International Monetary Fund (IMF) managing director, Christine Lagarde visited Ethiopia yesterday. During her visit, she held talks with prime minister Hailemariam Desalegne and president Mulatu Teshome.
Improving cooperation between IMF and Ethiopia was part of the talking point, according to Ministry of Foreign Affairs Social media updates.
She is quoted as saying ““I am really pleased to have seen some international companies from China and the Netherlands, manufacturing to international standards for export purposes”
Christine Lagarde thinks that “Ethiopia’s economy… is doing very well in terms of growth.” The IMF has been producing narratives that hailed the government in power for economic performance but economists in the opposition quarter do not seem to buy it.
Christine also tweeted that had a productive meeting with Ethiopian officials
I had a very productive discussion with PM Desalegn and his economic team on their plans to transform #Ethiopia's economy. #IMFAfrica pic.twitter.com/RTNxCtPL9X
— Christine Lagarde (@Lagarde) December 14, 2017
Ethiopian Satellite Television has reported that Christine advised the Ethiopian government to control foreign loan.
The inflation rate for consumer good has gone up to 18 percent this month. The unemployment rate in the country is about 14 percent according to official government data which has a track record of inaccuracy for political reasons. However, critical observers in the country seem to project unemployment rate of well over 20%
In October of this year, Ethiopia devalued its currency and there are reports from Ethiopia that government is unable to pay salaries in some parts of the country due to a dire shortage of cash flow.
Meanwhile, The World Bank is lending Ethiopia $170 million dollars for Livestock and Fisheries Sector Development Project. The loan has to be paid in thirty eight years and has six years of grace period.
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