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met. The continuous PC/AC on external payments arrears was nonobserved temporarily in October by a small margin, and the obligation has since been paid. Good progress has been achieved with structural reforms. The second disbursement of SDR 39.78 million (about US$63.40 million) would become available upon completion of the ESF review. Contents Executive Summary I. Recent Developments and Program Performance II. Program Performance III. The Policy Response: the FY 09/10 Program IV. Program Monitoring V. Staff Appraisal Boxes 1. Economic

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-supported program were also implemented. The second ESF review is expected to be considered this fall. The ESF arrangement for Ethiopia was approved by the Executive Board on August 26, 2009 (see Press Release No. 09/289 ) to help Ethiopia deal with the effects of the global recession on its balance of payments. 1 The Executive Board takes decisions under its lapse of time procedures when it is agreed by the Board that a proposal can be considered without convening formal discussions.

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economic developments. Indeed, clear signs of economic recovery are emerging, underpinning growth projections for 2010 which more than double last year’s estimates. Program Performance 2. Since the last PSI and ESF reviews, program developments have been broadly positive. Program implementation has been characterized on the quantitative front by the observance of four out of five quantitative criteria set forth by the program at end-December 2009. Notably the authorities have fully discontinued the use of Treasury cash advances, contained the budgetary float

International Monetary Fund. External Relations Dept.

prices earlier in the year. The ESF was established two years ago to enhance the IMF’s ability to help low-income member countries deal with sudden and exogenous shocks. To make it easier and faster for members to receive the Fund’s support during the worsening of global economic conditions, ESF reviews were accelerated. Surging food and fuel prices have hit low-income countries particularly hard, an IMF spokesman said. Revision of the ESF aims to provide assistance more quickly, and in larger amounts, to help low-income IMF members cope with events such as

International Monetary Fund
This paper discusses key findings of the Sixth Review Under the Policy Support Instrument (PSI) for the United Republic of Tanzania. All end-June 2009 quantitative performance/assessment criteria were met. Good progress has been achieved with structural reforms. The Executive Board approved the Fifth Review of the PSI and a 12-month arrangement under the high access component of the Exogenous Shocks Facility in the amount of SDR 218.79 million (110 percent of quota) on May 29, 2009.
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/CFT and to address the issues raised in the safeguards assessment . 23. Staff recommends completion of the first ESF review . The next Article IV consultation would be held in accordance with the provisions of the Decision No. 12794 of July 15, 2002, on consultation cycles. Box 1: Ethiopia: Tax Reform Strategy A comprehensive tax reform strategy was finalized in February 2010, based on recent technical assistances from the Fund on tax policy and administration . The reform measures comprehensively cover key recommendations from these TA and envisage swift

International Monetary Fund
The Ethiopian authorities have been generally responsive to the policy recommendations from the 2008 Article IV Consultation. To help rebuild international reserves and improve external competitiveness, the authorities made another exchange rate adjustment (a 5 percent devaluation) on January 31, 2010. The overall fiscal balance during July-December 2009 indicates stronger revenue collection than programmed. Ethiopia has been resilient to the ongoing global crisis because remittances have remained stable in 2009/10, FDI has risen 20 percent, and imports are lower.
International Monetary Fund
The review of the ESF is being accelerated in light of experience and worsening global economic conditions, in particular the surge in food and fuel prices. Despite having become effective in 2006, the ESF has yet to be used. Recent discussions with creditors, donors, potential users, and outside observers have highlighted a number of ways to enhance its effectiveness.
International Monetary Fund
International Monetary Fund

This paper discusses key findings of the Sixth Review Under the Policy Support Instrument (PSI) for the United Republic of Tanzania. All end-June 2009 quantitative performance/assessment criteria were met. Good progress has been achieved with structural reforms. The Executive Board approved the Fifth Review of the PSI and a 12-month arrangement under the high access component of the Exogenous Shocks Facility in the amount of SDR 218.79 million (110 percent of quota) on May 29, 2009.