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IMF Pledges Support for Ethiopia Debt Relief

June 21 , 2022

The International Monetary Fund (IMF) says it will work closely with creditors to provide debt relief to Ethiopia under the G20 Common Framework.

An IMF team led by Sonali Jain-Chandra concluded a five-day visit to Ethiopia last week.

The team met with senior officials, including Finance Minister Ahmed Shide and central bank Governor Yinager Dessie (PhD), to discuss reform plans and economic development. A statement from the Fund reads that armed conflict, drought, and the pandemic have “created significant macroeconomic and humanitarian challenges.”

The Fund predicts economic growth will slow to 3.8pc this year due to lower agricultural production, forex shortages, a fall in external loan disbursements, and rising costs for essential commodities.

“Inflation has been high . . . due to rapidly increasing food prices and supply side constraints,” reads the statement.

Ethiopia's government projects the economy to grow double the IMF forecast.

Headline inflation registered at 36.6pc last month.

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