Ethiopian Informer
ADDIS ABABA (EI): The Ethiopian government and the World Bank have signed a 1-billion-U.S.-dollar financing agreement to support the East African country’s economic reform and inclusive development efforts.
The financing agreement, which was made under the Second Sustainable and Inclusive Growth Development Policy Operation (DPO), “reflects the Bank’s continued commitment to supporting Ethiopia’s bold and far-reaching reform agenda,” the Ethiopian Ministry of Finance announced in a statement.
The funds will be used to bolster Ethiopia’s recent efforts to ensure financial sector stability, enhance trade competitiveness, strengthen domestic resource mobilization, promote transparent and effective public sector governance, and ensure the sustainability of social services, which are integral pillars of the country’s macroeconomic and structural transformation, according to the ministry.
Commending the Bank’s “steadfast and constructive partnership” in supporting the East African country’s reform priorities under its Homegrown Economic Reform Program, the ministry said the latest financing agreement underscores the two sides’ “strong and enduring collaboration” in pursuit of shared goals of inclusive and sustainable development.
On Wednesday, the executive board of the International Monetary Fund (IMF) approved the third review of Ethiopia’s economic reform program under the Extended Credit Facility, allowing an immediate disbursement of about 262.3 million U.S. dollars. The latest approval, which is said will help the country meet its balance of payments and fiscal financing needs, brings total disbursements under the extended credit facility arrangement to about 1.873 billion U.S. dollars, the IMF said in a statement.
