Radar | Sep 27,2020
Jul 30 , 2024
The World Bank's board of executive directors has given the green light to a financial aid package for Ethiopia, to power the country’s economic reforms and accelerate its economy. The support, combining a one billion dollars grant and half a billion concessional credit, all under the sustainable and inclusive growth development policy operation.
These grant and credit come a few days after Prime Minister Abiy Ahmed’s (PhD) administration floated the Birr, and the International Monetary Fund (IMF) announced a credit facility of over three billion dollars. According to the World Bank statement today, the initiative is set to boost macroeconomic stability, ignite trade opportunities, and beef up social safety nets for vulnerable households during these transformative economic times.
"Successfully launching these reforms could unlock Ethiopia's full potential and create a path for more Ethiopians to thrive," said Maryam Salim, World Bank Country Director for Eritrea, Ethiopia, South Sudan, and Sudan.
She stated the importance of protecting impoverished communities from the costs of economic adjustments and enhancing their opportunities to participate in the economy.
World Bank targets several key areas, including financial security, fiscal transparency, and effective public spending. It seeks to improve the performance of state-owned enterprises and strengthen social welfare systems, all while laying the groundwork for a more “sustainable and inclusive growth model that tackles the root causes of Ethiopia's economic challenges.”
The World Bank disclosed it invests heavily in crucial sectors like health, education, social protection, and energy, with the International Development Association (IDA) committing to Ethiopia a 15.5 billion dollars, with nearly seven billion dollars “ready for immediate distribution.”
Over the next three fiscal years, the IDA is expected to roll out new commitments around six billion dollars, while the International Finance Corporation (IFC) anticipates about 2.1 billion dollars in investments.
Radar | Sep 27,2020
Fortune News | May 13,2023
Viewpoints | Sep 14,2019
Radar | Aug 07,2021
Fortune News | Feb 19,2022
Radar | Aug 25,2024
Fortune News | Apr 06,2024
Radar | Apr 24,2021
Sunday with Eden | Nov 05,2022
Fortune News | Jan 16,2021
My Opinion | 112012 Views | Aug 14,2021
My Opinion | 108333 Views | Aug 21,2021
My Opinion | 107015 Views | Sep 10,2021
My Opinion | 105071 Views | Aug 07,2021
Oct 20 , 2024
Central Bank authorities have unveiled no less than six new guidelines to fine-tune t...
Oct 12 , 2024
In his inaugural address on October 27, 2024, Taye Atseqesellasie, the fifth presiden...
Oct 5 , 2024
Not long ago, the sight of exchange bureaus in Addis Abeba was as rare as a cloudless...
Sep 28 , 2024
In the early 2010s, Ethiopian authorities found themselves at odds with the Internati...