IMF Approves $340 Million Disbursement to Ethiopia

The IMF Executive Board announced the completion of the first review under Ethiopia’s expanded credit facility program, allowing the East African country to receive a $340.7 million payment, according to Bloomberg.

The payment comes as part of a four-year financing package of $3.4 billion, approved last July. The IMF said in a statement issued Friday evening that the completion of the review raises the total amounts disbursed to Ethiopia under this program to about $1.363 billion.

The Fund’s statement confirmed that the Ethiopian authorities have shown great commitment to their local economic reform program, as significant progress has been made in implementing the reforms backed by the Extended Credit Facility.

Ethiopia is seeking to restructure part of its $28.9 billion foreign debt through the Joint Framework Program, set up during the coronavirus pandemic to help poor countries reschedule their debt. Ethiopia defaulted on a commercial loan last December