IMF approves $2.9 bln financing package for Ethiopia

The International Monetary Fund’s Executive Board has approved a three-year $2.9 billion financing package to support Ethiopia’s economic reform programme.

The IMF explains in a statement that the agreement is supported by the Fund’s Extended Credit Facility (ECF) and Extended Fund Facility (EFF), which “aims to support the authorities’ implementation of their ambitious reform agenda and catalyze concessional donor financing”.

The Ethiopian economic reform programme will focus on addressing the foreign exchange shortage and transitioning to a more flexible exchange rate regime, at the same time working to strengthen oversight, regulation and management of state-owned enterprises.

According to the International Lender, this facility is will ensure more earning for poverty-reduction initiatives and essential infrastructure upgrades. Built on financial sector reforms that will support private investment and modernize the monetary policy framework; and strengthening of the supervisory framework and financial safety nets.

Your Friends Also Read:  Ghana: Petrol To Cost 11 Cedis From March 16

Ethiopian Prime Minister Abiy Ahmed pledged to undertake economic reforms when he took office last year, with a focus on leveraging private sector investment to help provide jobs for Ethiopia’s teeming unemployed youth.

Foreign exchange shortages have worsened in the past five years as the government spent heavily on infrastructure before export earnings from new sectors such as manufacturing takes off.

All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from News Central TV.



Leave a Reply

Previous Article
South Africa’s Press freedom furore

EFF, eNCA and South Africa’s Press freedom furore

Next Article

Flytime Music Festival started off with a Bang

Related Posts
Earthquake: Death Toll in Turkey And Syria Rises Above 4,000 (News Central TV)
Read More

Earthquake: Death Toll in Turkey And Syria Rises Above 4,000

Authorities fear that the death toll from Monday’s magnitude 7.8 earthquake, followed by a magnitude 7.6 earthquake and several aftershocks, will rise further as rescuers search for survivors among tangles of metal and concrete spread across a region already suffering from Syria’s 12-year civil war and a refugee crisis. Rescuers worked through the night and into Tuesday morning, hoping to find more survivors among the rubble while those trapped cried out for aid from beneath mountains of debris. According to Yunus Sezer, the chairman of Turkey’s Disaster and Emergency Management Authority (AFAD), the death toll in Turkey is 2,921, with 15,834 people injured. According to the Ministry of Health and the rescue organisation White Helmets, on Monday evening,…