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Books and Analytical Papers > IMF Staff Country Reports

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  • Type: Journal Issue x
  • Ethiopia, The Federal Democratic Republic of x
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Cover IMF Staff Country Reports
The Federal Democratic Republic of Ethiopia: First Review Under the Extended Credit Facility Arrangement, Request for Modification of Performance Criteria, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for The Federal Democratic Republic of Ethiopia
International Monetary Fund. African Dept.
The Board approved Ethiopia’s request for a four-year arrangement under the Extended Credit Facility (ECF arrangement) in July 2024 to support the authorities’ program aimed at addressing macroeconomic imbalances, restoring external debt sustainability, and laying the foundation for high, private sector-led growth. The transition to a market-determined exchange rate has been progressing well with a significant narrowing of the spread between the parallel and official market rate and no signs of significant inflationary pressures, albeit the supply of foreign exchange (FX) to the market has picked up more slowly than anticipated with some unmet demand persisting. With economic agents still adjusting to the new FX regime, persistent uncertainty, and seasonal lows in export earnings, it is too early to draw definitive conclusions on the full effects of the exchange rate reform.
Keywords:
interest rate; IMF policy requirement; authorities' fiscal policy; authorities' monetary policy reform; FX market development; exchange market policy; ECF arrangement; Policy discussion; Exchange rates; Currency markets; Commercial banks; Global
Cover IMF Staff Country Reports
The Federal Democratic Republic of Ethiopia: Request of an Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for The Federal Democratic Republic of Ethiopia
International Monetary Fund. African Dept.
This paper presents The Federal Democratic Republic of Ethiopia’s Request for an Arrangement under the Extended Credit Facility. The four-year financing package will support the authorities’ Homegrown Economic Reform Agenda to address macroeconomic imbalances, restore external debt sustainability, and lay the foundations for higher, inclusive, and private sector-led growth. The economic program envisages a comprehensive policy package to stimulate private sector activity and increase economic openness to promote higher and more inclusive growth. Supportive macroeconomic policies, including the elimination of monetary financing of government deficits, monetary policy tightening, and prudent fiscal management, will need to be sustained to keep inflation in check, ensure a successful implementation of the market-determined exchange rate, and durably address exchange rate shortages. The authorities are advancing reforms to ensure the sustainability of public finances. The authorities’ ambitious and comprehensive home-grown structural reform agenda will focus on better governance and public service delivery, competitiveness, and the business climate, to stimulate private sector-led growth and contribute to poverty reduction and raising living standards.
Keywords:
food price inflation; current account control; monetary policy rate; market participant; reform agenda; Exchange rates; Debt sustainability; Debt service; Global; Sub-Saharan Africa; Africa
Cover IMF Staff Country Reports
Djibouti: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Djibouti
International Monetary Fund. Middle East and Central Asia Dept.
The 2024 Article IV Consultation with Djibouti discusses that the economic outlook remains cautiously optimistic for 2024 and the medium-term albeit subject to considerable uncertainty. Regional risks, including potential trade disruptions, pose challenges in a context of tight budgetary resources. Stronger-than-expected trade from Ethiopia could support growth, and fully addressing the debt burden could improve debt sustainability and create fiscal space. Growth, estimated at 7 percent in 2023, is set to remain strong at 6.5 percent in 2024. Inflation is expected to have averaged around 1.8 percent in 2023 and projected to remain subdued. While Djibouti is well positioned to benefit from a rebound in trade, its strong dependence on Ethiopian trade exposes the country to trade shocks and the outlook in Ethiopia. In the short term, concluding debt renegotiations and clearing arrears will be essential to restoring debt sustainability. In the medium and long term, entrenching sustainability will require strengthening the revenue base, including from state-owned enterprises.
Keywords:
B. state-owned enterprise governance reform; General census; money market rate; government priority; government's determination; Debt service; Anti-money laundering and combating the financing of terrorism (AML/CFT); Africa; Global
Cover IMF Staff Country Reports
The Federal Democratic Republic of Ethiopia: Technical Assistance Report-Financial Soundness Indicators Mission
International Monetary Fund. Statistics Dept.
The International Monetary Fund’s (IMF’s) Statistics Department (STA) provided technical assistance (TA) on financial soundness indicators (FSI) to the National Bank of Ethiopia (NBE) during June 15-July 10, 2020. The TA mission took place in response to a request from the authorities, with the support of the IMF’s African Department (AFR). Due to the COVID-19 pandemic and travel restrictions, the mission was conducted remotely via video conferences. The mission worked with the staff of the NBE on the development of FSIs that are in line with the IMF’s 2019 FSI Guide.1 The main objectives of the mission were to: (i) review the source data, institutional coverage, and accounting and regulatory frameworks supporting the compilation of FSIs; (ii) provide guidance for mapping source data for the banking sector to the FSI reporting templates FS2 and FSD as well as preparing the metadata; and (iii) agree with the authorities on the timeline to begin regular reporting of the FSIs for deposit-takers to STA. The mission also provided technical assistance to the NBE on the compilation of net open positions in foreign currencies.
Keywords:
ISCR; CR; FSI Guide; report form; asset classification; NBE regulation; FSI data; FSI metadata; FSI website; NBE staff seek; NBE's directive; financial system; foreign exchange; compilation framework; Financial soundness indicators; Financial statements; Commercial banks; Personal income; Foreign currency exposure; Central Africa
Cover IMF Staff Country Reports
The Federal Democratic Republic of Ethiopia: Requests for Purchasing under the Rapid Financing Instrument, Debt Relief under the Catastrophe Containment and Relief Trust, Rephasing of Access Under the Three-Year Arrangements under the Extended Credit Facility and the Extended Fund Facility, and Reduction of Access under the Extended Fund Facility Arrangement-Press Release; Staff Report; and Statement by the Executive Director for The Federal Democratic Republic of Ethiopia
International Monetary Fund. African Dept.
This paper focuses on The Federal Democratic Republic of Ethiopia’s Requests for Purchasing Under the Rapid Financing Instrument (RFI), Debt Relief Under the Catastrophe Containment and Relief Trust, Rephasing of Access Under the Three-Year Arrangements Under the Extended Credit Facility and the Extended Fund Facility, and Reduction of Access Under the Extended Fund Facility Arrangement. Ethiopia is facing a pronounced economic slowdown and an urgent balance of payments need owing to the coronavirus disease 2019 (COVID-19) pandemic. The authorities have taken strong actions to contain the health impact by implementing a mandatory 14-day quarantine for travelers entering the country, improving testing and containment capacity, strengthening epidemic response coordination and adopting a state of emergency to limit movement and gatherings and facilitate social distancing. Ethiopia showed good progress under the extended arrangements with the IMF, which aim to address external vulnerabilities and transition to a private sector-led growth model. The authorities remain committed to the reform program. The IMF staff supports the authorities’ plan to accommodate COVID-related fiscal measures, and to resume the fiscal adjustment when the crisis subsides. In order to contain the upward pressure on public debt, the authorities should consider further tightening the spending envelope for state-owned enterprises not directly engaged in the COVID-19 emergency response.
Keywords:
ISCR; CR; financing; emergency financing request; pandemic; balance of payments pressure; IMF lending tracker; financing gap; reform agenda; economic reform program; inflation dynamics; Debt service; Debt relief; COVID-19; Global
Cover IMF Staff Country Reports
The Federal Democratic Republic of Ethiopia: 2019 Article IV Consultation and Requests for Three-Year Arrangement under the Extended Credit Facility and an Arrangement under the Extended Fund Facility-Press Release and Staff Report
International Monetary Fund. African Dept.
This paper presents 2019 Article IV Consultation with the Republic of Ethiopia and its Requests for Three-Year Arrangement Under the Extended Credit Facility and an Arrangement Under the Extended Fund Facility. Ethiopia has enjoyed strong growth for over a decade, which has reduced poverty and raised living standards. However, the public investment-driven growth model has reached its limits. The authorities have announced a Homegrown Economic Reform Plan, consisting of a mix of macroeconomic, structural and sectoral policies, to address vulnerabilities and tackle structural bottlenecks inhibiting private sector activity. Over the medium term, macroeconomic and structural reforms announced by the authorities are expected to lead to a reduction in public debt, lower external vulnerabilities, and stronger growth, investment and exports. The risks to the outlook are tilted to the downside. Domestic opposition to reforms ahead of the upcoming elections could increase investor uncertainty and weigh on investment and growth. External risks stem from rising protectionism and weaker than expected global growth as well as climate-related shocks.
Keywords:
ISCR; CR; GDP; ratio; bullet; debt vulnerability; growth model; real gross domestic product; investment activity; economic reform plan; private sector; Public enterprises; Debt service; Global; Sub-Saharan Africa; East Africa