loan Archives - Ethio Negari

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,…

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…

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…

01 Dec

Ethiopian Bank revises loan interest rates

ethionegari@gmail.com0 CommentsBusiness, Environment, NewsAddisAbaba, BankinginEthiopia, Developmentbank, EthioNegari, Ethiopia, Ethiopianews, Interestrates, loan

The Development Bank of Ethiopia has revised the loan interest rates for agricultural projects. The bank announced a reduction in the interest rate for borrowers engaged in agricultural activities from 11.5 percent to 7 percent. This revision aims to encourage agricultural activities in Ethiopia by reducing the interest rate charged on loans to borrowers. The discounted loan interest seeks to utilize uncultivated land resources and encourage investors, farmers, and pastoralists in Ethiopia. The new interest rate of 7 percent applies to small, medium, and corporate project loan applicants in the agricultural investment sector. The Ethiopian Development Bank is a government…

28 Jul

World Bank grants $400 million to Ethiopia

ethionegari@gmail.com0 CommentsBusiness, News, PoliticsAddisAbaba, Ahmedshide, EthioNegari, Ethiopia, Grants, loan, WorldBank

Ethiopia and the World Bank have signed a $400 million financial support agreement for human resource development in an online ceremony. Of the $400 million signed in the agreement, $350 million are development support and $50 million are loans. The financial support is used for the development of human resources and to improve the quality and effectiveness of education and to enhance the service of the food system. The Ministry of Finance announced that girls and teenagers across the country will benefit from the World Bank's financial support. The human resource development service includes areas affected by conflict and drought…

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…