Ethiopia says it agrees $1 billion financing deal with World Bank
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Ethiopia says it agrees $1 billion financing deal with World Bank
The World Bank’s office in Addis Ababa did not immediately respond to a request to confirm that the agreement had been agreed. The IMF said it was important for Ethiopia to improve foreign exchange market functioning, restore external debt sustainability and enhance fiscal transparency. This week the International Monetary Fund’s board approved the latest review of the country’s $3.4 billion loan.
ADDIS ABABA, July 4 (Reuters) – Ethiopia said on Friday that it had signed a $1 billion financing agreement with the World Bank to support its economic reform programme and boost growth.
Its finance ministry said in a post on Facebook that the financing would take the form of a concessional loan and grant.
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The money will bolster government efforts to ensure financial sector stability, enhance trade competitiveness and strengthen domestic resource mobilization, it added.
The World Bank’s local office in Addis Ababa did not immediately respond to a request to confirm that the financing had been agreed and say what it was for.
This week the International Monetary Fund’s board approved the latest review of the East African country’s $3.4 billion loan programme, unlocking access to another $262.3 million tranche.
Reforms backed by the IMF include last year’s floating of the country’s birr currency and moves to open up the previously-closed economy to the private sector.
The IMF said it was important for Ethiopia to improve foreign exchange market functioning, boost domestic revenues, restore external debt sustainability and enhance fiscal transparency.
Reporting by Dawit Endeshaw; Writing by Elias Biryabarema; Editing by Alexander Winning, Alexandra Hudson
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