In 2019, the International Monetary Fund approved close to $3 billion to support the first phase of the Homegrown Economic Reform Program, which is designed to eliminate macroeconomic imbalances and lay the foundation for sustainable and inclusive growth. A source close to the issue informed, that the government is currently seeking comparable financial assistance from the IMF and the World Bank to that provided three years ago.
Chaired by Eyob Tekalign , state minister for Finance, the consultation, which kicked off at the beginning of this week, focused on the economic reforms expected to be implemented in the next three years. The reforms under discussion include a more extensive liberalization of key economic sectors, such as the financial industry., stated that the government intends to allow foreign insurers to operate in Ethiopia after the establishment of an independent body to regulate the sector is realized.
The conclusion of the discussion with 27 donor organizations under the DAG banner is encouraging for Ethiopia, which is currently facing a chronic shortage of foreign currency. When he presented the proposed budget for the upcoming year to members of parliament two weeks ago,is enduring a major economic imbalance.
Following the request of the Ethiopian government, Bretton Woods Institutions expressed their willingness to provide financial assistance subject to certain conditions. Recently, Julie Kozack, director of communications at the IMF, said thaton economic policies and reforms that could potentially be supported under an IMF program.
Eyob is expected to hold further discussions about the anticipated reform interventions with the business and academic communities in the coming week.
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