IMF to support Ethiopia's economic recovery
ADDIS ABABA, Ethiopia - The International Monetary Fund [IMF] is set to support economic recovery of Ethiopia, the lender's spokesperson has confirmed, following tremendous progress in peace princesses in the Horn of Africa nation which is undergoing massive social-economic and political changes.
Officials attached to IMF are in the country to check on the potential project they can recommend for support. The country had tendered request for economic support, the spokesperson added, noting that the visit is in compliance with various regulations set by the international lender.
Ethiopia has been struggling with drought which triggered deaths of hundreds of people, domestic conflicts, COVID-19 pandemic and other challenges emanating from the ongoing war between Ukraine and Russia, which have directly had negative impact on economy..
"A potential program would support the authorities’ Homegrown Economic Reform program and help Ethiopia stabilize its economy so that it can meet its economic, humanitarian, and social challenges, create jobs, and reduce poverty," the spokesperson said.
This week's technical discussions follow ongoing discussions between the IMF and Ethiopian authorities on how to best address humanitarian and economic challenges, the spokesperson added. Bloomberg was the first to report the trip which it said would take place within 10 days.
IMF, the spokesperson noted, is impressed with the progress made by the country in terms of peace and reconciliation under Prime Minister Abiy Ahmed, the Nobel Peace Prize winner of 2019.
The country had allowed humanitarian assistance to areas where domestic conflict were predominant. The United States, the biggest shareholder in the IMF, is working to repair ties after outspoken criticism of alleged atrocities by Ethiopian forces and their allies during the Tigray war, which killed tens of thousands of people before a peace accord was reached last November.
On Tuesday, Prime Minister Abiy Ahmed maintained that his administration is also ready to hold talks with other groups which had shown dissent to his administration, noting that stability of the country should be embraced by everyone. Ethiopia is the fastest growing economy within Africa.