The International Monetary Fund (IMF) has announced a staff-level agreement with Ethiopia, marking progress in the second review of the country’s four-year Extended Credit Facility (ECF) arrangement. Pending formal approval, Ethiopia will gain access to an additional USD 251 million, aimed at stabilizing the economy and fostering sustainable growth.
Discussions, led by IMF representative Álvaro Piris, involved key Ethiopian officials, including Finance Minister Ahmed Shide and National Bank Governor Mamo Mihretu, during a mission conducted from November 12 to 26, 2024. The IMF also engaged stakeholders from Ethiopia’s banking and business sectors to assess progress and priorities.
IMF highlighted Ethiopia’s homegrown economic reform program. One notable reform of Ethiopia’s economic agenda, according to IMF, is the shift to a market-determined exchange rate.
The agreement awaits IMF Executive Board approval, with biannual reviews set to ensure continued progress.
Source: The Ethiopian Herald
