The board of the International Monetary Fund (IMF) has nodded to a USD 3.4 billion extended credit facility for Ethiopia following five years of negotiations.
The deal will see USD one billion of the total disbursed immediately while the remainder is scheduled to be disbursed over the coming four years, according to a statement released on July 29, 2024, just one day after Ethiopia moved to float its foreign currency policy regime.
“Apart from relieving forex shortage challenges and supporting reforms, the IMF program will pave the way for Ethiopia’s ongoing debt restructuring with creditors and unlock additional financing from development partners,” reads the statement.
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