Ethiopia Mobilizing USD2.2 billion to Reduce COVID-19 Macroeconomic Impacts

The Ethiopian government is mobilizing USD2.2 billion from international and bilateral lenders to implement policy measures aimed at reducing the macroeconomic impacts of COVID19.

World Bank committed a USD82 million financial assistance in anti-pandemic support and this week, the IMF approved USD411 million in emergency assistance and approved Ethiopia’s request for a suspension of debt service payments of about USD12 million to the Fund.

IMF predicted that Ethiopia’s economy would grow by only 3.2Pct this year, a decline from its early prediction of 6.2Pct.

Job Creation Commission also projected that 1.4 million working in manufacturing and service sectors would lose their jobs if the virus persists in the next three months.

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