Ethiopia has reached a preliminary agreement with the International Monetary Fund (IMF) to secure a USD 261 million loan. The financing forms part of a four year, USD 3.4 billion extended loan program that the IMF plans to make available to the country.

The agreement was reached during the fourth round of program discussions held in Addis Ababa and online, where IMF officials and representatives of the Ethiopian government reviewed progress under the ongoing economic reform agenda.

According to the IMF, its management and Executive Board are expected to consider and approve the preliminary agreement in the coming weeks.

The broader USD 3.4 billion extended credit facility was approved by the IMF Executive Board one year ago and is tied to Ethiopia’s domestic economic reforms. If the upcoming USD 261 million disbursement is released, total financial support provided to Ethiopia under the program will reach USD 2.13 billion.

Source: Sheger FM 102.1