IMF approves $341 million for Ethiopia's first loan program review

Both sides announced a staff-level agreement on the review late last month, which was then submitted to the board for consideration.
The executive board of the International Monetary Fund approved the first review of Ethiopia's $3.4 billion lending programme, the fund said on Friday, paving the way for a $340.7 million disbursement.
The East African nation secured the four-year financing program from the IMF in July after carrying out a series of reforms like floating its birr currency, putting its debt restructuring back on track.
More To Read
- Ethiopia unlocks banking sector to foreign investors in landmark reform
- Mount Ziquala monastery attack sparks conflicting claims as OLA denies involvement, blames gov’t strategy to rekindle tensions
- WFP to close Shire office, home to largest IDP population in Tigray; cites budget, operational restructuring
- Dr Daniel Fentaneh, senior leader in Ethiopian health professionals movement, detained in Bahir Dar
- Foreign direct investment inflows to developing nations fall to 18-year low, threatening job growth - report
- Bleak outlook as CBK reveals one in three firms won’t hire in 2025
Both sides announced a staff-level agreement on the review late last month, which was then submitted to the board for consideration.
Ethiopia's government wants to make "tangible progress" on the debt overhaul by December, but investors in its $1 billion Eurobond have rejected its proposed writedown of about 18%.
The IMF scheduled an unusually fast pace of reviews of Ethiopia's current program in order to closely monitor the impact of reforms, especially on the foreign exchange side.
Top Stories Today
Reader Comments
Trending
