timelines. Moody’s recently downgraded Ethiopia’s credit rating, highlighting a high chance of default and potential losses of 20%-35% for foreign investors as Ethiopia seeks liquidity relief.