The International Monetary Fund welcomed the declaration of a ceasefire in Ethiopia following a two-year civil war and said it’s weighing the next steps on a potential funding program. The agreement represents “a critical step towards restoring lasting peace and stability,” the IMF said in an emailed response to questions. “Fund staff have ongoing discussions with the authorities on their reform plans, which could set the ground for negotiating a potential new fund program. We will be considering next steps and discussing these with the authorities.” Ethiopia must initiate a new funding program with the IMF to proceed with a planned restructuring of its $30 billion of debt. An end to the conflict in the Horn of Africa nation also gives the government an opportunity to repair the damage the conflict has done to its international image. The fighting cost Ethiopia its duty-free access to US markets, while the state spent billions of birr on its military, according to Oxford Economics. The country’s infrastructure was also badly damaged, while it lost out on foreign investment, it said.
SOURCE: BLOOMBERG
More Stories
Trends for African Students Seeking Education Abroad
Floods and Landslides Batter Madagascar
Anyone Interested in East Africa’s Dynamic Urbanisation Process should have this Book
Filling the Gap in Locally Grown Techpreneurs
South Africa has Signed an Agreement to Reintroduce Dozens of Cheetahs in India
Enhancing Trust and Security in Digital Africa
Energy Giant Eni Signed an $8 billion Gas Deal with Libya’s State-run National Oil Corporation
Expectations of the Pope’s Visit to Africa
The First Muslim to Helm South Africa’s Biggest Metropolis
The First Africa Vegan Restaurant Week
Lagos Rising: Meet the African Designers Who are Ushering in a New Guard of Fashion
My Life in Food: Idris Elba on African Cuisine and Cooking with his Mum