The image-conscious mayor of Finfine, Abiy Ahmed has asked for additional $1 Billion dollars in World Bank loans to renovate some streets in Addis Ababa frequented by foreign visitors. Ethiopia's foreign debt will rise to $70 billion dollars, in what economists are already referring to as "Debt Slavery."
Ethiopia announced on Friday that it has entered into a financial agreement worth $1 billion with the World Bank. According to a post by its finance ministry on Facebook, the funding will be provided in the form of a concessional loan and grant.
Earlier this week, the International Monetary Fund’s board approved the latest assessment of the East African nation’s $3.4 billion loan program, which enabled access to an additional $262.3 million tranche.
This development occurs amid growing concerns about the adverse effects of policies promoted by international financial institutions on African economies, with economists arguing that the global financial system is not beneficial for the continent.
https://newscentral.africa/ethiopia-wor ... agreement/