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Ethiopia Receives IMF Debt Relief

Oct 12 , 2021

Ethiopia is one of 24 low-income countries to receive the fourth tranche of debt relief from the IMF under the Catastrophe Containment & Relief Trust (CCRT) programme.

The initiative is designed to help the poorest and most vulnerable members withstand the impacts of COVID-19.

“This debt service relief helps free up scarce financial resources for vital health, social, and economic support to mitigate the impact of the COVID-19 pandemic,” reads a statement from the IMF.

Provided from January 11 to April 13, 2022, the countries would receive 124 million dollars in the fourth tranche, bringing the total to 973 million dollars. Ethiopia's share is 19.1 million dollars.

Recently, Ethiopia secured a sum of 408 million dollars under the Special Drawing Rights (SDR) programme of the IMF.

Earlier last month, the African Export-Import Bank (Afreximbank) also committed to provide a half a billion dollar loan facility to support commercial banks in the country through its trade facilitation programme.

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