By Tesfa-Alem TekleDecember 22, 2019(ADDIS ABABA) – The International Monetary Fund (IMF) on Saturday approved $ 2.9 billion in support for Ethiopia. The grant was approved by the Executive Board of the International Monetary Fund to support Ethiopia’s domestic economic reform program. The three-year financing package will support the implementation of the authorities’ Homegrown Economic Reform Program. Ethiopia’s economic reforms are said to focus on addressing foreign currency shortages and adjusting the volatile exchange rate system. “With strong ownership and full implementation of reforms, the authorities’ economic plan should eventually improve macroeconomic outcomes and lower external vulnerabilities.

Source: Ethiopian News December 22, 2019 19:07 UTC