The International Monetary Fund (IMF) has announced a staff-level agreement with Ethiopia, marking a progress in the second review of the country’s four-year Extended Credit Facility (ECF) arrangement. Pending formal approval, Ethiopia will gain access to an additional USD 251 million, aimed at stabilizing the economy and fostering sustainable growth.
An International Monetary Fund (IMF) team and Ethiopian authorities have reached a staff-level agreement on the first review of Ethiopia’s four-year USD 3.4 billion Extended Credit Facility (ECF) program. Upon approval by the IMF Executive Board, Ethiopia will gain access to USD 345 million in financing.
The IMF approved a program for Ethiopia of almost $3 billion. The program, the IMF said, is aimed at supporting the Ethiopian government’s own Homegrown Economic Reform Program, which is designed to eliminate macroeconomic imbalances and lay the foundation for sustainable and inclusive growth.
Executive Board of the International Monetary Fund (IMF) approved $411 million in emergency assistance to Ethiopia on Thursday, to help combat the coronavirus pandemic.
The International Monetary Fund advised the Ethiopian government to to make more credit available to private businesses to boost employment and build on its economic gains.
While the country's government-led development model has improved lives and expanded the economy, public enterprises that are involved in building more houses, dams and factories are draining banks of loans, Ethiopia Representative Jan Mikkelsen told reporters in Addis Ababa.
