Skip to content
Bull Bear Daily

Bull Bear Daily

Primary Menu
  • Home
  • Business
  • Domestic
  • Economy
  • Money
  • Politics
  • Top News
  • Newsletters
  • Home
  • 2024
  • July
  • 30
  • World Bank approves $1 billion in financing for Ethiopia
  • Economy

World Bank approves $1 billion in financing for Ethiopia

Bull Bear Daily July 30, 2024

(Reuters) – The World Bank said on Tuesday its board had approved a $1 billion credit for Ethiopia, as the Horn of Africa country tries to push ahead with a long-running debt restructuring.

Africa’s second-most populous country after Nigeria secured a four-year, $3.4 billion programme from the International Monetary Fund on Monday, hours after the country’s central bank floated its birr currency, paving the way for its debt overhaul to move forward.

The World Bank’s International Development Association (IDA) will also grant a $500 million concessional credit to Ethiopia, the global lender said in a statement.    “IDA expects to provide around $6 billion in new commitments over the next three fiscal years and support economic reforms through fast-disbursing budget support”, the World Bank said. The funding is part of a $10.7 billion financing package by the IMF, World Bank and other creditors, according to Ethiopian officials.

Ethiopia sought to restructure its sovereign debt in 2021, under the G20 Common Framework initiative to offer relief to developing nations, but progress was slowed by a civil war in the northern region of Tigray that ended the following year.

Signs of fresh momentum in Ethiopia’s winding debt restructuring path followed the completion of debt overhauls by Chad and Zambia under the Common Framework. Ghana is at the tail end of its own debt restructuring under the initiative.

Ethiopia’s development partners have welcomed the move to a market-based foreign exchange rate, but some analysts have said the move could drive up inflation and the cost of living, especially for its poorest residents.

The country also faces a number of other challenges, including the impact of climate change and the post-war reconstruction of Tigray.

(Reporting by Urvi Dugar; Writing by Duncan Miriri; Editing by Mark Porter and Paul Simao)

About the Author

Bull Bear Daily

Administrator

Visit Website View All Posts

Post navigation

Previous: CrowdStrike down after report Delta Air to seek compensation over IT outage
Next: Exclusive-Harris and her VP pick to tour battleground states next week, sources say

Related Stories

2025-08-22T130058Z_1_LYNXMPEL7L0IA_RTROPTP_4_EU-RUSSIA-FERTILISER-1
  • Business
  • Economy

European farmers facing higher costs after EU tariffs on Russian fertiliser imports

Bull Bear Daily August 22, 2025
2025-08-22T131240Z_2_LYNXMPEL7L0ID_RTROPTP_4_CANADA-ECONOMY-GDP
  • Economy

Canadian dollar weakens, benchmark yield slips

Bull Bear Daily August 22, 2025
2025-08-18T163721Z_1_LYNXMPEL7H0QY_RTROPTP_4_ARGENTINA-ECONOMY-RATES-3
  • Economy

Argentina’s economy expected to grow 6.4% y/y in June

Bull Bear Daily August 18, 2025

Live Market Pulse

The charting technology is provided by TradingView. Learn how to use theTradingView Stock Screener.

Recent Posts

  • Two evolutionary changes underpinning human bipedalism are discovered
  • Leaders, journalist groups react to Israeli Gaza strike that killed five journalists
  • Currency spikes and Trump tariffs take bite out of European results
  • Leaders, journalist groups react to Israeli Gaza strike that killed five journalists
  • Rubio discusses war in Ukraine with European counterparts

You may have missed

2025-08-27T150238Z_1_LYNXMPEL7Q0OW_RTROPTP_4_SCIENCE-PELVIS-2
  • Uncategorized

Two evolutionary changes underpinning human bipedalism are discovered

Bull Bear Daily August 27, 2025
  • Newsletters

Leaders, journalist groups react to Israeli Gaza strike that killed five journalists

Bull Bear Daily August 25, 2025
2025-08-25T140007Z_1_LYNXMPEL7O0JL_RTROPTP_4_DEUTSCHETELEKOM-RESULTS
  • Uncategorized

Currency spikes and Trump tariffs take bite out of European results

Bull Bear Daily August 25, 2025
2025-08-25T175432Z_1_LYNXMPEL7O0RY_RTROPTP_4_ISRAEL-PALESTINIANS-GAZA
  • Uncategorized

Leaders, journalist groups react to Israeli Gaza strike that killed five journalists

Bull Bear Daily August 25, 2025
  • Home
  • Privacy Policy
  • Terms of Service
  • Disclaimer
  • Contact Us
Copyright 2025 © All rights reserved | Bull Bear Daily | bullbeardaily.com