Last updated on September 11th, 2021 at 03:09 pm
The Executive Board of IMF approved a three-year $2.9 billion financing package to help Ethiopia implement its homegrown economic reform plan to maintain macroeconomic stability and improve living standards.The financing package, supported by IMF’s Extended Credit Facility (ECF) and Extended Fund Facility (EFF), “aims to support the authorities’ implementation of their ambitious reform agenda and catalyze concessional donor financing,” said IMF on Friday in a statement.
The Executive Board’s decision will enable an immediate disbursement equivalent to $308.4 million.
Mr. David Lipton, First Deputy Managing Director and Acting Chair, said “a decade of rapid growth, underpinned by strong policies, has supported a reduction in poverty and improved living standards in Ethiopia. However, the public investment-driven growth model has reached its limits.
“The authorities have prepared a Homegrown Economic Reform Plan to address macroeconomic imbalances, reduce external and debt vulnerabilities, phase out financial repression, and lay the foundation for private sector-led growth.
“A financial arrangement with the Fund will support the authorities’ plan, helping to catalyze concessional financing from other development partners.
“The program aims to address foreign exchange shortages and external imbalances; reform state-owned enterprises (SOEs); safeguard financial stability; and strengthen domestic revenue mobilization.”
The Executive Board also concluded the 2019 Article IV consultation with Ethiopia.
In a development quite contrary to expectation, the United Nations Mission in South Sudan has welcomed the extension of South…
Kenya's government will beef up security in Lamu County, a popular tourist region, to combat terrorism and other threats in…
Nationwide protests, held in all 16 regional capitals, had been staged by the NDC on Tuesday, demanding an independent audit…
Consequently, the UAE announced a set of new humanitarian projects in Chad and pledged $10.25 million to the United Nations…
Loveness Bhitoni has been picking baobab fruit from the gigantic trees surrounding his farm in Zimbabwe since childhood, to vary…
A terrorist attack by the Al-Qaeda affiliate group Jama'a Nusrat ul-Islam wa al-Muslimin-or JNIM-occurred in Bamako, Mali, early Tuesday, September…
This website uses cookies.