Addis Ababa: ‘I am confident that this country (Ethiopia) will grow economically and it will grow in terms of its significance for the neighborhood and the whole continent of Africa,’ International Monetary Fund (IMF) Managing Director, Kristalina Georgieva underscored.
According to Ethiopian News Agency, Georgieva praised the significant positive impact of the macroeconomic reforms in the country. Having concluded her two-day visit to Ethiopia today, the IMF Managing Director Georgieva gave a press briefing. She commended Ethiopia’s impressive economic growth, noting that last year’s GDP growth reached 8.1 percent, surpassing the projected 6.1 percent.
Georgieva attributed this growth to the government’s efforts to create space for private initiatives and enhance productivity across agriculture, industry, and service sectors. She further expressed her confidence in Ethiopia’s economic trajectory. ‘There is a lot for Ethiopia to be proud of. Last year’s growth exceeded projection. It is because of freeing space for private initiatives and higher productivity in agriculture, industries and services.’
Stressing the transformative potential of the macroeconomic reform of the country, Georgieva reaffirmed the IMF’s trust and ongoing support for Ethiopia’s economic initiatives, highlighting the largest concessional program ever financed by the IMF-amounting to 3.5 billion USD -aimed at supporting the country’s economic transformation. ‘IMF has shown trust in Ethiopia, proving that it earns this trust. The largest concessional program we have ever financed 3.5 billion USD is to support the transformation of the Ethiopian economy,’ she stated.
Moreover, the managing director urged Ethiopians to remain united behind the reform, underscoring that it would bring tremendous outcomes. “The reform program that Ethiopia has embraced is tough; it takes time, but it would bring tremendous rewards. Some are already coming. The society has to be united behind this reform.”
Meanwhile, during her visit, Georgieva was captivated by the significant developments, including the Adwa Memorial Museum, where she expressed her admiration for Ethiopia’s rich history. ‘I just finished the visit to the Adwa Museum. You Ethiopians made Africans proud once; and I am so confident that you will make Africa proud once again with the strength of your economy and vibrancy that it will demonstrate,’ she concluded.
Overall, Georgieva’s visit underscores the IMF’s commitment to supporting Ethiopia as it navigates its economic reforms and strives for sustainable growth.
