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The Ethiopian government has secured yet an additional three billion dollars in support from the Development Assistance Group (DAG), a consortium of 30 donors based in Addis Abeba.
The financial aid is meant to be used for the implementation of the Homegrown Economic Reform Programme.
"They responded to our call of financial support," Eyob Tekalign (PhD), state Minister for Finance, confirmed to Fortune.
It is part of a response to a donors' meeting held back in September this year, his ministry called alongside the National Bank of Ethiopia (NBE), held at the UNECA. It was at this meeting UNECA's Executive Secretary, Vera Songwe, billed the reform cost at 10 billion dollars. Close to 60pc of this ought to come in direct foreign investment, while the remaining was sought to bring down the country's external debt exposure.
The announcement today cannot come at more opportune times for the administration of Prime Minister Abiy Ahmed (PhD), Yesterday, the IMF announced a staff-level agreement on a 2.9-billion-dollar financing package for Ethiopia, which still needs to be approved by its Board of Directors.
The financing package will be made to address the foreign exchange shortage and transition to a flexible exchange rate regime.
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