The International Monetary Fund approved $411 million in emergency funding to help Ethiopia cope with the fallout from the coronavirus outbreak.
“Ethiopia is facing a pronounced economic slowdown and an urgent balance of payments need owing to the Covid-19 pandemic,” the Washington-based lender said in an emailed statement. The Horn of Africa country will also get debt relief that the fund is extending to the poorest and most vulnerable countries.
A fall in exports and restrictions to curb the virus spread will slow growth and weaken external and fiscal accounts. The immediate priority is to increase spending on health care and provide emergency assistance, including food assistance, according to the fund.