Addis Ababa, October 28, 2024 (FBC) – The National Bank of Ethiopia’s attendance at the annual meeting of the International Monetary Fund (IMF) and the World Bank in Washington, D.C. has been deemed successful.
Mamo Mehretu, Governor of the National Bank, led a high-level Ethiopian delegation to this key international gathering. During the meeting, it was stated that global economic growth is projected to reach 3.2 percent in both 2024 and 2025, according to the governer.
Governor Mamo noted that while international inflation appears to be stabilizing due to stringent monetary policies enacted by central banks, the cost of living remains high, adding efforts made to control the challenge have brought about results. He addressed concerns regarding the effectiveness of measures taken to combat inflation and noted several potential global economic threats, including rising government debt, geopolitical divisions, and the proliferation of trade restrictions, which could hinder medium-term growth.
He emphasized the importance of enhancing cooperation among countries, boosting domestic revenue, practicing prudent monetary policies, and implementing structural reforms to ensure sustainable development.
Additionally, the Ethiopian delegation engaged in consultations with various international, regional, and local institutions throughout the meeting. They met with officials from the World Bank and IMF, as well as central banks, foreign banks, and investors.
Mamo Mehretu detailed the macroeconomic reforms and the new monetary policy framework being adopted by the National Bank, as well as measures to improve foreign exchange management and reduce potential barriers to reform efforts.
He concluded by stating that many companies expressed appreciation for Ethiopia’s emerging reform agenda and indicated a desire to strengthen their partnerships with the country. Overall, Governor Mehretu characterized the mission of the National Bank as impactful for enhancing Ethiopia’s international image, facilitating trade and investment, and garnering support for the government’s economic reform initiatives.