IMF Staff Country Reports

The Federal Democratic Republic of Ethiopia : Requests for Purchasing under the Rapid Financing Instrument, Debt Relief under the Catastrophe Containment and Relief Trust, Rephasing of Access Under the Three-Year Arrangements under the Extended Credit Facility and the Extended Fund Facility, and Reduction of Access under the Extended Fund Facility Arrangement-Press Release; Staff Report; and Statement by the Executive Director for The Federal Democratic Republic of Ethiopia

Author/Editor:

International Monetary Fund. African Dept.

Publication Date:

May 6, 2020

Electronic Access:

Free Download. Use the free Adobe Acrobat Reader to view this PDF file

Summary:

Ethiopia is facing a pronounced economic slowdown and an urgent balance of payments need owing to the COVID-19 pandemic. The economy was growing robustly prior to the pandemic, and progress under the ECF-EFF arrangements was encouraging. The shock is expected to significantly reduce growth this fiscal year and next. It has already materially weakened external accounts as services exports, remittances, and foreign direct investment declined. The authorities are taking measures to combat the spread of the virus, mitigate its fallout, and support vulnerable groups. The fiscal deficit will have to expand temporarily to accommodate the additional spending.

Series:

Country Report No. 20/150

Subject:

Balance of payments Balance of payments need Debt Relief Debt service Economic reforms Rapid Financing Instrument (RFI)