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).
I love the design its very unique sort of like African village huts, we definitely need this and I am certain we will push it through however I want to tell the Somaliland Society and other Somaliland communities we need more coordinated and organized appeal that targets Somalilanders around the world also I believe a Dahabshiil account is way better than a Barclay because not all countries have the same system, its slightly confusing.
Also what is the account name?
Better coordination is needed – I am in Australia and would donate but need better option than Barclay, I am sure others feel the same.
Good job.
@Jubba, you are in Australia and are in approximate distance to Somaliland and so are those Somalilanders in the Arabian Gulf Area. So, if you guys go around the universities whenever you have a time and ask for books as donates because it is easier to send to Somaliland. Europian universities revise and up date their books every time there a change in an event around the world and they normally donate the old books to undeveloped countries. So give it a try.
I will try and see what we can do here, in Western Canada.
@ http://www.pad.eu.com/architecture_somaliland_lib… check this link or search for Somaliland National Library on facebook for the revised design…it will definitely be an iconic structure insha'Allah
http://hargeisalibrary.com/
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This is one of the best ideas and projects I have heard of in terms of aiding the development of Somaliland. Growing up in London I understand the difficulty there is around searching for authentic facts, figures and history of somaliland. Having this source of reference for all the documentation on our nation would really be vaulable and inshallah we should all do our part to help.
I believe this to be a extremely good idea and an amazing project, Having this source of reference for a all the documentation for Somaliland will prove to be very valuable asset for future generations.
Why are you deleting my comments for?
Looks like there is a technical problem. Some times my comments seem not be appearing or says "deleted by the administrator".
I agree we need a more coordinated fundraising events in every country. Dahabshiil is our bank and we should use it.
We, as youth in Hargeisa excitedly need to have a National Library n the town. This is what we are waiting for long time. We certainly thank you for your timely suggestions.
Farhan A. Suleiman
Hargeisa, Somaliland
Farhan thanks for the comments…….this is a project majority of our people do not understand its value….we have been labouring with the project for over three years and we will never give up…..if you are still in Hargeisa….establish a group of friends for the National Library to create the awareness and grass-root support
http://hargeisalibrary.com/
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It is important to have a National Library in every Somaliland city. A National Library is overdue.There is a problem, I am not good at paying money but definitely i will donate books.
Dr. Weli, money is not all that is required……….we need your technical advise, help in the campaign, and yes collect the books once we have the infrastructure and the system to ensure the entire country benefits
http://hargeisalibrary.com/
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We got to be transparent and accurate, you don't want to call anybody a Dr without a doctorate degree. Saed Ahmed Hasan is dont a doctor but Bulhan is. just correction no offense. Hargaisa need a library, masha Allah great cause.
The Europeans had Libraries, but they were also churches. So Somaliland people should consider similar diverse use for such a building to encourage learning, equity and a harmonious society.
I am assuming such library will be used for recording births, marriages, deaths, town planning , business contracts etc.
http://hargeisalibrary.com/
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first of all salamz ppl im so glad that we are thinking in the right direction ..its the first step of the bright future ..its the place that help more than money can give ..making ppl read an learn ..thats how we gonna open the future for every one………..that library will be the first but not the last ..fir more good ideas im thinking to have some place that ppl can meet an give them ideas aboiut them country in freely way ..
http://hargeisalibrary.com/
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once again thanks t to the landers who are working hard and striving to make thinks better in somaliland. will donate money and books insha allah but dahabshill is the better choice than Barclay's
http://hargeisalibrary.com/
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Good Fundraising appeal, Well donate today.
Good job SL community in london . Education Education Education .
Thank you to Faisal aswell always a real wadani.
What A good way to contribute to the entire wellbeing of the people.
You get all may support for this great appeal
Adan Farah, Copenhagen.
http://hargeisalibrary.com/
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