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International Business Times
International Business Times
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AFP News

EXPLAINED: World bank approves 1 5 billion ethiopia rescue package | Vintage Vibes

Ethiopia broke with decades of managing its currency, a move that unlocked long-negotiated funding from international lenders (Credit: AFP)

The World Bank has approved a $1.5 billion financial package to support cash-strapped Ethiopia's economic reform programme after officials loosened curbs on the local currency.

The decision comes after the Horn of Africa country broke with decades of managing the birr, a move that unlocked long-negotiated funding with international lenders including the International Monetary Fund.

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