IMF Executive Board Approves Four-Year US$3.4 billion Extended Credit Facility Arrangement for EthiopiaThe IMF Board approved an SDR 2.556 billion (about US$3.4 billion) ECF arrangement for Ethiopia. The authorities’ economic program, supported by the four-year ECF arrangement, envisages a comprehensive policy package to stimulate private sector activity and increase economic openness to promote higher and more inclusive growth. Strengthening social safety nets to mitigate the impact of reforms on vulnerable households is a critical component of the authorities’ reform program. Raising fiscal revenues and reaching a comprehensive external debt treatment, including of official debt under the G20 Common Framework, are crucial in this regard. Strengthening social safety nets to mitigate the impact of reforms on vulnerable households is critical component of the authorities’ reform program.

Source: Ethiopian News July 30, 2024 09:16 UTC