Ethiopia Devalues Currency as IMF Approves $3.4 Billion Credit Line

• Ethiopia’s birr devalued by 30% following IMF approval of a $3.4 billion credit line
• The IMF and World Bank funding aims to address Ethiopia’s macroeconomic imbalances and promote economic reforms

Ethiopia has devalued its currency by 30% as part of critical reforms linked to a newly approved $3.4 billion credit line from the International Monetary Fund (IMF). This move marks the beginning of a series of economic reforms agreed upon in the loan deal.