The IMF approved Ethiopia’s four-year Extended Credit Facility arrangement on July 29, 2024. Worth about $3.4 billion, it is designed to support macroeconomic stabilization and provide a framework for debt restructuring. The delegation met the Fund’s Fiscal Affairs Department and Monetary and Capital Markets Department on the sidelines of the 2026 IMF-World Bank Group Annual Meetings in Bangkok, according to a review of the IMF program.
At a government forum on September 29, 2026, average inflation was reported to have fallen from above 26% before reforms to slightly more than 16%.
Support discussed for two institutions
In talks with the Fiscal Affairs Department, the delegation focused on the Ministry of Finance’s capacity. Officials reviewed assistance already under way and discussed where additional support might help.
The separate session with the Monetary and Capital Markets Department focused on the National Bank of Ethiopia, or NBE, and its institutional capacity. The central bank’s reform agenda also intersects with debt restructuring. On October 8, Prime Minister Abiy Ahmed appointed Fitsum Assefa Adela as finance minister, replacing Ahmed Shide, who became speaker of the lower house. Reuters reported that Assefa would oversee currency reforms and external-debt restructuring.
Ethiopia defaulted on its sole Eurobond in 2023 and is still negotiating under the G20 Common Framework. It reached a preliminary agreement with private creditors earlier in 2026, according to Reuters’ debt-restructuring report.
In September 2026, the average rate at the central bank’s auction was about 160 birr per U.S. dollar. The government also set a tax-revenue target of 9.62% of GDP for the 2026/27 fiscal year.
Technical assistance remains the focus
The Central Bank of Ethiopia said the meetings are part of efforts to deepen cooperation with the IMF and reinforce reforms by building institutional capacity. Its account does not announce a new funding commitment or a new technical-assistance programme. That work differs from the private-sector activity described in Nairobi’s market expansion, which centres on IPOs and cross-border takeovers.
The meetings focused on institutions expected to carry out Ethiopia’s fiscal and monetary reforms. Discussions about assistance do not amount to a confirmed package. The Central Bank of Ethiopia’s account does not spell out any additional support.
