(Bloomberg) -- The International Monetary Fund agreed to lend Ethiopia $3.4 billion over four years as part of an economic reform program, a key step to...
-- The International Monetary Fund agreed to lend Ethiopia $3.4 billion over four years as part of an economic reform program , a key step to begin negotiations with creditors on restructuring the nation’s debt.The decision will allow the immediate disbursement of about $1 billion, the fund said in a statement on Monday announcing the loan.The funds are part of about $10.7 billion that eastern Africa’s biggest economy expects from creditors through loans, grants and debt re-profiling.
Ethiopia’s central bank paved the way for an IMF deal when it announced on Monday that it would allow the nation’s currency — the birr — to trade freely. The step echoed a similar measure by Egypt in March, when it allowed its currency to weaken almost 40%, enabling an $8 billion bailout from the IMF.
The IMF said the new program will “address macroeconomic imbalances, restore external debt sustainability and lay the foundations for higher, inclusive and private sector-led growth.” As part of its current fiscal program, the country’s fuel and fertilizer subsidies, which are common and popular measures in emerging economies, “will need to be unwound gradually over time,” the fund said.
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