Ethiopia gets over $ 240m from IMF

Addis Ababa, 01 Sept-(ANA)-Ethiopia is to receive about $ 240.6 million from the International Monetary Fund, IMF, to help it cope with the effects of the global recession.

A disbursement of about $ 115.1 million will become available following the Board’s decision.

IMF Deputy Managing Director Takatoshi Kato said “Ethiopia’s economy has been adversely affected by a series of shocks, first from surging commodity prices in 2008, and most recently from the global recession.”

”While the authorities have been successfully implementing a macroeconomic adjustment package since late 2008 to help lower inflation and build up forex reserves, the recession is now putting renewed pressure on the external position as export receipts and remittances weaken and inward direct investment slows.” (ANA)

FA/ANA/01 September 2009---