2024-08-01 01:43:42
The Executive Board of the International Monetary Fund approved a four-year US$3.4 billion extended credit facility arrangement for Ethiopia..
The four-year financing package will support addressing the domestic economic reform agenda, restoring external debt sustainability, and laying the foundations for higher and inclusive private sector-led growth.
The Executive Board’s decision will allow for the immediate disbursement of SDR 766.75 million (equivalent to about US$1 billion), which will help Ethiopia meet its balance of payments needs and provide budget support.
The domestic economic programme, supported by a four-year Extended Credit Facility arrangement, envisages a comprehensive policy package to stimulate private sector activity and increase economic openness to promote higher and more inclusive growth.
Strengthening social safety nets to mitigate the impact of reforms on vulnerable households is a critical component of the authorities’ reform programme, according to a press release issued by the International Monetary Fund.
“This is a historic moment for Ethiopia,” said IMF Managing Director Kristalina Georgieva. “The approval of the Extended Credit Facility is a testament to Ethiopia’s strong commitment to transformative reforms. The IMF looks forward to supporting these efforts to help make the economy more vibrant, stable, and inclusive for all Ethiopians.”
Suggest a correction
2024-08-01 01:43:42