WASHINGTON, DC - The prospect of the world economy appears to be grim this year. The talk among leaders of global finance and development is overwhelmed by words such as “uncertain”, “precarious” and “delicate”. The outlook for Ethiopia, however, seems to be bright, characterized by words such as “reform”, “change” and “hope”.

Rarely does the world appear to be as bullish on Ethiopia as it is now. Judging by talk in the corridors of the World Bank and the International Monetary Fund (IMF) headquarters along 18th and 19th streets in Washington DC, high optimism and expectations are evident. Also, looking at the busy schedule of Ethiopia's Finance Minister, Ahmed Shide, a star speaker at last week's joint biannual meeting of the two institutions, the optimism is well justified. The venue is for governors of central banks and finance ministers of member countries to congregate twice a year.

They come to Washington to get a “measure of reassurance and a measure of warning,” said David Lipton, deputy managing director of the IMF, reflecting on the congregation.

Amidst reassurances and caution, never has Ethiopia invoked such a level of enthusiasm among these international bureaucrats, according to a former senior Ethiopian government official who has been attending these meetings for over 20 years. A year after a change of administration, Ahmed was seen pitching what he called a “comprehensive reform program” designed by the government with goals to create “jobs, jobs and jobs.”

The program may sound as if it is devoid of details, more a “series of reforms” to open the logistics, transport and energy sectors for domestic and foreign private capital. Nonetheless, it did not stop international financiers from hailing Ethiopia as “the most progressive development partner” on the continent.

One such excited personality in global finance is Merisa Drew, CEO of Impact Advisory & Finance for Credit Suisse, a European investment bank that is behind a 1.6-billion-dollar loan to finance the construction of a northbound railway from Addis Abeba to Weldia. Her praise of Ethiopia's current administration was very generous.

“I have to give a big shout out to Ethiopia,” she told an audience gathered to listen to a panel discussion on the power of partnership to mobilise finance in support of Prime Minister Abiy Ahmed's decision in appointing women to fill half of his cabinet posts. “These kinds of decisions make us happy to underwrite projects there. Others who watch what we say will follow suit.”

What Merisa described as “progressive and very appropriate” policy reforms is the mantra of rebalancing the economy from intensively public funded infrastructure development to private sector investment and expansion. The aim is to reduce external debt exposure by curtailing additional loans for new projects funded by the state, while refocusing public investments toward social services, education and health.

It is a prescription out of the rule books of the IMF, whose senior directors said Prime Minister Abiy has “achieved in a year more than what people thought he could have.”

“This Ethiopian government seems to be taking on things with a lot more energy than others for a long time,” a senior IMF director told Fortune.

Although its directors say each country should develop its own growth model, the IMF is more than candid in telling Ethiopia - alongside Benin and Senegal - to hand over the “reins of growth” from the public sector to the private sector.

“In many of these countries, public investment had helped spur high growth, while also steadily increasing public debt levels,” said a statement released addressing finance ministers from across the continent. “Sub-Saharan countries need to strike a delicate policy balance between containing public debt levels, investing in human and physical capital and raising revenues.”