ETHIOPIA: EXTERNAL ECONOMIC SUPPORT REMAINS CRUCIAL AMID FRAGILE POLITICAL AND SECURITY ENVIRONMENT
Thu, 23 March 2023
Despite ongoing security challenges, Ethiopia continues to move towards enhanced stability following last year’s peace deal. Economic growth is set to rebound above 5.5 percent in 2023. However, the external positioning remains significantly strained due to low foreign exchange reserves, a high percentage of foreign currency debt, and import dependency. Ethiopia is nonetheless still within reach of an IMF financial support program which will be key to averting a sovereign debt default. Thawing relations with Sudan bodes well for regional peace and the future of the massive hydroelectric dam project.
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