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The Ethiopian government has reached an initial agreement with the International Monetary Fund that could see the country access $260 million in new financial assistance.
The lender’s executive board and management still need to approve the deal, which followed a recent IMF review of a $3.4 billion four-year funding package for the East African economy.
Ethiopia has been trying to raise confidence among international lenders in the past year amid a host of fiscal challenges: It floated its currency in July, for example. The government’s “policy actions in the first year of the program have yielded strong results” and “should help deepen the FX market and tackle remaining distortions,” the IMF said on Friday.
