Radar | Jun 20,2020
May 1 , 2020
The Executive Board of the International Monetary Fund (IMF) has assented to 411 million dollars under the Rapid Financing Instrument (RFI) to address urgent balance of payments pressure and create fiscal space for essential pandemic-related expenditures.
The approved amount is equivalent to the 300.7 million of Special Drawing Rights (SDR), which is 100pc of Ethiopia's quota with the IMF. At the end of last year, the IMF had approved loans amounting to 2.9 billion dollars in response to its economic reform package. In response to the COVID-19 outbreak, the Board has also given a green light for the rephasing of disbursements under the Extended Credit Facility (ECF) and Extended Financing Facility (EFF) arrangements that have been in line to support the reform.
The IMF Executive Board has also approved Ethiopia's request for debt relief that falls under the IMF until October 13, 2020, of about 12 million dollars under the Catastrophe Containment and Relief Trust (CCRT), which covers the outstanding debt of Ethiopia with the Fund.
However, the relief could be stretched to April 13, 2022. A few weeks back, the IMF had downsized the prospective growth of Ethiopia for the current fiscal year by half from its previous projection of 6.2pc.
PUBLISHED ON
May 01,2020 [ VOL
21 , NO
1044]
Radar | Jun 20,2020
Radar | Feb 01,2020
Covid-19 | Apr 10,2020
Fortune News | Apr 13,2019
Radar | Sep 29,2024
Fortune News | Nov 04,2020
Fortune News | Apr 17,2020
Fortune News | Mar 25,2023
Radar | Feb 01,2020
Aug 18 , 2024 . By AKSAH ITALO
Although predictable Yonas Zerihun's job in the ride-hailing service is not immune to...
Jul 13 , 2024 . By AKSAH ITALO
Investors who rely on tractors, trucks, and field vehicles for commuting, transportin...
Jul 13 , 2024 . By MUNIR SHEMSU
The cracks in Ethiopia's higher education system were laid bare during a synthesis re...
Jul 13 , 2024 . By AKSAH ITALO
Construction authorities have unveiled a price adjustment implementation manual for s...
Nov 2 , 2024
Addis Abeba, fondly dubbed a 'New Flower,' is wilting under the weight of unchecked u...
Oct 26 , 2024
When flames devoured parts of Mercato, residents watched helplessly as decades of toi...
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...