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Ethiopia Secures $1 Billion from World Bank to Support Economic Reforms
Ethiopia has reached a deal with the World Bank to receive $1 billion in funding aimed at advancing its economic reform plans and boosting overall growth.
The agreement was made public by Ethiopia’s Ministry of Finance.
According to the ministry, the money will help stabilize the country’s financial sector, improve trade competitiveness, and increase domestic revenue collection.
According to the ministry, the money will help stabilize the country’s financial sector, improve trade competitiveness, and increase domestic revenue collection.
These areas are key parts of the government’s current reform agenda.
The World Bank stated that the funding includes a $650 million grant and a $350 million low-interest loan.
The World Bank stated that the funding includes a $650 million grant and a $350 million low-interest loan.
It also noted that, depending on board approval and the availability of resources, the International Development Association (IDA)—part of the World Bank Group—plans to provide Ethiopia with approximately $5 billion in new financial support over the next three fiscal years.
This announcement comes shortly after the International Monetary Fund (IMF) approved the latest review of its ongoing $3.4 billion loan program with Ethiopia.
This announcement comes shortly after the International Monetary Fund (IMF) approved the latest review of its ongoing $3.4 billion loan program with Ethiopia.
That approval unlocked an additional $262.3 million in funding.
The IMF-supported reform program includes significant steps such as floating the national currency, the birr, and beginning to open the economy to private investors.
The IMF-supported reform program includes significant steps such as floating the national currency, the birr, and beginning to open the economy to private investors.
The IMF emphasized the importance of improving how the foreign exchange market works, raising government revenues, managing debt effectively, and increasing transparency in public finances.
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