Ethiopia is facing a pronounced economic slowdown and an urgent balance of payments need owing to the COVID-19 pandemic; to address this urgent need, the IMF approved US$411 million emergency assistance for Ethiopia under the Rapid Financing Instrument. The COVID-19 pandemic has created severe health risks and weighed heavily on the Ethiopian economy. However, the COVID-19 pandemic has had a significant adverse impact on the economy and created urgent fiscal and balance of payments needs. “Fund emergency support under the Rapid Financing Instrument and debt relief under the Catastrophe Containment and Relief Trust would help address balance of payments pressures and create fiscal space for essential pandemic-related expenditures. Participation in the G20 debt relief initiative could provide additional resources to respond to the pandemic.”APOIMF

Source: Ethiopian News May 01, 2020 07:18 UTC