The Federal Democratic Republic of Ethiopia: Request of an Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for The Federal Democratic Republic of Ethiopia

The Federal Democratic Republic of Ethiopia: Request of an Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for The Federal Democratic Republic of Ethiopia
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Volume/Issue: Volume 2024 Issue 253
Publication date: July 2024
ISBN: 9798400285530
$20.00
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Exports and Imports , Finance , Money and Monetary Policy , Public Finance , food price inflation , current account control , monetary policy rate , market participant , reform agenda , Exchange rates , Debt sustainability , Debt service , Global , Sub-Saharan Africa , Africa

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Summary

After decades of rapid growth and improvements in living standards, a series of shocks led to severe economic pressures, and the public investment-led growth model has reached its limits. Domestic conflict, the pandemic, droughts, and spillovers from Russia’s war in Ukraine, as well as significant exchange rate overvaluation and insufficient macroeconomic policy adjustment, compounded building vulnerabilities resulting in high inflation, falling exports, foreign exchange shortages, erosion of international reserves, and unsustainable external debt. Reflecting their ambition to transform the economic model towards private sector-led development, and recognizing the urgent need for reform, the authorities developed the Home-Grown Economic Reform Agenda. This ambitious plan aims at tackling the drivers of economic imbalances including through moving to a market-determined exchange rate, modernizing the monetary policy framework, tackling fiscal revenues, and reforming state-owned enterprises.