Ethiopia Secures $3.4 Billion IMF Agreement Amid Currency Reforms

Ethiopia has reached an agreement with the International Monetary Fund for a new $3.4 billion financing program, as announced by the IMF on Monday says Reuters. This agreement follows Ethiopia’s decision to float its birr currency, a significant move aimed at securing IMF support and advancing a long-overdue debt restructuring process. The country, grappling with high inflation and persistent foreign currency shortages, became the third African economy to default on its debt at the end of last year.