IMF Approves USD411 million Funding to Ethiopia

The International Monetary Fund approved USD411 million for Ethiopia, under the Rapid Financing Instrument, in order to help the country meet its ‘urgent balance of payment needs stemming from the COVID-19 pandemic.’

The Fund’s Board approved Ethiopia’s request for relief on debt service until October 13, 2020 of about USD12 million. This relief could be extended up to April 13, 2022, and will be subjected to the availability of resources.

If the pandemic is not contained, warned the Fund, a fall in demand for exports combined with domestic containment measures will slow growth and weaken external and fiscal accounts.