DPM & FM Demeke Calls for Significant Financing for Post Conflict Recovery in Ethiopia

Addis Ababa June 8/2022 /ENA/ Deputy Prime Minister and Foreign Minister Demeke Mekonnen said significant financing is needed for post conflict recovery in Ethiopia as the country is moving forward with a peace process and addressing drivers of fragility.

The Deputy Prime Minister and Foreign Minister is in Dakar to attend the World Bank’s International Development Association (IDA20) Heads of State Summit that aimed to call for a robust and resilient economic recovery for Africa.

Addressing the Summit, Deputy Prime Minister and Foreign Minister Demeke said, Ethiopia has sustained significant losses due to the conflict in the northern part of the country that necessitated the World Bank’s and other partner’s expedited reconstruction support.

In connection with that, he appreciated the World Bank's swift mobilization of technical assistance to support Ethiopia’s conflict impact assessment and recovery plan which will inform inclusive reconstruction interventions in the affected regions.

Demeke also recalled the commendable deeds of the World Bank under the implementation of its IDA19 program that allocated USD 1.7 Billion to support the Home-Grown economic reforms of the new political administration established in Ethiopia in 2018.

He underlined that Africa needs significant financial assistance to secure a sustained recovery and a better development path, promote structural and economic transformation through infrastructure and promote its climate resilience agenda and energy transition.

The IDA20 program is said to support a resilient recovery of Africa from the multiple global crises of climate and COVID-19, growing levels of food insecurity, and more recently by the impact of the war in Ukraine, and help the continent continue its economic transformation.

Governor of the National Bank of Ethiopia, Dr. Yinager Dessie, and Macroeconomic Advisor to the Prime Minister, Teklewold Atenafu, have accompanied the Ethiopian delegation led by the Deputy Prime Minister and Foreign Minister.

It is indicated that the World Bank under IDA2020 had pledged to allocate 93.5 Billion USD for developing countries, where 66 Billion USD goes to 39 African countries of which 5.7 Billion USD is for Ethiopia.