$2.9 billion for Ethiopian economic reform program

The International Monetary Fund (IMF), board approved on Friday a three-year financing package to support Ethiopia's 'Homegrown Economic Reform Plan' to maintain macroeconomic stability and improve living standards.

The approved three-year arrangement under an Extended Credit Facility (ECF), and an Extended Fund Facility (EFF) is valued at about $2.9 billion, according to Emirates News Agency (WAM).

The Fund-supported program aims to help authorities reduce external imbalances, contain debt vulnerabilities, lift financial repression, increase domestic resource mobilization which will also help devote adequate resources to pro-poor spending.