Ethiopia secures $3 billion in debts from the World Bank



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Ethiopia secures $3 billion in debts from the World Bank

Late on Friday, the 13th of December 2019, Prime Minister of Ethiopia, Abiy Ahmed said that the East-African landlocked country bordered with Djibouti in the east and South Sudan in the west having a mixed and transition economy with a GDP growth of 7.9 per cent in 2018-2019 fiscal year, had nailed a whopping sum of $3 billion from the World Bank as debts in a bid to cement a sweeping reform of its conventionally state-controlled economy.

In point of fact, Friday’s (December 13th) statement from the Ethiopian PM, Ahmed, came forth two days after the International Monetary Fund, a Washington DC-based sister organization of World Bank engaged in fostering economic growth and financial cooperation across the globe, had made an announcement saying that it had reached an early-stage accord with the Ethiopian government over a $2.9 billion in financial aid as debts over the next three years aimed at supporting the economic overhaul of the East-African nation having one of the fastest-growing economies in the world.

Meanwhile, adding that the $3 billion World Bank debt would be invested on a swathe of economic reforms ranging from macroeconomic groundwork to financial structure to sector-wise policy revamps, Ethiopia’s PM Abiy wrote in a tweet on Saturday (December 14th), “This reaffirms both Governments’ and donors’ partnership to transition Ethiopia to a prosperous and peaceful nation. ”