This archive report was first published on 13 December 2019.
On December 13, 2019, Prime Minister Abiy Ahmed of Ethiopia revealed that the country will receive $3 billion from the World Bank to help strengthen reforms in its traditionally state-controlled economy.
The funding is part of a broader effort to transition Ethiopia to a prosperous and peaceful nation, as Abiy promised when he took office in 2018.
According to Abiy, the money will go toward macroeconomic, structural, and sectoral reforms, with the aim of modernizing banking and telecoms and creating jobs for more of the nation's 105 million people.
Abiy made the announcement on Twitter, stating that unnamed development partners have pledged more than $3 billion in addition to the World Bank and IMF funding.
Earlier, the International Monetary Fund (IMF) had reached a preliminary agreement for a three-year, $2.9 billion financing package to support Ethiopia's economic reforms.
