World Bank Reaffirms Support for Ethiopia’s Economic Transformation Efforts

Addis ababa: The World Bank has reiterated its commitment to aiding Ethiopia in establishing a framework for inclusive economic transformation. This pledge was confirmed by World Bank officials during discussions with a high-level Ethiopian delegation, emphasizing the need for reforms that benefit all citizens.

According to Ethiopian News Agency, the Ethiopian delegation, led by Finance Minister Ahmed Shide, engaged in discussions with Victoria Kwakwa, the World Bank’s Vice President for Eastern and Southern Africa, and Akihiko Nishio, Vice President of the International Development Association (IDA) at the World Bank. The meeting took place during the 2024 Annual Meetings and included key figures such as National Bank Governor Mamo Mihretu and Senior Macro Economic Advisor to the Prime Minister Teklewold Atnafu.

The discussions centered on Ethiopia’s ongoing macroeconomic reforms, the progress of current projects, and identifying priority areas for future collaboration. Minister Shide provided an update on
the progress of pro-poor reforms and emphasized the necessity of sustained World Bank support to manage the costs associated with these reforms effectively.

Both Kwakwa and Nishio commended Ethiopia’s high-level political leadership and the successful implementation of policy actions aimed at stabilizing the economy, controlling inflation, and boosting productivity through Ethiopia’s second phase Home-Grown Economic Reform Agenda. They reaffirmed the World Bank’s commitment to supporting Ethiopia’s efforts toward inclusive economic transformation.

Source: Ethiopian News Agency