• News
  • Sport
  • TV
  • Radio
  • Education
  • TV Licences
  • Contact Us
No Result
View All Result
  • SOUTH AFRICA
  • POLITICS
  • BUSINESS
  • SPORT
  • AFRICA
  • WORLD
  • SCI-TECH
  • LIFESTYLE
  • FEATURES
  • OPINION
Home Africa

IMF approves $2.9 bln financing package for Ethiopia

22 December 2019, 11:38 AM  |
Reuters Reuters |  @SABCNews
The agreement, supported by the Fund’s Extended Credit Facility (ECF) and Extended Fund Facility (EFF), “aims to support the authorities’ implementation of their ambitious reform agenda, IMF says.

The agreement, supported by the Fund’s Extended Credit Facility (ECF) and Extended Fund Facility (EFF), “aims to support the authorities’ implementation of their ambitious reform agenda, IMF says.

Image: Reuters

The agreement, supported by the Fund’s Extended Credit Facility (ECF) and Extended Fund Facility (EFF), “aims to support the authorities’ implementation of their ambitious reform agenda, IMF says.

The International Monetary Fund’s Executive Board on Friday approved a three-year $2.9 billion financing package to support Ethiopia’s economic reform program, the IMF said.

The agreement, supported by the Fund’s Extended Credit Facility (ECF) and Extended Fund Facility (EFF), “aims to support the authorities’ implementation of their ambitious reform agenda and catalyze concessional donor financing,” the IMF said in a statement.

The Ethiopian economic reform program would focus on addressing the foreign exchange shortage and transitioning to a more flexible exchange rate regime while working to strengthen oversight and management of state-owned enterprises.

It would also work to free up domestic revenue for poverty-reducing and essential infrastructure spending; financial sector reforms to support private investment and modernize the monetary policy framework; and strengthening of the supervisory framework and financial safety nets, the IMF said.

Ethiopian Prime Minister Abiy Ahmed pledged to undertake economic reforms when he took office last year, with a focus on leveraging private sector investment to help provide jobs for unemployed youth among the nation’s 100 million people.

Foreign exchange shortages have worsened in the past five years as the government spent heavily on infrastructure before export earnings from new sectors such as manufacturing took off.

Share article
Tags: EthiopiaIMF
Previous Post

Trump slams House’s impeachment delay as ‘so unfair’

Next Post

Cele urges officers to be merciless towards abusers

Related Posts

[File photo] A Nigerian woman, unnamed to protect her identity, who told Reuters she received an abortion under a secret program run by the Nigerian military, poses for a portrait in an undisclosed location in Nigeria, September 28, 2020.

Nigeria panel conducting army probe says it will refer rights violators for prosecution

7 February 2023, 6:03 PM
A doctor's office

Health Ministers’ Conference to look at ways to tackle pandemics

7 February 2023, 10:56 AM
UN Oryx helicopter came under fire and a crew member was killed

UN peacekeeping mission condemns fatal shooting of SA soldier in Goma

6 February 2023, 9:04 PM
A smartphone with Facebook's logo is seen in front of displayed Facebook's new rebrand logo Meta in this illustration taken October 28, 2021.

Meta can be sued in Kenya by ex-content moderator, the country’s court rules

6 February 2023, 1:19 PM
A U.N. vehicle patrols the streets before the polls open for the presidential election in Bamako, Mali July, 29 2018.

Mali expels UN mission’s human rights chief

6 February 2023, 7:44 AM
[File image]

One peacekeeper killed in Congo after UN chopper comes under fire

5 February 2023, 8:26 PM
Next Post
The Minister says police must make sure that perpetrators fear them.

Cele urges officers to be merciless towards abusers

Most Viewed

  • 24hrs
  • Week
  • Month
  • Green comet to be visible from SA next week
  • VIDEO: Mabuza resigns as SA Deputy President
  • Budding Stellenbosch FC star reportedly stabbed to death
  • Shock over proposed SA sponsorship of Tottenham Hotspur
  • Kellerman, Bantwini, Zikode win Grammy award
  • Parts of the Northern Cape to be exempted from rolling blackouts
  • Registration at Unisa closes on Friday, but management says no need to panic
  • Green comet to be visible from SA next week
  • VIDEO | St Benedict College’s Matric learner gets 11 distinctions
  • Limpopo matriculant from child-headed household attains diploma pass
  • JB Marks residents warned of driver license scam
  • Parts of Umlazi to be without water for 10 days
  • David Mabuza still Deputy President of SA: Mashatile
  • In Turkey, night fills with screams and crying as earthquake rescues go on
  • President Ramaphosa sends condolences to the people of Turkey and Syria

LATEST

[FILE IMAGE] Solar panels are seen on the construction site of a large-scale photovoltaic system of Swiss energy provider Axpo at some 2500 metres above sea level on the dam of Lake Muttsee, Switzerland August 19, 2021.
  • Sci-tech

Green hydrogen tech can boost Africa’s economy: Patel


[File Image] South Africa's Shabnim Ismail celebrates with team mates after taking the wicket of England's Sarah Taylor.
  • Sport
  • Cricket

All systems go for ICC Women’s T20 Cricket World Cup in Cape Town


A candle is used during load shedding in South Africa.
  • Eskom rolling blackouts
  • Business

De Ruyter upbeat SA will experience reduced blackouts in 2024


[File photo] A Nigerian woman, unnamed to protect her identity, who told Reuters she received an abortion under a secret program run by the Nigerian military, poses for a portrait in an undisclosed location in Nigeria, September 28, 2020.
  • Africa

Nigeria panel conducting army probe says it will refer rights violators for prosecution


A church is pictured during sunset as a heat wave hits Europe, in Oisy-le-Verger, France, July 14, 2022.
  • Sci-tech

SA Weather Service warns of maximum temperatures in Cape Town


IFP campaign bus and vehicles seen at a party event.
  • Politics

IFP slams EFF for its assassination claims


Weather

  • About the SABC
  • Contact Us
  • Jobs
  • Advertise
  • Disclaimer
  • Site Map

SABC © 2023

No Result
View All Result
  • SOUTH AFRICA
  • POLITICS
  • BUSINESS
  • SPORT
  • AFRICA
  • WORLD
  • SCI-TECH
  • LIFESTYLE
  • FEATURES
  • OPINION

© 2022

Previous Trump slams House’s impeachment delay as ‘so unfair’
Next Cele urges officers to be merciless towards abusers