![]() ![]() ![]() "So the exchange rate unification remains one important policy goal, but we are just doing it gradually. "We've made it very clear, we want to reform our forex regime," Eyob told Reuters in an October interview. The IMF requires debt relief commitments from a country's bilateral creditors before it agrees to a loan programme.Īdopting a more flexible exchange rate is also often a stipulation of the IMF, with Egypt's pound weakening after it moved to a more market-determined forex regime under the terms of a fund programme. these countries have regulated fuel markets and prices do not change frequently. In 2020, the IMF recommended moving to a market-clearing exchange rate regime, to deal with an overvalued currency and FX shortages.Īfrica's second-most populous country requested a debt restructuring under the Group of 20's Common Framework process in early 2021, but progress was held up by a two-year civil war in the Tigray region.Įthiopia's government and the Tigray People's Liberation Front (TPLF), a guerilla force-turned-political party, agreed on Nov. Nigeria: The price of octane-95 gasoline is U.S. "A sensible macro reform is always our agenda but there should not be any concern about mere devaluation."Įthiopia currently operates a managed exchange rate for the birr, allowing it to depreciate gradually against the dollar.
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