Council of Ministers Approves 1.5 Bln USD Agreement with IDA

Addis Ababa: The Council of Ministers, in its 38th regular session today, approved the 1.5 billion USD financial agreement with the International Development Association (IDA). The agreement consists of a 1 billion USD grant and 500 million loan from the International Development Association (IDA). The financial support is aimed at implementing the government's policy reforms to stabilize macroeconomic especially; for job creation, controlling inflation, resolving forex shortage, structural adjustments and direct support to the 2017 budget of Ethiopian fiscal year. After deliberating on the document, the Council unanimously approved and referred it to the House of Peoples Representatives as it is interest-free with a 6-year grace period and will be paid in 38 years. And it is in conformity with the country's loan administration strategy. Source: Ethiopian News Agency