埃塞俄比亚联邦民主共和国：根据扩展信贷安排进行的第五次审查

FIFTHREVIEWUNDER THE EXTENDED CREDIT FACILITYARRANGEMENT, REQUEST FORREPHASING OF ACCESS,MODIFICATION OF INDICATIVE TARGETS, ANDFINANCINGASSURANCES REVIEW—PRESS RELEASE;STAFF REPORT;AND STATEMENT BY THE EXECUTIVE DIRECTORFORTHEFEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA In the contextof an ArrangementUnder theExtended CreditFacility,the followingdocuments have been released and are included in this package: •APress Releaseincluding astatement by theChairof the Executive Board. •TheStaff Reportprepared by a staff team of the IMF for the Executive Board’sconsideration onJuly1, 2026, followingthediscussions that ended onMay20,2026, with the officials ofThe Federal Democratic Republic of Ethiopiaoneconomic developments and policies underpinning the IMFArrangement undertheExtended Credit Facilityprogram.Based on information available at the timeof thesediscussions, the Staff Report was completed onJune16, 2026. •ADebt Sustainability Analysisprepared by staffsof the World Bank and the IMF. •ASupplementary Informationof Staff Reportprepared bystaff of the IMF. •AStatementbythe Executive DirectorforThe Federal Democratic Republic ofEthiopia. TheIMF’s transparency policy allows for the deletion of market-sensitive informationand premature disclosure of the authorities’ policy intentions in published staff reportsand other documents. Copies of this report are available to the public fromInternational Monetary Fund•Publication ServicesPO Box 92780•Washington, D.C. 20090Telephone: (202) 623-7430•Fax: (202) 623-7201E-mail:publications@imf.org Web:http://www.imf.orgPrice: $18.00per printed copy International Monetary FundWashington, D.C. IMF Executive Board Completes theFifthReviewUnder theExtended Credit FacilityArrangementforThe Federal Democratic Republic ofEthiopia FOR IMMEDIATE RELEASE •The IMF Executive Board completed thefifthreview of the arrangement under the ExtendedCredit Facility (ECF) for Ethiopia, allowing the authorities to draw the equivalent of aboutUS$464million (SDR342.05million). •While strong macroeconomicperformanceto date has createdresilience,thewar in theMiddle East representsasubstantialexternalshock.Rephasing will bring forwardaboutUS$200millionunder Ethiopia’s program tohelpease near-term financing pressuresandaddress immediate war impacts. •The authorities have made solid progress in achieving the objectives of the Fund-supportedprogram. Strong exports, revenue mobilization, and reserves accumulation show goodresults from the reforms.The authorities continue their efforts to advance debt restructuring. Washington, DC–July1,2026:The Executive Board of the International Monetary Fund(IMF)todaycompleted thefifthreview of the 48-monthExtended Credit Facility(ECF) forEthiopia. The Board’s decision allows for an immediate disbursement ofabout US$464million(SDR342.05million),helpingEthiopiameet its balance of paymentsand fiscal financingneeds. The completion of thereviewbringstotal disbursements under the arrangement toabout US$2.647billion, with aboutUS$200 million in additional resources to help respond topressures resulting from the war in the Middle East, especially thesignificantlyhigher price ofimported fuel. Ethiopia’s ECF arrangement for a total ofSDR 2.556 billion(850percent of quota) oraboutUS$3.4 billion at the time of program approval onJuly29, 2024(seePress Release 24/291),is aimed atsupportingtheauthorities’Homegrown Economic Reform Agenda (HGER)toaddress macroeconomic imbalances and lay the foundations forprivate sector-led growth. Program performanceoverallwasin line with program commitments.All quantitativeperformance criteria(QPCs)and most indicative targets (ITs) were met.The government’scontributionto the Productive Safety Nets Programwas lower-than-targetedas donorcontributions exceeded expected amounts, with overall support to beneficiariesaboveobjectives(including asupplementforurban beneficiaries in response to theexternal shock). Maintaininga tightmonetarystance continues to beappropriateto anchor inflationexpectations.The authorities are making sustained efforts todeepenforeignexchange(FX)marketfunctioning,such aspartially easingcertainexchange restrictions, developinganinterbank FX market andenhancingcompetitionamong banks. Tax revenue growth and fiscal outcomes have remained strong.Prudent expendituremanagementandrevenue administration reformsareimportant toensure fiscal sustainability,revenue mobilization,and priority spendingobjectivescan besustainedin the medium-term. The authorities continue their efforts to advancedebt restructuring.Several bilateralagreements have been signed withofficialcreditors,andsignificant progresshasalsobeenmade withseveral external commercial creditors.Staff welcome the agreement-in-principlereached withEurobondholders.The financing assurances received andadjustment effortsmade are consistent with IMF policy requirements and program parameters. Following the Executive Board discussion, Mr.Nigel Clarke,DeputyManaging Director