By Dawit EndeshawADDIS ABABA (Reuters) - Ethiopia will receive $10.5 billion in support over the coming years if long-running negotiations with the International Monetary Fund and World Bank are successful, Prime Minister Abiy Ahmed said on Thursday. Sources familiar with the matter previously told Reuters that Ethiopia was seeking to borrow around $3.5 billion under a reform programme with the IMF, while a Western diplomat said it was also trying to secure $3.5 billion in budget support from the World Bank and find another $3.5 billion in savings through debt restructuring. Analysts say Ethiopia may need to agree to devalue its birr currency, which trades about 50% weaker than the official exchange rate on the black market, to secure IMF support. "We have been having a wide range of talks, negotiations and discussions with the IMF and World Bank. If this succeeds and we are able to agree on the reforms, Ethiopia will get $10.5 billion in the coming years," he said.

Source: Ethiopian News July 04, 2024 11:20 UTC