The Federal Democratic Republic of Ethiopia: Staff Report for the 2007 Article IV Consultation—Informational Annex

The Federal Democratic Republic of Ethiopia’s 2007 Article IV Consultation reports on the macroeconomic imbalances and on maintaining medium-term macroeconomic stability while fostering growth potential. Although agriculture continues to be the mainstay of the economy, the expansion has been broad-based, with manufacturing, construction, and services making significant contributions. Expansion of domestic credit has continued to be brisk, reflecting a pickup in private sector economic activity and increasingly negative real interest rates. A critical challenge for Ethiopia is to strike a judicious balance between demand-dampening measures and growth-enhancing structural reforms.


The Federal Democratic Republic of Ethiopia’s 2007 Article IV Consultation reports on the macroeconomic imbalances and on maintaining medium-term macroeconomic stability while fostering growth potential. Although agriculture continues to be the mainstay of the economy, the expansion has been broad-based, with manufacturing, construction, and services making significant contributions. Expansion of domestic credit has continued to be brisk, reflecting a pickup in private sector economic activity and increasingly negative real interest rates. A critical challenge for Ethiopia is to strike a judicious balance between demand-dampening measures and growth-enhancing structural reforms.

Ethiopia: Relations with the Fund:

(As of March 31, 2007)

I. Membership Status: Joined: December 27, 1945; Article XIV

II. General Resources Account:

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III. SDR Department:

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IV. Outstanding Purchases and Loans: None

V. Latest Financial Arrangements:

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VI. Projected Payments to Fund

(SDR millions; based on current use of resources and present holdings of SDRs):

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VII. Implementation of HIPC Initiative:

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VIII. Implementation of Multilateral Debt Relief Initiative (MDRI):

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IX. Safeguards Assessment

According to Fund policy, an assessment of the National Bank of Ethiopia (NBE) was completed on September 12, 2001, with respect to the Poverty Reduction and Growth Facility arrangement approved on March 22, 2001. The NBE has made progress in implementing the recommendations of the safeguards assessment.

X. Exchange Rate Arrangement

The de facto exchange rate regime was classified as a conventional peg (on April 1, 2006), in light of the recent market developments. Though the authorities describe the de jure exchange rate regime as a managed float with no predetermined path for the exchange rate, the Birr has been relatively stable against the U.S. dollar. Furthermore, the NBE supplies foreign exchange to the market based on plans established at the beginning of each fiscal year that took into account estimates of likely supply and demand. The transaction-weighted average interbank market exchange rate on May 9, 2007, was Br 8.8887 = US$1.

Ethiopia currently maintains four restrictions on the payments and transfers for current international transactions, which relate to (a) the tax certification requirement for repatriation of dividend and other investment income; (b) restrictions on repayment of legal external loans and supplies and foreign partner credits; (c) rules for issuance of import permits by commercial banks; and (d) the requirement to provide a clearance certificate from NBE to obtain import permits. These restrictions are inconsistent with Article VIII, Section 2(a), of the IMF’s Articles of Agreement and remain unapproved.

XI. Article IV Consultation

Ethiopia is on the standard 12-month consultation cycle. The Executive Board concluded the last Article IV consultation on March 17, 2006 (Country Report No. 06/122; EBM/06/26).

XII. Technical Assistance (2002—present)

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XIII. Resident Representative

The IMF has had a resident representative office in Addis Ababa since 1993. The current Senior Resident Representative, Mr. Arnim Schwidrowski, took up the post in January 2006.

Ethiopia: Relations with the World Bank:

(As of April 2007)1

A. Partnership in Ethiopia’s Development Strategy

1. Bank and Fund share joint responsibility for supporting financial sector, taxation, decentralization, and public expenditure reforms. The Bank leads the policy dialogue on structural reforms relevant to economic growth and poverty reduction, including rural development, infrastructure, private sector development (PSD), human development, governance, protecting basic services delivery at the local level, and vulnerability.2 The dialogue is supported by an extensive analytical agenda.

B. Areas of Common Interest to Bank and Fund

2. Preparation and Implementation of the PRSP. In January 2007, the government presented the final draft of the second PRSP, an ambitious strategy called the Plan for Accelerated and Sustained Development to End Poverty (PASDEP), covering 2005/06-2009/10. The Ethiopian Parliament endorsed the strategy in 2006, implementation has begun, and an Annual Progress Report on the first year of implementation is expected within a few months. Bank and Fund collaborated in supporting formulation of the policy and the reform agenda needed to underpin the Plan for Sustainable Development to End Poverty (PASDEP). Together with the donor community, the Bank provided feedback on the draft PASDEP, and work is beginning on a Joint Staff Advisory Note (JSAN) to be sent to the Boards of the Bank and the Fund.

3. Macroeconomic policy, private sector development, and the financial sector. Bank and Fund cooperate closely in discussing macroeconomic policy with the government, particularly in relation to the impact of the current macroeconomic situation and its implications for eventual scaling up to achieve the MDGs. The Article IV consultation and subsequent IMF reviews of macroeconomic performance are the most important input for dialogue on macroeconomic issues within the context of the Protection of Basic Services (PBS) operation. Bank and Fund have worked together on the DSA. With reference to Ethiopia’s banking sector reforms, the two staffs are working in complementary areas in the context of the Bank- approved Financial Sector Capacity Building grant (US$15 million) on future reforms and on consolidating central bank supervisory and monetary policy functions. The private sector development agenda is being elaborated, with recent efforts focusing on restructuring the Private Sector Capacity Building operation, and completing in-depth value chain analysis for a number of sectors, including leather manufacturing, oil and seeds, and floriculture.

4. Public sector reforms. Bank and Fund have been supporting the government’s decentralization program with a view to improving the working of the civil service and local service delivery, particularly incentives for regional and local performance in the formula for subnational transfers of public resources. The Bank is also providing assistance for civil service reform, tax and customs administration reform, legal reforms, and urban management through the Public Sector Capacity Building Project (US$100 million) approved by the World Bank Board in May 2004 and now operational.

5. Public expenditure management. Traditionally the Fund has been an active participant in Bank-coordinated annual public expenditure reviews (PERs). In 2005/06 the government, the Bank, the Fund, and Joint Budget Support (JBS) donors introduced the first annual Joint Budget and Aid Review (JBAR) as part of a new dialogue about the government’s planning and budgeting cycle. This instrument, together with the fiduciary assessment, replaced the PERs. Since May 2006, the scope of the JBAR has been refined and two parts of the process identified.

6. Part I, which has been subsumed into the due diligence requirements for the Protection of Basic Services (PBS) project,3 has become the main method of information exchange and dialogue between development partners and the government relating to PBS. The PBS has generated a wealth of previously unavailable subnational fiscal data, which will be analyzed and used to guide future Fund and Bank activities. It is expected that, together with the core information-sharing activities, Part I will also investigate selected topics on a rotating basis. The first JBAR review that took place in October 2006 led to very informative discussions on financing and other aspects of the health sector, including discussions on decentralization. A third JBAR is scheduled for May 2007, with a focus on agriculture and rural development.

7. Part II of the JBAR process will have deeper analytical content, resulting in annual reports. The reports will explore the rich analytical agenda underlying the relation between public expenditure and poverty reduction, in conjunction with other economic and sector works (ESWs). Issues to be examined in the near future are the costs of decentralization, public efficiency and equity in infrastructural sectors, and the quality of intrasectoral allocations.

8. Fiduciary assessments. The Ministry of Finance and Economic Development (MOFED) conducted a fiduciary assessment in 2004/05 jointly with JBS donors and the Bank, the first of a series of annual fiduciary assessments (FAs). The FA for 2006/07 is now underway. Like the Public Expenditure and Financial Accountability (PEFA) initiative, FAs are intended to consolidate various reviews of expenditure management systems in Ethiopia. Aspects of the PER related to institutional and intergovernmental fiscal design issues, the Country Financial Accountability Assessment (CFAA), and the Country Procurement Assessment Report (CPAR) will now appear in the FAs.

9. Millennium Development Goals. Bank and Fund have coordinated their work on issues related to scaling up to meet the MDGs, particularly the assessment of the government’s macroeconomic analysis and financing strategy. The Bank, together with UN agencies in Ethiopia and the U.N. Millennium Project, has supported the government in assessing sectoral needs to estimate the cost of the investments required to put Ethiopia on a path to meet the MDGs. A synthesis report was issued in December 2005. The government has grounded its macroeconomic scenarios for the PASDEP in the planning done for the whole of the MDG period in the synthesis report. Adjustments were made after dialogue during the budget process, particularly to adjust the investment plans to the expenditure ceilings of the Medium-term Economic and Financing Framework (MEFF).

10. Debt sustainability analysis and the Enhanced HIPC Initiative. The Boards of the Bank and the Fund agreed on April 20, 2004, that Ethiopia had reached the HIPC completion point, making irrevocable the US$1.3 billion of NPV debt relief envisaged at the decision point in November 2001. The Boards also approved an exceptional topping-up of debt relief by an additional US$0.7 billion in NPV terms because of exogenous factors, particularly changes in the discount rate and exchange rate since the decision point, that fundamentally changed Ethiopia’s economic circumstances and adversely affected its debt sustainability. MDRI debt relief with an NPV of approximately US$1.5 billion was approved by the IMF board on December 21, 2005, and by the World Bank board on March 28, 2006. Bank and Fund staffs updated the DSA before the completion point, for the MDRI, and for the present 2007 Article IV consultation staff report.

11. Statistical issues. Both institutions have been providing technical assistance to the government on data and statistics. The Fund has focused on the macroeconomic side and the Bank on improving the data on poverty and social indicators for monitoring of the outcomes of Sustainable Development and Poverty Reduction Program (SDPRP)/PASDEP programs. Further work related to increasing accountability and transparency and fostering structured learning through evaluation—a priority identified in the PASDEP—is being planned.

12. Financial sector development. The Bank has provided funds for the National Bank of Ethiopia (NBE) capacity building in banking and insurance regulation and supervision; economic research; payments system modernization; improving credit referencing; accounting and auditing; and developing the capital market infrastructure under a capacity building project. The project has been designed to be carried out in close collaboration with the Fund (Monetary and Capital Markets Department and AFRITAC East) to avoid TA gaps and overlaps.

C. Bank Group Strategy

13. The Interim Country Assistance Strategy (ICAS) for Ethiopia, discussed in May 2006 and covering FY2006 (July 1-June 30), focuses on good governance and growth as at the center of Bank support to Ethiopia. The ICAS aims to deepen support in (i) core governance—public administration, decentralization, and public financial management; (ii) fair and accountable provision of basic services; (iii) promotion of free enterprise; (iv) improvement of agricultural productivity; and (v) development of infrastructure to nurture the growth of small towns and growth corridors. A new CAS is expected to go to the board in the second quarter of 2007/08.

14. As of April 30, 2007, IDA’s portfolio of operations in Ethiopia comprised 20 active projects with total net commitments of US$1,796 million and an undisbursed balance of US$1,287 million (see Table 1). In January 2006, there were 22 active projects, with total net commitments of US$1,614 million and an undisbursed balance of US$939 million. Total disbursements to Ethiopia amounted to US$301 million in 2005/06 (US$157 million in grants), compared with US$373 million in 2005/06 (US$195 million in grants) and US$422 million in 2004/05 (US$179 million in grants).4

Table 1.

IDA Ethiopia Portfolio Composition

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Note: Excludes GEF projects.

Undisbursed balance may exceed IDA U.S. dollar-denominated commitment due to SDR appreciation since commitment.

Ethiopia: Relations with the African Development Bank

(As of April 2007) 1

A. Partnership in Ethiopia’s Development Strategy

1. The assistance provided by the African Development Bank Group to Ethiopia since 2002 has been anchored in the country’s PRSP. Building on the achievements of the first PRSP, Ethiopia has produced its second, the Plan for Sustainable Development to end Poverty (PASDEP), which is a home-grown development strategy covering

2005/06-2009/10. The final draft of the PASDEP was presented to donors in January 2007. The AfDB provided comments on the draft jointly with other Development Assistance Group (DAG) donors. The AfDB will collaborate with the Fund, the World Bank, and other donors in monitoring progress in PASDEP implementation through the Annual Progress Report.

B. Areas of Common Interest to the AfDB, the World Bank, and the Fund

2. Preparation and implementation of the PRSP. The AfDB will work closely with both the Fund and the World Bank in supporting implementation of PASDEP and in policy dialogue around structural reforms necessary for growth and poverty reduction, including private sector development and public expenditure reform. The realization of Ethiopia’s ambitious growth agenda in the PASDEP requires investment in infrastructure and productivity-enhancing programs in the rural sector. The AfDB is supporting Ethiopia in these areas in order to help create an enabling environment for sustained growth and poverty reduction. Macroeconomic stability is of central importance for the effectiveness and long-term sustainability of current development efforts and to improve prospects for scaling up of aid to attain the MDGs. Fund assessments of macroeconomic performance conducted through Article IV consultation and surveillance missions are important inputs into the AfDB country dialogue and programming process. Building on these assessments, the AfDB will cooperate with the Fund, the World Bank, and other donors to ensure that external aid is effective in promoting growth and reducing poverty in Ethiopia. The focus will be on policy actions to promote fiscal sustainability and enhance the efficiency of propoor and progrowth public expenditure in PASDEP priority areas, such as infrastructure.

3. Macroeconomic policy, private sector development, and the financial sector: The AfDB participated in the 2007 Article IV Consultation mission as part of its cooperation with the Fund. In future, the AfDB and the Fund will seek to deepen their cooperation based on a shared commitment to help Ethiopia achieve sustained growth and reduce poverty within a stable macroeconomic framework. The AfDB is among the donors providing support for the Protection of Basic Services (PBS) program using country systems and underpinned by macro dialogue. Fund surveillance missions will provide a critical input into the PBS macro dialogue, which forms part of the Joint Aid and Budget Review (JBAR). Both the AfDB and the Fund recognize the importance of private sector development and a dynamic financial sector for enhancing the competitiveness of the Ethiopian economy and promoting broad-based growth. The AfDB is supporting private sector development in Ethiopia by financing infrastructure projects and capacity building for the privatization of public enterprises.2 It is also providing support to rural micro-financial institutions (MFIs) to improve rural access to financial services and build the capacity to regulate and supervise rural MFIs. The Fund’s policy advice on financial sector reform will reinforce ongoing efforts to improve financial intermediation, including the World Bank’s Financial Sector Capacity Building Project.

4. Public expenditure management: Fiscal governance is an area of common interest to the Fund, AfDB, and other donors because it lies at the core of aid effectiveness. The AfDB, the World Bank, and other donors are engaged in dialogue with the Ethiopian authorities on public expenditure management with the objective of ensuring that budgetary allocations reflect PASDEP priorities for growth, poverty reduction, and human development, and that increased propoor spending is translated into improved development outcomes. The AfDB and other donors are undertaking joint efforts to support improvements in Ethiopia’s fiduciary systems and enhance accountability in the management of public resources through improved fiscal reporting. These efforts are underpinned by diagnostic work, including the Public Expenditure and Financial Accountability (PEFA), which is a due diligence requirement of the AfDB and other PBS donors. Efforts to strengthen fiscal transparency and accountability in the context of PBS will complement the Fund’s technical assistance in this important area.

5. Millennium Development Goals: The AfDB, the World Bank, and the Fund share a commitment to help Ethiopia achieve rapid progress toward the MDGs while maintaining macroeconomic stability and keeping debt sustainable. The AfDB will collaborate with both the Fund and the World Bank in helping Ethiopia to follow a sustainable path toward the MDGs. This will involve further analytic work on the macroeconomic implications of scaled-up assistance for the MDGs and the design of measures to help Ethiopia build its capacity to absorb increased aid. The AfDB will also continue to support sector investment programs targeted at the MDGs, such as rural water and sanitation.

6. Enhanced HIPC Debt Relief and the MDRI: Ethiopia reached the completion point under the enhanced HIPC Initiative in April 2004. In May 2004, its Board approved the AfDB contribution to HIPC debt relief amounting to US$513.36 million in nominal and US$339.46 million in NPV terms. Following the G8 decision in Gleneagles in July 2005 to cancel the debt owed by HIPCs to multilateral institutions, the AfDB Board on April 19, 2006 approved cancellation of UA 587.70 million (equivalent to US$876 million) in debt under the multilateral debt relief initiative (MDRI). The debt cancellation became effective on September 30, 2006. The MDRI debt relief provided by the AfDB, the World Bank, and the Fund has created fiscal space that Ethiopia will use to increase propoor and progrowth spending. The AfDB and the World Bank are tracking use of the savings generated from debt relief through the Joint and Aid Budget Reviews.

7. AfDB Group Operations: The AfDB’s active portfolio comprises 23 operations with a total commitment of UA 661.72 million (about US$980 million). This amount consists of UA 496.60 million (US$740 million) in concessional loans and UA 165.12 million (US$240 million) in grants. The active portfolio includes projects in agriculture, infrastructure, and the social sector. The portfolio also include the Protection of Basic Services Grant of UA 79.42 million (US$117 million) approved by the Board on December 20, 2006. In FY 2006, the Bank disbursed a total amount of UA 88.87 million (US$131 million). Disbursement flows in FY 2007 are projected to increase substantially as a result of the PBS, which is a quick disbursing operation.

8. AfDB Group Strategy:_ The AfDB’s Country Strategy Paper (CSP) for 2006-2009, approved by the Board on September 6, 2006, is aligned to Ethiopia’s new PRSP, the PASDEP. The CSP was prepared through a participatory process involving a broad range of stakeholders. The DAG, which includes the Fund and the World Bank, was consulted when the CSP was being prepared and before it was finalized. The overarching goal of the AfDB’s medium-term assistance strategy is to promote growth and reduce poverty. The pillars of the strategy are: agricultural transformation; infrastructure development; and governance. The focus of AfDB support to agriculture is irrigation, which is vital to enhance Ethiopia’s capacity to mitigate the impact of droughts. The priorities for infrastructure are rehabilitation and upgrading of roads to better connect areas of high agriculture potential with markets; rural electrification and development of hydro power; and water and sanitation. The emphasis with respect to governance is on more accountability and transparency in the public sector to ensure improved delivery of basic services.

9. Statistics: Ethiopia is among the AfDB member countries receiving statistical capacity-building support through the Africa Region International Comparison Program (ICP), which the AfDB coordinates. In 2003, the ICP conducted a country statistical pre-assessment for Ethiopia. Based on this pre-assessment and the request from the government, capacity-building support to the Central Statistics Authority (CSA) and the National Accounts Department of Ministry of Finance and Economic Development (MoFED) was approved. The support to both involves building capacity in price and expenditure statistics for ICP through by providing computers, training, and technical assistance.

Ethiopia: Statistical Issues


1. Data provided to the Fund are adequate for surveillance purposes, but there are shortcomings in real, fiscal, and balance of payments statistics. Ethiopia participates in the General Data Dissemination System (GDDS). Its metadata were first posted on the Fund’s Dissemination Standards Bulletin Board (DSBB) in November 2002 and were partially updated in May/June 2006. Ethiopia has agreed to participate in the fiscal and monetary modules of the successor GDDS project for Anglophone Africa.

2. The authorities have agreed to assume responsibility for the Statistical Appendix for Article IV Consultations commencing in 2008, as part of the pilot project launched by the African Department of the IMF. The 2007 Statistical Appendix will be posted on the National Bank of Ethiopia (NBE) website ( prior to the IMF Board meeting to consider the 2007 Article IV Consultations.

Real sector

3. A new series of GDP estimates (1995/96-2005/06) updated the base year from 1980/81 to 1999/2000. However, there is scope for improving the quality of source data because some internal consistency issues remain. First, the quality of GDP estimates by industry is affected by the poor coverage of construction activities. Second, while some progress has been made in making GDP estimates by final expenditure consistent with output-based measures, there remain substantial shortcomings, particularly in the estimation of private consumption and fixed capital formation. The statistical discrepancy in GDP estimates by expenditure categories has been soaring in recent years. The authorities, with technical assistance from the Africa Regional Technical Assistance Center (AFRITAC East), are working to address these discrepancies by preparing supply and use tables. Follow-up technical assistance from AFRITAC East on the CPI is planned.

Public finances

4. Despite progress in 2003 in eliminating discrepancies between data on the domestic and foreign financing of the budget deficit and the monetary accounts, significant discrepancies in recent years continue to complicate assessment of fiscal developments. Progress has been made in improving the quality and coverage of reporting on the consolidated general government and consolidating federal and regional budgets—inclusive of all extrabudgetary funds and accounts—within the decentralization of fiscal powers to woredas (districts). Ensuring the integrity of consolidated budget reporting will be a continuing task. Comprehensive information on the operations and financial position of public enterprises is not available. Fiscal data for the central government for 2002 were reported for the 2005 Government Finance Statistics Yearbook (GFSY). The authorities recently submitted 2003 data, albeit with several problems. No fiscal data is provided to the Statistics Department (STA) of the IMF for publication in the International Finance Statistics.

Monetary accounts

5. Two STA technical assistance missions in 2004 found that the quality of monetary and financial statistics was compromised by methodological problems. The missions recommended correcting certain misclassifications of accounting data, helped the central bank compile standardized report forms (SRFs) for reporting monetary statistics to STA, and worked with the authorities and AFR to establish an integrated monetary database (IMD). The follow-up mission in September 2004 finalized the IMD. The authorities then provided SRF-based data for the NBE and other depository corporations to STA until December 2004. At present, there is a need for the NBE to resume data submissions based on the SRF and IMD framework.

Balance of payments

6. Balance of payments data still require improvements on coverage, valuation, timing, and classification of transactions. From 2004 to 2006, four balance of payments statistics missions were completed as part of the GDDS project for Anglophone Africa. With assistance from experts, the authorities drew up plans to publish data consistent with the fifth edition of the Balance of Payments Manual. Questionnaire design and data collection procedures have since improved, and new methods were introduced for c.i.f./f.o.b. valuation adjustments for imports, external aid, trade credit, and bank financial account transactions. The authorities have expressed interest in having a resident expert to help them to address remaining shortcomings.

Social indicators

7. Data on poverty are derived from household surveys regularly conducted by the Central Statistical Authority.1 The World Bank has also produced reports on “Education and Health Sector Development Programs” and the “Poverty and Policies for the New Millennium Report” (1999), both of which contain data on the poverty situation. On the basis of this information, the government, with assistance from the World Bank, has constructed indicators for measuring poverty reduction, including income and expenditure per capita, income inequality, literacy, malnutrition, and infant/child mortality. During 2004/05 the authorities conducted a number of surveys to measure household welfare, including (i) a participatory poverty assessment; (ii) the Household Income, Consumption and Expenditure Survey (HICES); and (iii) a welfare monitoring survey. The data are currently being processed. There is no adequate data on prevalence rates of HIV/AIDS, especially among the rural population, and it is not clear whether food consumption among people living in drought-prone areas is properly monitored. The welfare monitoring survey conducted in 2004/05 is expected to produce indicators relating to HIV/AIDS.

Ethiopia: Table of Common Indicators Required for Surveillance (As of April 5, 2007)

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Includes reserve assets pledged or otherwise encumbered and net derivative positions.

Both market-based and officially determined, including discount rates, money market rates, and rates on treasury bills, notes, and bonds.

Foreign, domestic bank, and domestic nonbank financing.

The general government consists of the central government (budgetary funds, extrabudgetary funds, and social security funds) and state and local governments.

Including currency and maturity composition.

Daily (D), weekly (W), monthly (M), quarterly (Q), annually (A).


Assistance committed under the original framework is expressed in net present value (NPV) terms at the completion point, and assistance committed under the enhanced framework is expressed in NPV terms at the decision point. Hence, these two amounts cannot be added.


Under the enhanced framework, an additional disbursement is made at the completion point corresponding to interest income earned on the amount committed at the decision point but not disbursed in the interim.


The MDRI provides 100 percent debt relief to eligible member countries. Grant assistance from the MDRI Trust and HIPC resources provide debt relief to cover all debt owed to the Fund as of the end of 2004 that is still outstanding when the member qualifies for debt relief.


For any questions, please contact Caterina Ruggeri Laderchi at the World Bank (202.458.4020).


Table 1 on IDA portfolio composition (Section C below) provides details on engagement in these areas.


PBS currently accounts for about 28 percent of development assistance to Ethiopia and the quarterly findings of the JBARs trigger donor disbursements.


Note that the decrease in total disbursements in FY2006 reflects, among other things, the Bank’s decision to freeze quick-disbursing budget support through the PRSC instrument.


For any questions, please contact Peter Mwanakatwe ([216 7110 2494]) at the African Development Bank.


This refers to the Privatization Technical Assistance Project being executed by PPESA (US$4.50 million)


Examples of regular surveys are the Household Income, Consumption, and Expenditure Survey (every five years) and the Welfare Monitoring Survey (every three years). Other household and consumption surveys have been carried out by the University of Addis Ababa in collaboration with Oxford University.

The Federal Democratic Republic of Ethiopia: 2007 Article IV Consultation: Staff Report; Staff Supplement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the Federal Democratic Republic of Ethiopia
Author: International Monetary Fund