Ethiopia: IMF Gives Thumbs Up to Ethiopia's Homegrown Economy

Addis Standard
(file photo)
11 October 2023
The Ethiopian Herald (Addis Ababa)
By Tsegaye Tilahun

-Ethiopia, Norway seal 25 mln USD grant Agreement

The International Monetary Fund (IMF) has applauded the ongoing relentless efforts of the Ethiopia government in implementing homegrown economic reform.

This came when IMF Managing Director Kristalina Georgieva discussed with the Ministry of Finance and National Bank of Ethiopia delegation.

In her twitter message, Kristalina Georgieva stated that 'impressed by [Ethiopia's determination] to advance Ethiopia's homegrown economic reform agenda. Discussed how the IMF can support."

Meanwhile, the Ministry of Finance and the Norwegian Ministry of Foreign Affairs , represented by the Royal Norwegian Embassy in Addis Ababa signed a 273 million Norwegian Kroner (NoK) (approximately 25 million USD) grant agreement for the second phase of the REDD+ Investment Program.

The grant agreement also constitutes an unfunded amount of 148 million NOK, which is expected to be mobilized by the Government of Norway during implementation.

The signed agreement is expected to contribute to Ethiopia's nationally determined contribution (NDC) targets of emission reduction, increased forest cover, and increased GDP.

It is a second phase and a continuation of the REDD+ Investment Program which has been financed by the Government of Norway and under implementation since 2017.

The grant agreement was signed by Finance State Minister Semereta Sewasew and Stian Christensen, Ambassador of Norway to Ethiopia, on behalf of the Norwegian Ministry of Foreign Affairs, it was learnt.

Read the original article on Ethiopian Herald.

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