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IMF Directors Approve $2.9b Loan to Ethiopia

Dec 21 , 2019

The Executive Board of the IMF has approved 2.9 billion dollars in loans to support Ethiopia's economic reform programme.

The Executive Board of the IMF has approved 2.9 billion dollars in loans to support Ethiopia's economic reform programme. To be disbursed over a three-year period, the loans have a near zero interest rate, a 10-year repayment period and a five-year grace period.

The IMF will release 308.4 million dollars right after the deal is signed, according to the IMF.

To be disbursed over a three-year period, the loans have a near zero interest rate, a 10-year repayment period and a five-year grace period. |

The Executive Board of the IMF has approved 2.9 billion dollars in loans to support Ethiopia's economic reform programme. |

"A financial arrangement with the Fund will support the authorities’ plan, helping to catalyze concessional financing from other development partners," said David Lipton, first deputy managing director. "The programme aims to address foreign exchange shortages and external imbalances; reform state-owned enterprises (SOEs); safeguard financial stability; and strengthen domestic revenue mobilization."

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