IMF Appreciates Ethiopia for Economic Reforms

IMF on Wednesday appreciated Ethiopia for implementing macro economic reforms. The International Monetary Fund issued a statement in this regard yesterday after Ethiopia and IMF reached a staff level agreement on the 2nd review of the extended credit facility. The agreement will lead to the release of additional 251 million dollars loan to Ethiopia.

The IMF mission appreciated Ethiopian government for “economic reform program, including the transition to a market-determined exchange rate, increased activity in the nascent interbank FX market, and the successful launch of a domestic interbank money market.”

The international lending institution hoped that macro economic reforms introduced by the government will create conditions for growth. “With macroeconomic stability supported by prudent policy and a so far muted FX reform impact on inflation, conditions for economic growth in the period ahead appear promising,” it said.

National Bank of Ethiopia (NBE) Cracks Down on Illegal Forex Activities