Audio By Carbonatix
The executive board of the International Monetary Fund approved the first review of Ethiopia's $3.4 billion lending programme, the fund said on Friday, paving the way for a $340.7 million disbursement.
The East African nation secured the four-year financing program from the IMF in July after carrying out a series of reforms like floating its birr currency , putting its debt restructuring back on track.
Both sides announced a staff level agreement on the review late last month, which was then submitted to the board for consideration.
Ethiopia's government wants to make "tangible progress" on the debt overhaul by December, but investors in its $1 billion Eurobond have rejected its proposed writedown of about 18%.
The IMF scheduled an unusually fast pace of reviews of Ethiopia's current program in order to closely monitor the impact of reforms, especially on the foreign exchange side.
Latest Stories
-
Traffic light components at Police HQ, other locations stolen – Roads Minister
16 minutes -
QNET donates football equipment to Samuel Inkoom Academy to support grassroots football
24 minutes -
Police restore calm in Benso after clash involving youth and forestry officials
30 minutes -
Awuah tennis tournament set for June 13
46 minutes -
Female student made offensive remarks before altercation, says Education Directorate on Nyinahin SHS incident
51 minutes -
Government releases GH¢5m of GH¢20m film fund budgetary allocation
53 minutes -
Zoomlion, NADMO, FeDEMS, Dredge Masters and partners begin 3-day massive cleanup after Accra floods
54 minutes -
QNET’s RYTHM Foundation partners with Ghanaian NGO to advance menstrual health access for schoolgirls in rural Ghana
57 minutes -
Obuasi East MP weeds Afari Military Hospital grounds, demands immediate operationalisation
1 hour -
Learn one more language beyond your mother tongue – Vice President urges Ghanaians
1 hour -
Covenant FC win 2026 Nketiah Foundation football tournament organised by Eddie Nketiah
2 hours -
GhIE cite regulatory lapses for building collapses, push for stage-by-stage inspections
2 hours -
CSIR warns weak use of soil data is undermining Ghana’s agric productivity
2 hours -
Minority demands briefing on Ghanaians’ evacuation from SA amid xenophobic attacks
2 hours -
Gov’t must complete existing health projects, not start new ones – Minority on Afari Military hospital
2 hours