IMF visited Ethiopia to discuss loan request, talks to continue -statement

MARRAKECH, Morocco (Reuters) -International Monetary Fund (IMF) staff visited Ethiopia from Sept. 25 to Oct. 3, the fund said on Thursday, as the East African country continues to seek a loan almost a year after a ceasefire was reached in its civil war.

“Discussions will continue in the coming weeks to reach an agreement on a set of reforms for the requested program,” IMF mission chief for Ethiopia Alvaro Piris said in a statement.

“Important steps that have been taken to bring down inflation and stabilize the economy, including significant fiscal and monetary tightening.”

In early 2021, Africa’s second-most populous country requested a broader debt rework under the Group of 20’s Common Framework, an initiative for restructuring government debt aimed at low-income countries.

But progress was complicated by a two-year civil war that broke out in November 2020, leading to the deaths of thousands of people and displacing millions more.

(Reporting by Rachel Savage and Jorgelina do Rosario; Editing by Chris Reese)