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The International Monetary Fund’s Executive Board announced that it has approved a $3.4 billion loan to Ethiopia.
According to the agency, $1 billion will be disbursed to Ethiopia from loans approved under the Extended Credit Facility (ECF) program.
This was announced a day after Ethiopia announced a policy change so that foreign exchange trading would be determined by the market.
Financial and economic experts interviewed by VOA said the loan may have been approved to help offset the economic shock caused by the decision;
The Ethiopian government’s decision was made under the constraints of the IMF and without any economic reasons, they said.
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