Addis Ababa: On the occasion of her official working visit to Ethiopia, the National Bank of Ethiopia (NBE) welcomed Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF). The visit highlighted the ongoing economic reforms in the country and the significant financial support Ethiopia has received from the IMF.
According to Ethiopian News Agency, the IMF’s financial support to Ethiopia is equivalent to an unprecedented 850% of the country’s quota, marking the largest concessional funding in the history of the IMF. This level of support underscores the strength and commitment of Ethiopia’s macroeconomic reforms and policy implementations.
Over the past six months, Ethiopia has embarked on a comprehensive reform package that encompasses fiscal, monetary, exchange rate, and financial sector policies. These reforms have yielded positive outcomes, including significant revenue improvements that have facilitated increased spending on social and capital projects. Additionally, the country has introduced modernized monetary policy tools, contributing to a steady decline in inflation rates.
Ethiopia has also experienced strong supply responses in exports, remittances, grants, and loans, alongside a major overhaul and opening of its banking sector. The NBE remains dedicated to maintaining these reforms and promoting economic growth, expressing gratitude to the IMF for its continued partnership and support in Ethiopia’s journey toward prosperity.