IMF Archives - Ethio Negari

31 Jul

Ethiopia Secures Over $16 Billion from World Bank

ethionegari@gmail.com0 CommentsBusiness, NewsAddisAbaba, Debtrelief, EthioNegari, Ethiopia, Ethiopianews, Grants, IMF, Loanburden, WorldBank

The World Bank has granted more than $16 billion in financial assistance to Ethiopia. The World Bank's Board of Directors announced that it will provide $16.6 billion in loans and assistance to Ethiopia over the next three years. According to the World Bank's website, the financial aid and loans will support Ethiopia's ongoing economic reforms. The bank stated that $1 billion of the approved funds will be direct support, while $500 million will be an extended loan. Additionally, the World Bank has announced several support frameworks to aid Ethiopia's indigenous economic reforms. Specifically, $1 billion will be direct aid, $500…

19 Jul

Paris Club and China Approve New IMF Loan for Ethiopia

ethionegari@gmail.com0 CommentsBusiness, NewsAddisAbaba, China, EthioNegari, Ethiopia, Ethiopianews, IMF, loan, Parisclub, WorldBank

The International Monetary Fund (IMF) halted loans and aid to Ethiopia following the outbreak of war in northern Ethiopia in 2019. After the peace agreement ended the two-year conflict, Ethiopia requested a new loan from the IMF, including the previously blocked funds. However, repeated discussions did not yield the expected results. Before the IMF could approve the loan, the Paris Club, a group of 20 developed creditor countries, needed to evaluate and approve Ethiopia’s request. Bloomberg reported that the Paris Club assessed Ethiopia’s repayment capacity and granted permission to the IMF to proceed. In addition to the Paris Club, China,…

23 May

Ethiopia Secures Over $4 Billion from Loans and Grants in 9 Months

ethionegari@gmail.com0 CommentsBusiness, NewsAddisAbaba, EthioNegari, Ethiopia, Ethiopianews, Grants, IMF, WorldBank

The Ministry of Finance has presented its nine-month financial report to the House of Representatives. According to the report, Ethiopia has received $4.5 billion from loans and grants over the past nine months. Of this amount, 54 percent came from grants, while $849 million was obtained through loans. The World Bank contributed $1 billion of the total, reflecting a strong relationship between Ethiopia and the institution. The Ministry of Finance also reported that 356.5 billion birr was targeted for tax collection, with 338 billion birr successfully collected. Additionally, 739 million birr was collected from current and overdue payments from government…

20 Apr

Ethiopia Fails to resolve its differences with IMF

ethionegari@gmail.com0 CommentsBusiness, NewsAddisAbaba, EthioNegari, Ethiopia, Ethiopianews, IMF, loan

Ethiopia's ongoing financial challenges have come to the fore once again as it struggles to find common ground with the International Monetary Fund (IMF). Ethiopian officials, including Finance Minister Ahmed Shede and National Bank Governor Mamo Mehretu, are currently engaged in discussions at the IMF Summit in Washington. The primary agenda revolves around Ethiopia's request for a substantial loan of $3.5 billion from the IMF. However, securing this loan has proven to be a daunting task due to the stringent conditions set forth by the IMF. One of the key stipulations put forward by the IMF is the requirement for…

03 Apr

Ethiopia’s Two-Week Deal with IMF Ends without Agreement

ethionegari@gmail.com0 CommentsBusiness, NewsAddisAbaba, Debtrelief, EthioNegari, Ethiopia, Ethiopianews, IMF

Ethiopia continues its discussions with international lending institutions and countries, aiming to secure support for its economic reforms. One of the major institutions engaged in talks with the Ethiopian government is the International Monetary Fund (IMF), which recently concluded a visit to Addis Ababa. According to information released on the IMF's website, the institution's visit to Addis Ababa took place from March 24 to April 2, 2024, at the request of the Ethiopian government. Ethiopia has sought IMF assistance to bolster its economic reform agenda, leading to the dispatch of a team of IMF experts led by Alvaro Piris to…

20 Dec

Ethiopia Requests $3.5 Billion Loan from IMF

ethionegari@gmail.com0 CommentsBusiness, NewsAddisAbaba, Amharanews, EthioNegari, Ethiopia, Ethiopianews, IMF, WorldBank

Reuters has reported that Ethiopia is currently in talks with the International Monetary Fund (IMF) to secure a $3.5 billion loan aimed at supporting its ongoing economic reform and addressing its financial crisis. The report highlights that Ethiopia has formally requested a special loan from the IMF to assist in covering its annual budget deficit. During a meeting with international bond buyers last week, government officials expressed confidence in reaching a loan agreement with the IMF within the first three months of 2024. The report also indicates that the country's foreign currency reserve for import trade is less than one…

14 Dec

World Bank and IMF exempt $4.5 billion in loans for Somalia

ethionegari@gmail.com0 CommentsBusiness, NewsAddisAbaba, EthioNegari, Ethiopia, Ethiopianews, IMF, loan, Somalia, WorldBank

The government of Somalia celebrated a significant milestone as the IMF and World Bank granted $4.5 billion in debt relief. Prime Minister Hamza Abdi Barre emphasized that this relief, part of the Heavily Indebted Poor Countries (HIPC) program, symbolizes Somalia's financial viability and attracts foreign investment. The relief, inclusive of forgiveness from various creditors, reduces Somalia's external debt from 64% of GDP in 2018 to less than 6% by the end of 2023. PM Barre sees this as a monumental opportunity, allowing Somalia to invest in development, revitalize the economy, and access loans from international institutions. In contrast, Ethiopia faces…

20 Jul

Ethiopia Requests $12 billion loan from IMF and WB

ethionegari@gmail.com0 CommentsBusiness, NewsAddisAbaba, EthioNegari, Ethiopia, IMF, loan, WorldBank

Ethiopian government has requested a loan of $12 billion for the implementation of the second indigenous economic program. The loan and grants requested is to recover the foreign debt owed by the International Monetary Fund, the World Bank and other financial organizations. Mr. Teklewold Atnafu, the Prime Minister's Economic Adviser, told Reporter that Ethiopia's current relations with US, France and other countries are in good steps, and the loan can be obtained. The advisor added that, Ethiopia has requested to reschedule the loan repayment period and there is hope that the loan will be released after negotiations. The US Congress…

16 May

Ethiopia’s foreign debt reaches $28 billion

ethionegari@gmail.com0 CommentsBusiness, News, PoliticsAddisAbaba, AfDB, China, Debt, EthioNegari, Ethiopia, Eurobond, IMF, US, WorldBank

Ethiopia's foreign debt reaches $28 billion. The Ministry of Finance has announced that, the amount of debt that Ethiopia borrowed from foreign lenders has reached 28 billion dollar. According to the minister's report, 54 percent of Ethiopia's foreign debt of 28 billion dollars was obtained from the World Bank and African Development Bank. 46 percent of total debt was obtained from China and other countries. Due to its high foreign debt, Ethiopia has been placed in the list of countries with high debt burden in the classification of international money credit institutions. On the other way,, three years ago, Ethiopia…

17 Apr

IMF confirms its financial support to Ethiopia

ethionegari@gmail.com0 CommentsBusiness, News, PoliticsAddisAbaba, EthioNegari, Ethiopia, IMF, WorldBank

Ethiopia's discussion with the international monetary fund (IMF) has ended. Ethiopia's financial envoy has concluded a week-long discussion with the heads of the World Bank and the International Monetary Fund (IMF) in Washington. Ethiopia's ambassador to the US, Seleshi Bekele, announced on his Twitter page that, the delegation led by Finance Minister Ahmed Shede and National Bank Governor Mamo Mehretu had concluded talks with the directors of the World Bank and the International Monetary Fund (IMF). The finance envoy mentioned that he had a consultation with the Director of the International Monetary Fund, Kristalina Georgieva and her delegation, and concluded…