World Bank and IMF to loan PM Abiy 5 billion for his economic agenda

Ethiopia is set to receive $2.9 billion from the International Monetary Fund, adding further impetus to Prime Minister and Nobel laureate Abiy Ahmed’s economic reform agenda.

Having reached a preliminary agreement for the loans, all that remains is approval by the Washington-based financial agency’s executive board that meets Dec. 18. Together with $1.2 billion from the World Bank and a further $1 billion in the pipeline, the two institutions will now cover about 60% of the funding for Abiy’s plan, dubbed Homegrown Economic Reform, the ruling party-affiliated Fana Broadcasting Corp reported. […] CONTINUE READING