Ethiopia Moves To Secure $7 Billion Loan Amid Currency Crisis
7 Min Read
Ethiopia is stepping into a crucial phase of its economic strategy as it aims to secure a hefty $7 billion loan from the International Monetary Fund (IMF) and the World Bank (WB). This financial support, comprising approximately $3.5 billion from each institution, comes as Ethiopian authorities grapple with significant currency challenges and external debt obligations. The urgency of negotiations highlights the country’s need for immediate financial relief to stabilize its economy.
A recent report from the United Nations outlines that Ethiopian officials are currently in talks with the IMF and WB, discussing the potential borrowing to address the nation’s pressing foreign currency requirements. According to the report by the World Food Programme (WFP), these negotiations are key to understanding Ethiopia’s broader economic reform strategy.
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