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
- Sidi Ould Tah takes helm at AfDB, unveils 100-day reform plan
- Nearly entire global population exposed to harmful environments - World Bank
- AfDB, AfCFTA and Africa50 sign MoU to unlock continent’s trade potential
- Ethiopia, Dangote Group ink Sh323 billion deal to build fertiliser complex in Somali region
- Ethiopia begins registration of 7.4 million learners amid education crisis
- Nearly 50,000 people at risk, over 9,000 livestock perish as drought worsens in Tigray
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
