The executive board of the International Monetary Fund approved the first review of Ethiopia's $3.4 billion lending programme, the fund said on Friday, paving the way for a $340.7 million disbursement, reports Reuters.
The East African nation secured the four-year financing programme from the IMF in July after carrying out a series of reforms like floating its birr currency, putting its debt restructuring back on track.
Both sides announced a staff level agreement on the review late last month, which was then submitted to the board for consideration.
Ethiopia's government wants to make "tangible progress" on the debt overhaul by December, but investors in its $1 billion Eurobond have rejected its proposed write down of about 18per cent.
The IMF scheduled an unusually fast pace of reviews of Ethiopia's current program in order to closely monitor the impact of reforms, especially on the foreign exchange side.
IMF approves $341m loan for Ethiopia
FE Team | Published: October 19, 2024 21:06:18
IMF approves $341m loan for Ethiopia
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