Ethiopia’s Prime Minister Abiy Ahmed has disclosed that ongoing negotiations with the International Monetary Fund (IMF) and the World Bank could result in significant financial support amounting to $10.5 billion. Addressing lawmakers in Addis Ababa, Abiy highlighted the breadth of discussions encompassing various economic reforms crucial to securing this substantial funding.
“We have been engaged in negotiations with the IMF and World Bank across a spectrum of issues,” Abiy affirmed during the session. He emphasized that the successful conclusion of these negotiations and the approval of reform measures would pave the way for Ethiopia to access the earmarked $10.5 billion over the coming years.
The funding package under negotiation is anticipated to bolster Ethiopia’s economic resilience and support ongoing reform initiatives aimed at enhancing financial stability and sustainable growth. These discussions represent a critical juncture for Ethiopia as it seeks to navigate economic challenges and implement reforms conducive to long-term development.
Prime Minister Abiy’s announcement underscores Ethiopia’s proactive approach in engaging with international financial institutions to address economic priorities and foster a conducive environment for investment and development. The outcomes of these negotiations are expected to play a pivotal role in shaping Ethiopia’s economic trajectory and resilience in the global economic landscape.
Kenya and India are in advanced talks for a loan facility of Sh32.2 billion (USD 250 million) to enhance trade Read more
Governor Johnson Sakaja recently distributed 1,000 title deeds in a ceremony held at Charter Hall. This event marks another significant Read more
Saudi Arabia's Crown Prince Mohammed bin Salman (MBS) made a strong statement on Wednesday, September 18, 2024, reaffirming that the Read more
Germany’s Economics Minister, Robert Habeck, has called for a political resolution between the European Union (EU) and China. His remarks Read more
Russian President Vladimir Putin has signed a decree extending the country's food embargo on imports from Western nations for an Read more
The Tourism Fund is under fire for accumulating Sh3.4 billion in interest penalties due to delayed payments in the construction Read more