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Ethiopian Delegation and IMF officials held a discussion in Marrakech, Morocco – the Ministry disclosed on Friday.
The Minister for Finance, Ahmed Shide, and Ethiopia’s National Bank governor, Mamo Mihretu led the delegation. The agenda of the meeting between the Ethiopian government and IMF is unclear.
In a report published on October 13, Reuters cited Fedelino,IMF officials, as saying “The authorities have expressed the view that they want to move to (a) market-determined exchange rate. This is a very ambitious reform; we would require preparatory steps” – an indication that exchange rate of the Ethiopian birr was among the issues discussed.
U.S. dollar exchange rate to Ethiopian birr has plunged to 55.81 and it is over 100 in the black market. Ethiopia’s National Bank Governor used to work for the IMF and there has been a rumor that Ethiopian P.M. Abiy Ahmed removed Yinager Dessie after disagreement to further devalue Ethiopian currency. Again, it is unclear if the further devaluation of Ethiopian Birr is a condition for IMF to release fund to Ethiopia.
Before recovering from the war in North Ethiopia, Abiy Ahmed’s administration is waging a large scale war in Amhara region.
In a press release from the Ministry of Finance, it is said that Ethiopia’s Minister for Finance, briefed IMF officials on “development priorities, including economic recovery, macro-fiscal stability, private sector development, human development, and reconstruction…”
Full Press Release From the Ministry of Finance is featured below :
“Press release
October 13, 2023- A high-level Ethiopian delegation led by the Finance Minister, HE Ahmed Shide along with the Governor of the National Bank of Ethiopia Ato Mamo Mihretu had fruitful discussions with the World Bank Group (WBG) and the International Monetary Fund (IMF) officials during the 2024 Annual Meetings held in Marrakech, Morocco from October 9-13, 2023.
The delegation met with WBG President Mr Ajay Banga, IMF Managing Director Mrs Kristalina Georgieva, the World Bank’s Managing Director for Operations Ms. Anna Bjerde with World Bank Vice President for Eastern and Southern Africa, Mrs. Victoria Kwakwa and Mr. Abebe Aemro Selassie, Director of the African Department.
The Minister highlighted the country’s development priorities, including economic recovery, macro-fiscal stability, private sector development, human development, and reconstruction, among others.
Both institutions commended Ethiopia for the critical steps taken to stabilize the economy and tame inflation as well as the broad based reform program planned under Ethiopia’s second phase of the Home-Grown Economic Reform.
The meetings discussed and agreed on a way forward on how the IMF and the WBG can jointly support the country’s ambitious economic program that is set to unlock Ethiopia’s full economic potential.
The delegation also held bilateral discussions on the sidelines of the Annual Meetings, including the British State Minister Andrew Mitchell the Undersecretary for US Treasury, as well as Executive Directors for the US and France on Ethiopia’s current political and economic affairs and the ambitious plan for the next phase of transformative reforms needed to address present challenges.”
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