IMF approves $2.9 bln Ethiopia aid package

A market in Addis Ababa, Ethiopia’s capital city. (File photo: Reuters)

Ethiopia will get $2.9 billion in a three-year aid package to help implement its economic reform plan, the International Monetary Fund (IMF) said.

The country, one of the fastest-growing economies in Africa, will receive $308.4 million immediately, the Fund said in a statement on Friday.

The loan “will support the authorities’ plan, helping to catalyze concessional financing from other development partners,” IMF’s first deputy managing director David Lipton said.

“With strong ownership and full implementation of reforms, the authorities’ economic plan should eventually improve macroeconomic outcomes and lower external vulnerabilities,” he added.

Ethiopia’s economy has registered high growth rates over the last decade, with reforms aimed at eradicating poverty and improving social indicators making considerable progress.

Last Update: Wednesday, 20 May 2020 KSA 10:01 - GMT 07:01