In July 2024, the Board approved a four-year arrangement under the Extended Credit Facility to support the Ethiopian authorities’ Homegrown Economic Reform agenda (HGER), which aims to correct macroeconomic imbalances, restore external debt sustainability, and lay the foundations for high, private sector-led growth. Progress under the HGER agenda continues, with better-than-anticipated macroeconomic outcomes. The authorities continue to take steps to enhance the foreign exchange (FX) market, modernize the monetary policy framework, mobilize fiscal revenue, and advance the financial regulatory agenda. Maintaining reform momentum is essential to consolidate gains and support growth and poverty reduction in the medium term.
International Monetary Fund. African Dept. (Thu,) studied this question.