Ethiopia reached agreement with the IMF on a $3.4 billion Extended Credit Facility (ECF) in July 2023 — its first IMF programme in decades — covering post-conflict recovery and economic stabilisation after the Tigray civil war (2020-2022). Disbursements are continuing in 2026 as Ethiopia implements structural reforms and external debt restructuring under the G20 Common Framework.
Capital Details
Market Significance
Ethiopia's first IMF programme since 1993 — marks a fundamental shift in economic governance after decades of state-led investment. Enables private capital access that was previously blocked by Ethiopia's debt distress.
Risk / Considerations
Ethiopia's debt remains distressed — external debt restructuring under G20 Common Framework is still incomplete. Political stability in Amhara and Tigray regions remains uncertain.