Ethiopia’s ongoing efforts to restructure its defaulted $1 billion Eurobond have received a major boost after bilateral creditors backed the plan, terming it fair and consistent with the Comparability of Treatment (CoT) principle. The approval sets the stage for Addis Ababa to proceed with the restructuring process agreed with bondholders in late June this year. Ethiopia defaulted on its only international bond in December 2023 after missing a $33 million coupon payment, forcing the government to seek debt restructuring amid mounting fiscal pressures. The bond was issued in 2014 and matured in 2024. [...]