Saturday, September 18, 2010

IMF commends Ethiopia’s macroeconomic stabilization

APA-Addis Ababa (Ethiopia) The International Monetary Fund (IMF) commends Ethiopia’s macroeconomic stabilization saying that the country has shown good progress in the first half of 2010, APA learns here on Friday.

An International Monetary Fund (IMF) mission led by Mr. Paul Mathieu which was visiting Ethiopia this week held various discussions on the Ethiopian economy for the second and final review of its Exogenous Shocks Facility (ESF) program.

The first review was made in March 2010.

The mission met with Ethiopian Prime Minister, Meles Zenawi, the Ethiopian Minister of Finance and Economic Development, Sufian Ahmed and the Governor of the National Bank of Ethiopia, Teklewold Atnafu as well as representatives of the private sector, the international community and civil society.

The second review expected to be completed in 2010 observed progress in liquidity management, implementation of tax reform, and improvements in national income statistics.

Mathieu told journalists that the country’s macroeconomic conditions are improved and broad based growth momentum has been maintained.

The IMF Executive Board is expected to consider the review and associated disbursements of about $ 61.3m in early November 2010.

The IMF is one of Ethiopia’s major development partners, advising and giving loans for the country’s development programs.

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