IMF Managing Director’s visit to Ethiopia and her observation on Ethiopia’s historic economic reforms

​​​​​​Addis Ababa, February 9, 2025 (POA)—On the occasion her official working visit to Ethiopia, the National Bank of Ethiopia (NBE) is delighted to welcome Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF).

In its social media post, NBE disclosed that the IMF's financial support to Ethiopia, equivalent to an exceptional 850% of quota, stands as the largest concessional funding in IMF history. This remarkable support reflects the strength of Ethiopia's macroeconomic reforms and policy commitments.

Over the past six months, Ethiopia has implemented a historic and comprehensive reform package, covering fiscal, monetary, exchange rate, and financial sector policies.

 

The results have been highly encouraging:

- Significant revenue improvements have enabled increased spending on social and capital projects.

- Modernized monetary policy tools have been introduced.

- Inflation is on a steadily declining path.

- Strong supply responses are evident in exports, remittances, grants, and loans.

- A major overhaul and opening up of the banking sector has been undertaken.

The NBE remains committed to sustaining these reforms and fostering economic growth. We thank the IMF for its continued partnership and support in Ethiopia's journey toward prosperity.