31st July 2024 (10 Topics)
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Ethiopia's Economic Reforms and IMF Loan Approval
Context
Ethiopia, facing severe financial difficulties, eased foreign exchange restrictions as part of a comprehensive economic reform plan. This move coincides with the International Monetary Fund (IMF) approving a loan for the country, which is seeking a multibillion-dollar financial rescue package ($1 billion).
About the IMF
- The International Monetary Fund (IMF) is an international financial institution headquartered in Washington, D.C.
- It was established in 1944 during the Bretton Woods Conference with the goal of fostering global monetary cooperation, securing financial stability, facilitating international trade, promoting high employment and sustainable economic growth, and reducing poverty around the world.
- The IMF provides financial assistance and policy advice to member countries facing economic difficulties.
- Key Functions of the IMF:
- Surveillance: Monitoring the economic and financial developments of member countries.
- Financial Assistance: Providing loans to member countries facing balance of payments problems.
- Technical Assistance and Training: Offering support and training to help member countries improve their economic management.
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