WBG, IMF hail Ethiopia’s homegrown economic reform, agree to jointly support phase II

Addis Ababa, October 13, 2023 (FBC) – A high-level Ethiopian delegation led by the Finance Minister, Mr. Ahmed Shide along with the Governor of the National Bank of Ethiopia Mr. Mamo Mihretu had discussions with the World Bank Group (WBG) and the International Monetary Fund (IMF) officials during the 2023 Annual Meetings held in Marrakech, Morocco from October 9-13, 2023.

The delegation met with WBG President Mr Ajay Banga, IMF Managing Director Mrs Kristalina Georgieva, the World Bank’s Managing Director for Operations Ms. Anna Bjerde with World Bank Vice President for Eastern and Southern Africa, Mrs. Victoria Kwakwa and Mr. Abebe Aemro Selassie, Director of the African Department.

The Minister highlighted the country’s development priorities, including economic recovery, macro-fiscal stability, private sector development, human development, and reconstruction, among others.

Both institutions commended Ethiopia for the critical steps taken to stabilize the economy and tame inflation as well as the broad based reform program planned under Ethiopia’s second phase of the Home-Grown Economic Reform.

According to today’s press release by the Ministry of Finance, the meetings discussed and agreed on a way forward on how the IMF and the WBG can jointly support the country’s ambitious economic program that is set to unlock Ethiopia’s full economic potential.

The delegation also held bilateral discussions on the sidelines of the Annual Meetings, including the British State Minister Andrew Mitchell the Undersecretary for US Treasury, as well as Executive Directors for the US and France on Ethiopia’s current political and economic affairs and the ambitious plan for the next phase of transformative reforms needed to address present challenges.