Ethiopia secures $1 bn World Bank in direct budget support

Ethiopian Prime Minister Abiy Ahmed during his first press interaction since coming into office, speaking on Saturday announced the World Bank will provide $1 billion in direct budget support to the country in the coming months. The World Bank and other donors suspended budgetary support after a disputed and violent election 13 years ago, in 2005.

The new funding comes after the election of Abiy Ahmed, who’s overseen a number of reforms, including restoring diplomatic ties with neighboring Eritrea after two decades, pledging to open up state-owned companies to outside investment and releasing thousands of prisoners. The reforms have been praised by the international community and attracted new investors interested in Ethiopia one of Africa’s fastest growing economy according to according to the Bank and the International Monetary Fund.

According to him, the deal with the global finance body had been reached because of ongoing reforms in the country. “This is due to the reforms taking place in the country”

Abiy last met with the World Bank boss in Washington DC during his diaspora tour that saw him visit three states in the United States. He also met with the IMF boss on the same trip as both parties discussed ways of improving relations, African News Reports.

During the press conference, Ethiopian Prime Minister Abiy Ahmed also said the longtime ruling Ethiopian People’s Revolutionary Democratic Front (EPRDF) coalition, which controls all 547 seats in Ethiopia’s parliament, will soon prepare for a “free and fair election” in 2020. “My dream is that doubts about the ballot box will disappear,” he said.

Adedayo Laketu

Adedayo Laketu is a creative inventor who's interested in curating a New Age for Africa across all mediums.

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