IMF Executive Board Completes Fourth Review Under ECF for Ethiopia

As reported by IMF

Summary

• The IMF Executive Board completed the fourth review of Ethiopia's 48-month Extended Credit Facility, allowing an immediate disbursement of about US$261 million. Total disbursements under the arrangement now stand at approximately US$2.183 billion.
• Ethiopia has achieved better-than-anticipated macroeconomic outcomes: strong growth, exports, revenue mobilization, reserves accumulation, and declining inflation. All quantitative performance criteria were met. A new QPC limits FX intervention to auctions only, reinforcing market-based mechanisms.
• For BirrValue users: the IMF's positive assessment supports continued FX market stability. Compare bank rates regularly—reform momentum means official channels remain competitive. Debt restructuring progress (including the Official Creditor Committee MoU) improves medium-term fiscal sustainability.