The ECF arrangement was approved by the IMF Executive Board on July 29, 2024, for a total amount of US$3.4 billion (SDR 2.556 billion)
WASHINGTON D.C., United States of America, May 30, 2025/APO Group/ --
- IMF staff and the Ethiopian authorities have reached staff-level agreement on economic policies to conclude the third review of the four-year US$3.4 billion Extended Credit Facility arrangement. Once approved by the IMF Executive Board, Ethiopia will gain access to about US$260 million in financing.
- Ethiopia's macroeconomic performance has exceeded program expectations, with better-than-forecast results for inflation, export growth, and international reserves.
- Maintaining reform momentum remains essential for consolidating recent gains, correcting macroeconomics imbalances, restoring external debt sustainability, laying the foundations for high, private sector-led growth, and ensuring the success of Ethiopia’s homegrown reform agenda.
A staff team from the International Monetary Fund (IMF) led by Mr. Alvaro Piris, visited Addis Ababa from April 3 to 17, 2025, to discuss the 2025 Article IV consultation and the third review under the Extended Credit Facility (ECF). Discussions continued at the Spring Meetings in Washington DC, April 21-28, and subsequently. The ECF arrangement was approved by the IMF Executive Board on July 29, 2024, for a total amount of US$3.4 billion (SDR 2.556 billion). Subject to approval by the IMF Executive Board, the third review will make available about US$260 million (SDR191.7 million), bringing total IMF financial support under the ECF arrangement so far to about US$1,849 million (SDR1,406.4 million).
Today, Mr Piris issued the following statement:
“The IMF staff team and the Ethiopian authorities have reached staff-level agreement on the third review of Ethiopia’s economic program under the ECF arrangement. The agreement is subject to the approval of IMF management and the Executive Board in the coming weeks. A memorandum of understanding with official creditors is expected to be agreed ahead of the IMF Board’s consideration of the third review.
“The authorities’ policy actions in the first year of the program have yielded strong results. The transition to a flexible exchange rate regime has proceeded with little disruption. Measures to modernize monetary policy, mobilize domestic revenues, enhance social safety nets, strengthen state-owned enterprises, and anchor financial stability continue to show encouraging results. Macroeconomic indicators have performed better than expected, with substantially better outcomes than forecast for inflation, goods exports, and international reserves.
“Recent policy action should help deepen the FX market and tackle remaining distortions. While real exchange misalignment has been corrected and FX availability has improved from a year ago, the spread between the official and parallel market widened again in early 2025 and high fees and commissions persist. Actions that are being rolled out to enhance transparency, reduce costs, ease restrictions on current account transactions, and strengthen prudential regulation will help to improve the functioning of the FX market.
“Maintaining reform momentum will be key to consolidating gains and securing sustainable high growth. Continued tight monetary and financial conditions will be important for managing inflation and exchange rate expectations. Further revenue mobilization is needed to provide sustainable financing for critical development spending. Reforms to improve the business environment, ensure fair taxation practices, encourage foreign direct investment, and facilitate open dialogue with business will be important to secure private sector investment. Efforts to end the remaining elements of financial repression and develop the capital market will help to mobilize savings and support the efficient allocation of capital.
“The staff team is grateful to the authorities for the excellent policy discussions and their strong commitment to the success of the IMF-supported economic program. The team met with Minister of Finance Ahmed Shide, Governor of the National Bank of Ethiopia Mamo Mihretu, State Minister of Finance Eyob Tekalign, and other senior officials. Staff also had productive discussions with representatives of banks and businesses that are operating in a range of sectors and representatives of civil society.”
Distributed by APO Group on behalf of International Monetary Fund (IMF).
you will never drill in holhol, taleex, xudun or any place on our land.
sign deals as much as you want, but the norwegians are warned and so are this so called somaliland administration.
there is no oil in those places though and even if there was, we would not be asking you.
Good warm welcome news. Thumbs up in support.
Cheers.
Those Scandinavian countries know whats up, very well managed states. Highly educated, great heathcare, liberal secular humanists these are the types of partners we should be seeking on the world stage we become who we associate with.
We are a product of who we associate with. We become that product's mold (image) but unfortunately some of us remain in that mold and never outgrow it.
Unlike Genel the regional manager of DNO is a highly intelligent and an honest man. He did not come to enrich himself but to help his motherland. I just hope he has the guts to give Xirsi and company the hike and tell them not to interfere with his operations. What I personally would want to see is that the majority of the contracts (equipment, transportation) given to Dhulbahante.
Do you think dhulbahante are guests of their own land? guess again my friend.
war dhulbahante ma waxaad moody dad marti ku ah dhulkooda?
Nacasnimada iska dhaafa, if you want to look for oil, try with genel in your own land first, it seems like you cannot even agree on your own land in the first place, before you try to sell someone else's land.
I promise you dhulbahante will never ever allow the norwegians nor the isaaqs to come and digg for oil in their land. It is ok for your troops to remain in some parts of our cities which we are planing to remove soon, but you can dream on for our oil. This oil belongs to the republic of Somalia, not a one clan seccenist enclave
People like you from Taleex engrossed with the failed idea of hartism, driven by pure hatred of their land, will regret this when you see the progress made by Somalilanders of holhol and environs (Gambadhe, Tukaraq, iyo Dooxada Xudun) . People like you will soon be coming to beg for forgiveness when you see pipes from holhol passing thru Tuulo Samakab and Oog.
Just remember the might of Somalilanders who obliterated Africa's most mechanized army to oblivion. Perhaps you need a new reminder that Somaliland's army is 10,000 times stronger and more equipped than when they were fighting for their freedom. Here is a good reminder why (
) you should never dream Somaliland is an easy target.
you will not ask the owner of the land? funny guy are, you should learn something called reality on the ground, its much different than behind a computer screen, where you can switch between SNM hero at somalilandpress and continue play war craft.
Uncivilised comment and very well below standard do you really have guts and print such a foolish comment and secondly l think you have come from very primitive tribe and understand that land belong to the Republic of Somaliland and no one else, l hope you have understood the situation full Stop.
I love patriotic people. well-done bro Patriotic. Just beware there is no primitive tribe in Somaliland, only a few individuals with wanlaweyn characters. We just need to re-educate them so that they stop saying 'no, this is mine, this is my village, this my water well, this my village, this is my, my, my, ….'. As you rightly have said is The Republic of Somaliland is for us all regardless of our regional background.
It belongs to the federal republic of Somalia last time I checked, you need to stoop with your stupid seccenist thoughts, only then we can agree on something, until then, Why would I a Dhulbahante of the Harti sub clan of the Darood clan allow myself to become a minority clan amongst isaaqs who are blood thirsty and have no respect for human lives? why would I allow that when I see that even amongst your selfs there are discrimination, I know that the habar jeclo administration alone have done so much bad and corrupted the land just the past few years. And that the other clans cannot withstand this anymore. Why should I explain to me? it is pure logic and common sense, that my interest are amongst the somali people in somalia, not within a one clan enclave…
It is quite astonishing the way The Somaliland President status has been REDUCED only to a five minute photo ops with foreign dignitaries and swift back to total obscurity. What the hell is going ON!!!!! Somebody speak up!
Hmmmmmmm