DAG Pledges Over $3bn Funding To Ethiopia’s Reform

Addis Ababa, December 13, 2019 (FBC) –Development Assistance Group (DAG) have pledged 3 billion dollars to help strengthen Ethiopia’s home-grown economic reforms, said Prime Minister Dr Abiy Ahmed.

“I am pleased to announce that the Government of Ethiopia is right now finalising additional funding for the on-going economic reforms. Development Partners have pledged well over $3 billion dollars strengthening their commitment to our homegrown economic reform agenda,” he said on Twitter

According to him, the pledge does not include the $3 billion additional financing from the World Bank and $2.9 billion from the International Monetary Fund (IMF).

“This reaffirms both Governments’ and donors’ partnership to transition Ethiopia to a prosperous and peaceful nation,” he added.

The funding was announced today during the high-level meeting held between the Government and DAG to discuss on development partner’s support to the reform agenda.

In his opening remark, Minister of Finance Ahmed Shide highlighted the indispensable role development partners have played for the socio-economic progress Ethiopia has achieved over the past decade.

He further highlighted the core priorities and development financing needs of the Government of Ethiopia’s sweeping reform initiatives under the leadership of Prime Minister Dr. Abiy Ahmed.

These reform efforts have been multifaceted, broad and ambitious. At the heart of these broad national reforms stands the homegrown economic reform agenda, he said.

The development partners further committed to enhance the quality and use of the public finance management system and to channel more funding through the government system using the budget support modality.