Thursday, April 25, 2024
HomeEthiopian NewsEthiopian PM says additional $US 3 billion funding “secured”to finance "growth"

Ethiopian PM says additional $US 3 billion funding “secured”to finance “growth”

Prime Minister Abiy Ahmed says his government has secured another $3 billion funding to finance “growth plan,” details missing

Funding _ Growth _ Ethiopia _ Abiy
PM Abiy Ahmed

A day after the IMF announced that staff agreement is reached to lend the US $2.9  billion to Ethiopia, over three years period, Ethiopian Prime Minister Abiy Ahmed disclosed on Friday that his government is getting an additional U.S. $3 billion from what he called “Development Partner.”

“I am pleased to announce that the Government of Ethiopia is right now finalising additional funding for the ongoing Economic Reforms!,” he wrote on his personal social media page. 

It will be used to finance “Home Grown Economic Agenda,” specifically in three focus areas: “Macro-economic, Structural, and Sectoral reforms”, according to PM Abiy Ahmed.  Details of the focus areas are not spelled out in the Prime Minister’s update.

While he made it clear that the fund has nothing to do with ones that are approved by the World Bank and IMF, the U.S. $3billion and the U.S. $2.9 billion respectively, the source of the $3 billion new funding is blurry.

“The UAE and Saudi Arabia’s support is also greatly appreciated. We anticipate additional resources from the United Nations agencies and EIB,” he said.

It is also unclear if the fund is secured in the form of a concessionary loan or any other format.

Addis Fortune, a locally published business newspaper, reported on the same day that the U.S. $3 billion dollars is secured from Development Assistance Group (DAG), which it described as “a consortium of 30 donors based in Addis Abeba.”

State Minister for Finance, Eyob Tekalign, is cited as saying that the “financial aid” is intended to finance the implementation of the “Homegrown Economic Reform Programme.”

According to Eyob Tekaligne, the funding came in response to a meeting that the National Bank of Ethiopia and the Ministry of Finance put together at the United Nations Economic Commission for Africa (UNECA) in September of this year.

Join the conversation. Like borkena on Facebook and get Ethiopian News updates regularly. As well, you may get Ethiopia News by following us on twitter @zborkena




    Economic growth that did not take human beings lives into account is useless. IMF had been preaching about Ethiopia’s Double digits economic growth since IMF and Meles Zenawi declared that EPRDF was Growing and transforming Ethiopia decades ago. Now EPRDF ODP are trying to fill their own personal pockets with the expense of Ethiopians lives. Don’t devalue birr so you politicians fill your personal pockets with dollars.

  2. The IMF loan is achieved by the leader of EPRDF his Excellency DR. Abiy Ahmed’s sellout beggars cabinet who saved EPRDF from completely loosing power by securing this loan. The cabinet achieved this loan by pointing out to IMF about the Ethiopian diasporas around the world who got excellent reputations of being hard working honest good Samaritans and also blaming GERD dam’s construction delays on Egypt instead of blaming it on Ethiopians themselves, this loan got secured buying time for EPRDF to stay in power by using the money to buy votes in the next elections .

    In my understanding Medemer means “vote for me for AKA PROSPERITY then PP will pay you that day for your vote” The side effect of Medemer, the catch which the cadres don’t tell people out loud is ” after people vote for PP inturn for the longhaul people will end up owing IMF and alike the rest of their existence, that is if the people manage to continue existing at all since the odds are against many to continue to exist with their natural resources and public properties being owned by IMF and alike with the EPRDF cadres robbing the country blind in the process.”

    If the GERD dam was to be completed in 2020 as initially was planned taking out this $3 Billion dollars loan by selling out Ethiopia wouldn’t have been necessary , but since Ethiopia put all her eggs in this one basket known as the GERD dam with EPRDF officials stealing from the basket GERD’s construction got delayed so now Ethiopia got her arms twisted into signing this loan agreement with IMF just to finish the construction.

    EPRDF failed to complete the dam in time, now for that reason only IMF is owning Ethiopia.

    Because of the failed EPRDF regime that continuously put Ethiopia from one disaster to another then go sellout Ethiopia to cover up it’s lack of leadership skills the people are subjected to live in sufferings forever.

  3. Shemdaju Abiy Al mariamin gezto
    Yihew Zna bezna hone zinashin agbito

    Yihem albeqah bilot
    Tenesa hagerituan liyastefat
    Ere Mela belut yihenin setaset
    Behuwala bersu tifat Hager endayaqasit

    Minew yane zinash kenelijochwa sitshesh Abiy qere wede huwala
    Beteraw ersu sishesh endaymeslew yemtajbew tetala

    Tenkolu bizu neww yezih yeabiy
    Bezer behaymanot yemiyafaj yalegelagay

    Ere EPRDF Prosperity laklin gelagay
    Abiy ashaferegn bilo aynun zegtuwal layay

  4. I am 100 percent sure that our women will do a commendable job in their mission even better than their male counterpart!!! Such news bear more than just news of what happened but it also carries news of attestation of indisputable qualification by our women. They have been qualified to carry out any assignment including leadership both in politics and economy since the beginning of time in our history but they were brutally denied of such opportunity by us irreparably oppressing men!!! Look at some of them excelling in now!!! But they achievements are not being told as they should in our media.

    Dear editors of this esteemed website!!! You know me by now that I have nothing but love and respect for you. Please let me have the privilege of picking a bone or two with you(in a friendly way). I politely ask you to search for our accomplished women who are making news in their profession here in the west and also in the old country and post them here. You have the qualifications and the connection to sniff out such news more than we do. I just read one such news about our dear countrywoman Rediet Abebe and extraordinary accomplishment on another website. Get this!! She is the first black woman to earn a PHD in computer science from Cornell University. That is not alone. She has a long ‘rap sheet’ of other achievements under her belt!!! But be prepared and stay alert talking to her!! Codeshare? She had that for her breakfast a long time ago!!! AI(That is Artificial Intelligence)? She may tell you what you will be thinking 20 years from now!!! And there is another such countrywoman just as sharp as a tack!!! I read about her story on another website sometime ago and her name is Timnit. AI is all her language, baby!!! I am sure there are plenty of our women whose far reaching accomplishments in various fields are not told and tucked under the rug. You should dig out such stories and tell us about them!!! Meanwhile, please allow me to say a word or two to Rediet bint Abebe and through her to all our countrywomen!!!

    What uplifting news! What did I tell you about the capabilities of our women? All they need is opportunity and they are like ‘they can’t stop us now!’ I wish this very accomplished scientist cross path with that bigot Satoshi Kanazawa so she can give him the stare down he deserves. You know, that unique stare our women are known for when they are justifiably upset; That stare of death!!!

  5. Amhara is gonna kill us , am afraid and pissing with fear monting to phobia;

    Your warmoners and fulltime mudrers are gonnba wage war if we make Tigray independent and Great Country !

    funny outcry time will tell if you banda spies are gonna invade us killers monarchy is not gonna be restored . Viva Oromo and Jawar!!

    According to some experts , taking a lon from IMF is to give full authorization to IMF to shape Ethiopia’s economic, defense and social policy .And we are compelled to limit our defense spending, increase taxes, decrease social spending etc.
    Though the majority of the members of the IMF are from the less developed countries of Asia, Africa and South Africa, the IMF is dominated by the rich countries like USA. It is said that the policies and operations of the IMF are in favor of rich countries.
    ) The IMF has created an immoral system of modern day colonialism that SAPs the poor.

    Sum up, we are left to sink deeper and deeper in the quagmire of a huge debt(loan) and unquestionably immersed into the modren era colonization , thanks to prosperity Party and the ringleader Abiy.

    PS: Our future and that of our next generation is now deteriorated by this fake illegal Party, socalled prosperity . Since we are nopt able to pay it back soon and our land and resources will be sold constantly, nonstop , to the money minded and savage capitalists whose God is Money and artillery


Please enter your comment!
Please enter your name here