Washington, Aug. 2, 2024 – The IMF Board has approved a US$3.4 billion Extended Credit Facility (ECF) arrangement for Ethiopia.
The Fund said in a statement on Friday that the facility, which was approved this week, would facilitate an immediate disbursement of about US$1 billion.
“This is a landmark moment for Ethiopia,” IMF Managing Director Kristalina Georgieva said in the statement.
“The approval of the ECF is a testament to Ethiopia’s strong commitment to transformative reforms.
“The IMF looks forward to supporting these efforts to help make the economy more vibrant, stable, and inclusive for all Ethiopians.”
The four-year financing package will support the authorities’ Homegrown Economic Reform (HGER) Agenda to address macroeconomic imbalances, restore external debt sustainability, and lay the foundations for higher, inclusive, and private sector-led growth.
The programme is expected to help catalyze additional external financing from development partners and provide a framework for the successful completion of the ongoing debt restructuring, the statement noted. (GBN)
