July 16,2021 (ENA) Minister of Finance, Ahmed Shide participated in a virtually meeting that focused on generating support for the 20th replenishment of the International Development Association (IDA).
The main objective of the replenishment is to support Africa to have a resilient economy and recovery from the COVID-19 crisis as well as help the continent continue its economic transformation.
The Minister, on behalf of Sahle-Work Zewde, the President of the Federal Democratic Republic of Ethiopia, delivered Ethiopia’s message which emphasized the importance of continuing IDA’s highly concessional financing for African countries to support widen fiscal space and boost their ability to respond to the crisis without adding to debt vulnerabilities.
He also used the opportunity to express his appreciation for IDA’s in providing rapid support to Ethiopia’s COVID-19 response measures, according Minister of Finance.
Since April 2020, IDA has been supporting Ethiopia for COVID emergency response. The support amounted to approximately 1.7 Billion USD (including 1.4B USD injected to support projects such as the social safety net, enhanced service delivery, and SME finance and women entrepreneurs) while 304.5 Million USD was provided as direct support to combat the COVID emergency.
The leaders who attended the meeting pushed for early IDA20 replenishment and indicated its significance for crisis recovery and restoring our development trajectory towards the 2030 development agenda.