IMF agrees on 1st review of ECF for Ethiopia

The International Monetary Fund (IMF) reached a staff-level agreement with Ethiopian authorities on the first review of the Extended Credit Facility (ECF), a $3.4 billion arrangement supporting Ethiopia’s economic reforms. The IMF Executive Board is expected to approve the review soon, granting Ethiopia access to $345 million in financing.

Ethiopia’s reforms, including the shift to a floating exchange rate in late July, are progressing smoothly. The exchange rate gap between formal and parallel markets has narrowed, improving foreign exchange availability without significant economic disruptions. These reforms aim to enhance macroeconomic stability and support sustainable growth.

Attribution: IMF

Subediting: M. S. Salama