Ethiopian Prime Minster confirms funding from World Bank

ADDIS ABABA, ETHIOPIA – NOVEMBE 29: Ethiopian Prime Minster Abiy Ahmed makes a speech as he and other senior diplomats of Intergovernmental Authority on Development (IGAD) attend the IGAD Heads of meeting in Addis Ababa, Ethiopia on November 29, 2019. Minasse Wondimu Hailu / Anadolu Agency

Prime Minister Abiy Ahmed has confirmed that Ethiopia will receive $3 billion from the World Bank to help strengthen reforms in his country. The International Monetary Fund states that it has reached a preliminary agreement for a three-year $2.9 billion financing package to support Ethiopia’s economic reforms.

Abiy did not give more details on the World Bank funding. He wrote on his Twitter account that unnamed development partners have pledged more than $3 billion in addition to the World Bank and IMF funding. The money will go towards macroeconomic, structural and sectoral reforms. Abiy adds that both Governments’ and donors’ partnership is a step to transform Ethiopia into a prosperous and peaceful nation.

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