The IMF Board completed the first review under the Extended Credit Facility (ECF) for Ethiopia, allowing the authorities to draw the equivalent of about US$340.7 million (SDR 255.6 million). The ECF was approved by IMF Board in July 2024 and forms part of a US$10.7 billion support package from development partners and creditors for Ethiopia. Washington, DC: The Executive Board of the International Monetary Fund (IMF) completed today the first review of the 48-month Extended Credit Facility (ECF) for Ethiopia. The implementation of the authorities' economic program, including the transition to the new exchange rate regime, has been commendable. Continued tight monetary policy and elimination of monetary financing of the government will be key to durably reducing inflation.

Source: Ethiopian News October 18, 2024 22:02 UTC