IMF gives Ethiopia $59 mln under shocks facility programme

June 11, 2010 | Posted by ocean |

NAIROBI (Reuters) – The International Monetary Fund said on Friday it had allowed Ethiopia to access an equivalent of about $58.7 million under its Exogenous Shocks Facility, to help counter effects of the global economic downturn.

dollar bills piled up 300x205 IMF gives Ethiopia $59 mln under shocks facility programme

IMF gave Ethiopia $59 mln

IMF said Ethiopia had been successful in implementing policies to curb inflation and rebuild external reserves as agreed under an ESF-supported programme.

“The approval will enable Ethiopia to draw … about $58.7 million … bringing total disbursements under the arrangement to … about $166.2 million,” IMF said in a statement.

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IMF said it expected Ethiopia’s economy to grow by 7 percent in 2009/10. It had earlier forecast an output of 7-7.5 percent this fiscal year (July-June), based on an assessment carried out in September.

“Overall, the negative impact of the global recession has not been as severe as expected. GDP growth is projected to ease to 7 percent in 2009/10,” it said in its statement.

The government forecasts a growth of about 10 percent for 2010. The International Monetary Fund predicts growth of over 5 percent.

Source: Reuters