Sun. Apr 14th, 2024

A team from the International Monetary Fund (IMF) visited Ethiopia to discuss the country’s request for financial support, but left without reaching a deal.

The IMF said in a statement that it however “made substantial progress” in establishing how it could support the country’s economic programme.

Discussions with Ethiopia’s authorities will continue later this month, said the team’s head, Alvaro Piris.

Ethiopia is on the verge of an economic crisis after defaulting on a $33m (£26m) interest payment that was due in December.

The Paris Club – a group of creditor nations – set a condition for Ethiopia to secure an IMF loan by the end of March in order to maintain a debt-servicing deal that gives the country repayment relief until next year.

The East African country’s economic difficulties were worsened by the Covid pandemic and back-to-back conflicts.

By Joy

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