Addis Ababa, July 30, 2024 (Addis Walta) International Monetary Fund (IMF) board approved four-year USD 3.4 billion Extended Credit Facility (ECF) arrangement for Ethiopia.
The amount will be used to support the implementation of Home Grown Economic Reform (HGER) introduced by Prime Minster Abiy Ahmed aimed at addressing macroeconomic imbalance facilitating the ground for private led economy.
“This is a landmark moment for Ethiopia,” the IMF Managing Director, Kristalina Georgieva, remarks on the approval of the loan.
The Ethiopian government declared yesterday a macroeconomic reform program policy, part of HGER which geared towards laying the foundation for strong private led, inclusive economic growth and job creation.
Following the newly introduced reform program policy, the National Bank of Ethiopia announced a reform on foreign exchange regime.