World Bank will provide one billion direct budget support to Ethiopia in following few months, said Abiy Ahmed (PhD), prime minister of Ethiopia, during his first media briefing held last Saturday at his office.
The ongoing reforms in the nation are mentioned as a reason for the budget aid, according to him.
Following the violence and protests in the country, The World Bank and other donors suspended budgetary in 2005.
Since he took power, Abiy has announced several political and economic reforms including privatization of public businesses to private investors.
Over the past years, Ethiopia’s economy is one of the fastest growing economies in Africa, according to the International Monetary Fund
However, in recent years Forex exchange shortage was one of the countries complicated problem.
Following the new reform in the country, United Arab Emirates (UAE) pledged 3 billion dollar aid and investment to Ethiopia.
At the end of this fiscal year, Ethiopia has approved a record 117.8 billion birr budget for the coming fiscal year, 2011.
In 2010/2011 and is almost double the amount endorsed by the country’s parliament two years ago.
World bank is an international financial institution that provides loans to countries of the world for capital projects.
Last Saturday prime minister Abiy Ahmed held his first press conference at his office. He took questions on a range of issues from more than 120 reporters from Private and State Media.