Ethiopia has been bogged down in negotiations with the International Monetary Fund (IMF) for nearly five years as the East African country tries to unlock the IMF and World Bank funding needed to prop up its ailing economy. Partly as a result of this, Ethiopia has been trying to borrow around $3.5 billion from the IMF and a further $3.5 billion from the World Bank. Getachew Temare, an Ethiopian human rights activist, told Disruption Banking that “Ethiopia’s negotiations with the IMF have dragged on for nearly five years, highlighting the dire need for broad financial reforms, particularly in currency reform and debt restructuring. Regrettably, the current administration is woefully inadequate for this task.”Temare shone a light on the impact this “inadequacy” is having on Ethiopians. Overall, the government has no clear policy for fighting poverty and improving the lives of its citizens, as it is primarily focused on maintaining power through force.”Author: Harry Clynch#Ethiopia #Africa #IMF #World Bank

Source: Ethiopian News July 18, 2024 10:02 UTC