Ethiopia and the World Bank have reached an agreement on a $1 billion financing package. The agreement is expected to support inclusive growth and ongoing economic changes in the country. According to a statement from the Ministry of Finance, the agreement shows the World Bank’s support for Ethiopia’s reform plan. The assistance agreement will help macroeconomic reforms and inclusive economic growth in Ethiopia. The agreement is expected to promote open and effective public sector governance, boost trade competitiveness, ensure the stability of the financial sector, foster domestic resource mobilisation, and support the sustainability of social services.
Access to an extra $262.3 million tranche was made possible by the board of the International Monetary Fund earlier this week approving the most recent evaluation of the East African country’s $3.4 billion loan program.