IMF joins World Bank to support economic reforms in Ethiopia

The International Monetary Fund (IMF) and the World Bank will provide a bit more than $5 billion to support economic reforms in Ethiopia, the country’s Finance Minister Eyob Tekalign said during a press briefing on Wednesday.

According to the official, this financial support will cover about 60 percent of the about $10 billion needed for this 3-year government economic programme.

Ethiopia wants to focus on macroeconomic, structural and sectoral reforms that will pave the way for job creation, poverty reduction, and inclusive growth. Focus sectors include agriculture, manufacturing, mining, tourism, and ICT.

According to the African Development Bank (AfDB), Ethiopia’s economic growth is expected to reach 9.2 percent in the financial year year 2019/2020 (July-June) compared to 7.7 percent in the financial year 2018/2019.

Source: Ecofin Agency