Ethiopia's PM seeks $10.5bn financial aid from IMF and World Bank for debt restructuring and potential currency devaluation.
Ethiopia's Prime Minister Abiy Ahmed expects $10.5bn in financial aid from the IMF and the World Bank following ongoing negotiations. The funds, crucial for Ethiopia's $28.5bn loan portfolio restructuring, could alleviate the country's debt burden, which had led to a partial default in December. Ethiopia is discussing a potential currency devaluation to secure the support program, with around $3.5bn in financial assistance estimated from the IMF and an equivalent amount from the World Bank.
July 04, 2024
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