US$2.9 billion for Ethiopian economic reform programme

The International Monetary Fund, IMF, board approved on Friday a three-year financing package to support Ethiopia’s ‘Homegrown Economic Reform Plan’ to maintain macroeconomic stability and improve living standards.

The approved three-year arrangement — under an extended credit facility, ECF, and an extended fund facility, EFF — is valued at about US$2.9 billion.

The Fund-supported programme aims to help authorities reduce external imbalances, contain debt vulnerabilities, lift financial repression, increase domestic resource mobilization which will also help devote adequate resources to pro-poor spending.