Ethiopia broke with decades of managing its currency, a move that unlocked long-negotiated funding from international lenders. Photo: Michele Spatari / AFP/FileSource: AFPThe World Bank has approved a $1.5 billion financial package to support cash-strapped Ethiopia's economic reform programme after officials loosened curbs on the local currency. "This operation supports the government of Ethiopia at a critical time in its efforts to accelerate poverty reduction and shift to more inclusive, sustainable, and private sector led growth," World Bank Ethiopia director Maryam Salim said. The World Bank said it expected to provide an additional $6 billion in new commitments over the next three fiscal years. The IMF board on Monday approved a four-year loan programme worth around $3.4 billion to support the reforms, with around $1 billion immediately disbursed.

Source: Daily Nation July 31, 2024 08:54 UTC