The program, the IMF said, is aimed at supporting the Ethiopian government’s own Homegrown Economic Reform Program, which is designed to eliminate macroeconomic imbalances and lay the foundation for sustainable and inclusive growth. The IMF called Ethiopia's "very own" Homegrown Economic Reform Plan "ambitious", and "tailored to the country’s needs and preferences." The IMF approved Ethiopia’s request for an almost $ 3 billion loan under its Extended Credit Facility and Extended Fund Facility to back the Homegrown Economic Reform Plan. IMF hailed Ethiopia's Economic Reform Program as one aimed at building on recent financial sector reforms by improving access to credit by the private sector—this has been identified as a key obstacle to private investment. Financial sector development needs to be accompanied by stronger supervision and financial safety nets to ensure that the financial sector remains stable.

Source: Ethiopian News December 24, 2019 09:11 UTC