This archive report was first published on 21 December 2019.
On December 20, 2019, the International Monetary Fund (IMF) confirmed a three-year aid package worth $2.9 billion (Sh292 billion) for Ethiopia to support economic reform.
The country, which boasts one of the fastest-growing economies in Africa, will receive $308.4 million (Sh31 billion) immediately, according to the IMF.
"The program aims to support the authorities' implementation of their ambitious reform agenda," said David Lipton, the IMF's first deputy managing director.
The funding will help ease foreign exchange shortages, reform state-owned enterprises, and safeguard financial stability, Lipton added.
While Ethiopia's rapid growth over the past decade has reduced poverty and improved living standards, Lipton noted that the model, driven by public investment, had reached its limits.
The financial agreement with the Fund will support the authorities' plan, helping to catalyze the funding of other partners.
