Ethiopia Secures $3.4 Billion IMF Loan After Floating Currency Africa Business News podcast

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Ethiopia Secures $3.4 Billion IMF Loan After Floating Currency

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Ethiopia has secured a $3.4 billion loan from the IMF after floating its currency as part of the reforms to ease the country’s foreign currency shortages and attract foreign investments. IMF says the four-year financing package will support the authorities’ Homegrown Economic Reform Agenda to address macroeconomic imbalances, restore external debt sustainability, and lay the foundations for higher, inclusive, and private sector-led growth. The National Bank of Ethiopia has maintained a managed FX rate system, causing chronic dollar shortages affecting importers and foreign investors repatriating profits. The birr slumped 30% to 74.73 per dollar after the central bank removed restrictions on the FX market and committed that the regulator would only make limited interventions.
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Ethiopia Secures $3.4 Billion IMF Loan After Floating Currency

Africa Business News

published 3M ago

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Contenuto fornito da Africa Business Radio. Tutti i contenuti dei podcast, inclusi episodi, grafica e descrizioni dei podcast, vengono caricati e forniti direttamente da Africa Business Radio o dal partner della piattaforma podcast. Se ritieni che qualcuno stia utilizzando la tua opera protetta da copyright senza la tua autorizzazione, puoi seguire la procedura descritta qui https://it.player.fm/legal.

Ethiopia has secured a $3.4 billion loan from the IMF after floating its currency as part of the reforms to ease the country’s foreign currency shortages and attract foreign investments. IMF says the four-year financing package will support the authorities’ Homegrown Economic Reform Agenda to address macroeconomic imbalances, restore external debt sustainability, and lay the foundations for higher, inclusive, and private sector-led growth. The National Bank of Ethiopia has maintained a managed FX rate system, causing chronic dollar shortages affecting importers and foreign investors repatriating profits. The birr slumped 30% to 74.73 per dollar after the central bank removed restrictions on the FX market and committed that the regulator would only make limited interventions.
Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-business-news--4166630/support.

… continue reading

1000 episodi

#News #Africa Business Radio

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