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Ethiopia Secures $3.4 Billion IMF Loan After Floating Currency
Manage episode 432716355 series 2908425
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Ethiopia has secured a $3.4 billion loan from the IMF after floating its currency as part of the reforms to ease the country’s foreign currency shortages and attract foreign investments. IMF says the four-year financing package will support the authorities’ Homegrown Economic Reform Agenda to address macroeconomic imbalances, restore external debt sustainability, and lay the foundations for higher, inclusive, and private sector-led growth. The National Bank of Ethiopia has maintained a managed FX rate system, causing chronic dollar shortages affecting importers and foreign investors repatriating profits. The birr slumped 30% to 74.73 per dollar after the central bank removed restrictions on the FX market and committed that the regulator would only make limited interventions.
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