Abstract
2019 Article IV Consultation and Requests for Three-Year Arrangement under the Extended Credit Facility and an Arrangement under the Extended Fund Facility-Press Release and Staff Report
Relations with the Fund
(As of October 31, 2019) Membership Status: Joined: December 27, 1945 Article XIV
| General Resources Account: | SDR Million | % Quota |
|---|---|---|
| Quota | 300.70 | 100.00 |
| IMF’s holdings of currency (holdings rate) | 293.26 | 97.53 |
| Reserve Tranche Position | 7.51 | 2.50 |
| General Resources Account: | SDR Million | % Quota |
|---|---|---|
| Quota | 300.70 | 100.00 |
| IMF’s holdings of currency (holdings rate) | 293.26 | 97.53 |
| Reserve Tranche Position | 7.51 | 2.50 |
| SDR Department: | SDR Million | % Allocation |
|---|---|---|
| Net cumulative allocation | 127.93 | 100.00 |
| Holdings | 3.95 | 3.09 |
| SDR Department: | SDR Million | % Allocation |
|---|---|---|
| Net cumulative allocation | 127.93 | 100.00 |
| Holdings | 3.95 | 3.09 |
| Outstanding Purchases and Loans: | SDR Million | % Quota |
|---|---|---|
| ESF Arrangement | 20.06 | 6.67 |
| Outstanding Purchases and Loans: | SDR Million | % Quota |
|---|---|---|
| ESF Arrangement | 20.06 | 6.67 |
Latest Financial Arrangements:
Overdue Obligations and Projected Payments to Fund 2
(SDR Million; based on existing use of resources and present holdings of SDRs):
| Forthcoming | |||||
|---|---|---|---|---|---|
| 2019 | 2020 | 2021 | 2022 | 2023 | |
| Principal | 8.02 | 12.03 | |||
| Charges/Interest | 0.27 | 1.01 | 1.01 | 1.01 | 1.01 |
| Total | 8.29 | 13.04 | 1.01 | 1.01 | 1.01 |
| Forthcoming | |||||
|---|---|---|---|---|---|
| 2019 | 2020 | 2021 | 2022 | 2023 | |
| Principal | 8.02 | 12.03 | |||
| Charges/Interest | 0.27 | 1.01 | 1.01 | 1.01 | 1.01 |
| Total | 8.29 | 13.04 | 1.01 | 1.01 | 1.01 |
| Implementation of HIPC Initiative: | Enhanced Framework | |||
| Commitment of HIPC assistance | ||||
| Decision point date | November 2001 | |||
| Assistance committed by all creditors (US$ million)3 | 1,982.20 | |||
| of which: IMF assistance (US$ million) | 60.85 | |||
| (SDR equivalent in millions) | 45.12 | |||
| Completion point date | April 2004 | |||
| Disbursement of IMF assistance (SDR million) | ||||
| Assistance disbursed to the member | 45.12 | |||
| Interim assistance | 10.28 | |||
| Completion point balance | 34.84 | |||
| Additional disbursement of interest income4 | 1.54 | |||
| Total disbursements | 46.66 | |||
| Implementation of HIPC Initiative: | Enhanced Framework | |||
| Commitment of HIPC assistance | ||||
| Decision point date | November 2001 | |||
| Assistance committed by all creditors (US$ million)3 | 1,982.20 | |||
| of which: IMF assistance (US$ million) | 60.85 | |||
| (SDR equivalent in millions) | 45.12 | |||
| Completion point date | April 2004 | |||
| Disbursement of IMF assistance (SDR million) | ||||
| Assistance disbursed to the member | 45.12 | |||
| Interim assistance | 10.28 | |||
| Completion point balance | 34.84 | |||
| Additional disbursement of interest income4 | 1.54 | |||
| Total disbursements | 46.66 | |||
| Implementation of Multilateral Debt Relief Initiative (MDRI): | |||
| I. | MDRI-eligible debt (SDR million)5 | 112.07 | |
| Financed by: MDRI Trust | 79.66 | ||
| Remaining HIPC resources | 32.41 | ||
| II. | Debt Relief by Facility (SDR million) | ||
| Eligible Debt | |||
|---|---|---|---|
| Delivery Date | GRA | PRGT | Total |
| January 2006 | N/A | 112.07 | 112.07 |
| Implementation of Multilateral Debt Relief Initiative (MDRI): | |||
| I. | MDRI-eligible debt (SDR million)5 | 112.07 | |
| Financed by: MDRI Trust | 79.66 | ||
| Remaining HIPC resources | 32.41 | ||
| II. | Debt Relief by Facility (SDR million) | ||
| Eligible Debt | |||
|---|---|---|---|
| Delivery Date | GRA | PRGT | Total |
| January 2006 | N/A | 112.07 | 112.07 |
Implementation of Catastrophe Containment and Relief (CCR): Not Applicable
As of February 4, 2015, the post-Catastrophe Debt Relief Trust has been transformed to the Catastrophe Containment and Relief (CCR) Trust.
Exchange Rate Arrangement
Since July 2018 the birr followed a depreciating trend within a 2 percent band against the U.S. dollar. Accordingly, the de-facto exchange rate arrangement was reclassified as “crawl-like” from “stabilized” arrangement, effective July 27, 2018. The authorities describe their exchange rate regime as a managed float with no predetermined path for the exchange rate. The pace of depreciation of the nominal exchange rate, however, has recently increased. The NBE continues to supply foreign exchange to the interbank market based on plans prepared at the beginning of each fiscal year, which take into account estimates of supply and demand. The transaction-weighted average interbank market exchange rate as of November 19, 2019, is Br 29.8372 = US$1. Ethiopia maintains four restrictions on payments and transfers for current international transactions, which relate to: (i) the tax certification requirement for repatriation of dividend and other investment income; (ii) restrictions on repayment of legal external loans and suppliers of foreign partners credits; (iii) the prioritization and rationing of foreign exchange to certain imports of goods and services, debt payments and invisibles, and (iv) the requirement to provide a clearance certificate from the 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. In October 2017, the NBE introduced a requirement for all commercial banks to surrender 30 percent of their gross foreign exchange inflows to the central bank. The requirement is not assessed to give rise to an exchange restriction.
Safeguards Assessment
The National Bank of Ethiopia (NBE) was subject to an update safeguards assessment in 2009 (previous assessment was completed in 2001). The updated assessment found improved financial reporting and internal audit practices. Notwithstanding these developments, the assessment noted significant weaknesses. Recommendations focused on strengthening oversight of risks and controls, improving accounting records and the external audit process, and legal amendments to address safeguards weaknesses in the Central Bank Law. Since then, some progress has been reported on the outstanding safeguards recommendations, particularly the establishment of an audit committee, and capacity building for the internal audit function. Staff has recently received audited financial statements for the previous years together with the management letters issued by the NBE’s external auditor up to fiscal year 2016/17. A full set of the finalized audited financial statements has now been published on the NBE’s website. The finalization of the financial report for 2017/18 and the associated audit report has been delayed due to the adoption of IFRS-compliant reporting standards. The NBE expects to post these once the audit has been completed.
Article IV Consultation
Ethiopia is on the standard 12-month consultation cycle, in accordance with the Decision on Article IV Consultation Cycles (Decision No, 14747-(10/96), 9/28/2010). The last consultation was concluded on November 30, 2018.
Technical Assistance (FY2019–present)
Ethiopia is rated as a high intensity TA recipient, with most provided through the regional center in East Africa. In FY 2019 Ethiopia received 39 TA missions. Ongoing and planned HQ TA focuses on tax policy and administration, PFM, improvements in statistics, financial development and central bank operations. With respect to external sector statistics, Ethiopia is part of the 5-year UK DFID funded Enhanced Data Dissemination Initiative 2 (EDDI2) Project for balance of payments module 1, which ends in 2020. As part of this project by way of sustained TAs and regional workshops, the NBE has started improving the coverage and quality of external sector statistics.
Recently, a long-term resident expert (LTX), funded by DfID, was placed at the National Bank of Ethiopia (NBE) to [provide advice, training and strengthen capacity in modernizing central banking operations, and developing functioning foreign exchange and government securities markets.) The LTX’s work is expected to be supplemented by targeted TA provided by short-term experts. At the authorities’ request, the Fund continues to provide TA on tax policy and revenue administration reforms to support revenue mobilization efforts, including by streamlining tax expenditures. New TA will also be provided in calendar year 2020 on the development of a public sector balance sheet, and public investment management. Future TA could also address weaknesses in data reporting to the fund, with a particular focus on improving the reliability and comprehensiveness of national accounts, fiscal data, and monetary and financial statistics and enhance the transparent dissemination of key economic statistics.
The Federal Democratic Republic of Ethiopia: Fund Technical Assistance
The Federal Democratic Republic of Ethiopia: Fund Technical Assistance
| Department | Purpose | Time of Delivery |
|---|---|---|
| FAD | Cash Forecasting and Management | September 2018 |
| FAD | Training on Fiscal Risk Identification and Drafting a Fiscal Risk Statement | March 2019; August 2019 |
| FAD | Training on Tax Policy and Revenue Forecasting | July 2018 |
| FAD | Revenue Administration: VAT Gap Assessment | October 2018; April 2019 |
| FAD | Revenue Administration: Customs Administration | November 2018; July 2019; November 2019 |
| FAD | Revenue Administration: Tax Audit | July 2019; November 2019; March 2020 |
| FAD | Revenue Administration: Governance Structure | November 2019 |
| FAD | Revenue Administration: IT Strategy | November 2019 |
| FAD | Tax Policy: Review of Property and Trade Taxes | February 2019 |
| FAD | Tax Policy: Diagnostic Tax Policy Assessment | September 2019 |
| FAD | VAT reform and legal drafting | July 2019; October 2019 |
| FAD | Gender Budgeting | September 2019 |
| FAD | Public Financial Management: Public Sector Balance Sheet Development | March 2020 |
| MCM | Implementing Risk-Based Supervision Integrating Bank Supervisory Systems | June 2018 |
| MCM | Implementing Basel II | April 2019 |
| MCM | Monetary Policy Implementation Framework, Foreign Exchange and Financial Market Issues | March 2019; May 2019; July 2019; September 2019 |
| MCM | Money and Foreign Exchange Markets and Instruments | September 2018 |
| MCM | Oversight Training for Payments and Settlements Systems | August 2018 |
| STA | Balance of Payments Statistics and International Investment Position (EDDI2) | November 2018 |
| STA | Developing methodology and data sources for compiling construction prices | June 2018 |
| STA | e-GDDS (EDDI2) | February 2019 |
| STA | Government Financial Statistics TA mission and training to support compilation of BCG data | November 2018; January 2019 |
| STA | Monetary and Financial Statistics (FSSF) | January 2019 |
| STA | Training (in-country): National Accounts/Developing quarterly GDP by expenditure | April 2019 |
The Federal Democratic Republic of Ethiopia: Fund Technical Assistance
| Department | Purpose | Time of Delivery |
|---|---|---|
| FAD | Cash Forecasting and Management | September 2018 |
| FAD | Training on Fiscal Risk Identification and Drafting a Fiscal Risk Statement | March 2019; August 2019 |
| FAD | Training on Tax Policy and Revenue Forecasting | July 2018 |
| FAD | Revenue Administration: VAT Gap Assessment | October 2018; April 2019 |
| FAD | Revenue Administration: Customs Administration | November 2018; July 2019; November 2019 |
| FAD | Revenue Administration: Tax Audit | July 2019; November 2019; March 2020 |
| FAD | Revenue Administration: Governance Structure | November 2019 |
| FAD | Revenue Administration: IT Strategy | November 2019 |
| FAD | Tax Policy: Review of Property and Trade Taxes | February 2019 |
| FAD | Tax Policy: Diagnostic Tax Policy Assessment | September 2019 |
| FAD | VAT reform and legal drafting | July 2019; October 2019 |
| FAD | Gender Budgeting | September 2019 |
| FAD | Public Financial Management: Public Sector Balance Sheet Development | March 2020 |
| MCM | Implementing Risk-Based Supervision Integrating Bank Supervisory Systems | June 2018 |
| MCM | Implementing Basel II | April 2019 |
| MCM | Monetary Policy Implementation Framework, Foreign Exchange and Financial Market Issues | March 2019; May 2019; July 2019; September 2019 |
| MCM | Money and Foreign Exchange Markets and Instruments | September 2018 |
| MCM | Oversight Training for Payments and Settlements Systems | August 2018 |
| STA | Balance of Payments Statistics and International Investment Position (EDDI2) | November 2018 |
| STA | Developing methodology and data sources for compiling construction prices | June 2018 |
| STA | e-GDDS (EDDI2) | February 2019 |
| STA | Government Financial Statistics TA mission and training to support compilation of BCG data | November 2018; January 2019 |
| STA | Monetary and Financial Statistics (FSSF) | January 2019 |
| STA | Training (in-country): National Accounts/Developing quarterly GDP by expenditure | April 2019 |
Resident Representative: Jules Leichter was appointed as IMF Resident Representative to Ethiopia in March 2019.
Joint Management Action Plan, July 2019–June 2020
(As of October 31, 2019)
| Title | Products | Provisional and Actual Timing of Missions | Expected and Actual Delivery Date |
|---|---|---|---|
| A. Mutual Information on Relevant Work Program | |||
| The World Bank work program in the next 12 months | Economic Policy Analysis and Advice | ||
| Ongoing | December 2019 | |
| Ongoing | June 2020 | |
| Ongoing | June 2020 | |
| Ongoing | May 2020 | |
| Technical Assistance | |||
| November 2019 | November 2020 | |
| December 2019 | June 2020 | |
| February 2020 | June 2022 | |
| November 2019 | March 2020 | |
| Ongoing | February 2020 | |
| Ongoing | May 2020 | |
| Ongoing | June 2020 | |
| The Fund work program in the next 12 months | Macroeconomic Policy Analysis and Advice | ||
| October 2019 | October 2019 | |
| IMF Program | |||
| October/ November 2019 | October/November 2019 | |
| March 2020 | March/April 2020 | |
| Technical Assistance | |||
| November 2019 | November 2019 | |
| September 2019 | October 2019 | |
| April 2020 | April 2020 | |
| May 2020 | May 2020 | |
| November 2019 | January 2020 | |
| B. Mutual Information on Relevant Work Program | |||
| Fund request to Bank |
| ||
| Ongoing | Ongoing | |
| |||
| Bank request to Fund |
| ||
| Ongoing | Ongoing | |
| December 2019 | December 2019 | |
| C. Agreement on Joint Products and Missions | |||
| Joint products in the next 12 months |
| November 2019 | November 2019 |
| Title | Products | Provisional and Actual Timing of Missions | Expected and Actual Delivery Date |
|---|---|---|---|
| A. Mutual Information on Relevant Work Program | |||
| The World Bank work program in the next 12 months | Economic Policy Analysis and Advice | ||
| Ongoing | December 2019 | |
| Ongoing | June 2020 | |
| Ongoing | June 2020 | |
| Ongoing | May 2020 | |
| Technical Assistance | |||
| November 2019 | November 2020 | |
| December 2019 | June 2020 | |
| February 2020 | June 2022 | |
| November 2019 | March 2020 | |
| Ongoing | February 2020 | |
| Ongoing | May 2020 | |
| Ongoing | June 2020 | |
| The Fund work program in the next 12 months | Macroeconomic Policy Analysis and Advice | ||
| October 2019 | October 2019 | |
| IMF Program | |||
| October/ November 2019 | October/November 2019 | |
| March 2020 | March/April 2020 | |
| Technical Assistance | |||
| November 2019 | November 2019 | |
| September 2019 | October 2019 | |
| April 2020 | April 2020 | |
| May 2020 | May 2020 | |
| November 2019 | January 2020 | |
| B. Mutual Information on Relevant Work Program | |||
| Fund request to Bank |
| ||
| Ongoing | Ongoing | |
| |||
| Bank request to Fund |
| ||
| Ongoing | Ongoing | |
| December 2019 | December 2019 | |
| C. Agreement on Joint Products and Missions | |||
| Joint products in the next 12 months |
| November 2019 | November 2019 |
Statistical Issues
(As of November 19, 2019)
| General: Data provision is broadly adequate for surveillance. However, in 2018/19 some data reported to the Fund were subject to considerable delays and revisions. The existing data weaknesses reflect capacity constraints and the authorities are seeking to address them through technical assistance (TA). |
| National Accounts: Deficiencies in the source data and compilation practices affect the accuracy and reliability of the GDP statistics. Weaknesses are particularly evident in respect to the estimation of output in key sectors, including agricultural production, and in private consumption, saving, investment, and fixed capital formation. The statistical discrepancies between the expenditure categories and output remain significant. Information provided to the Fund is subject to discrepancies. Policymaking and surveillance would benefit from improving national accounts statistics. |
| The authorities have been receiving TA on national accounts through AFRITAC East. The last mission on April 2019 supported the development of quarterly GDP by expenditure. The annual GDP was recently rebased to 2015. |
| Government finance statistics: Despite some improvements, the general government operation data continue to be affected mainly by limited institutional coverage. Data for the general government are based on Government Finance Statistics Manual (GFSM) 1986 although some recent progress has been made to compile budgetary central government data that follows the GFSM 2014. Establishing a framework for compiling and disseminating Government Finance Statistics and public-sector debt statistics that meet GFSM 2014 has been initiated through support from AFRITAC East. Lack of consolidation of extra-budgetary funds into comprehensive fiscal reporting hinders proper assessment of the Government’s fiscal stance, savings, and borrowing requirement. Current financial statements of public enterprises and other information on their operations is not available. |
| Monetary statistics: Monetary and financial statistics (MFS) have not been reported to STA since 2010. The authorities have not yet reported MFS using the Standardized Report Forms (SRFs) and existing MFS data are compiled with deviations from the recommended methodology, such as lack of detailed currency and sectoral breakdown of financial instruments. Data for Other Financial Corporations are not reported. Monetary survey data for both the central bank and commercial banks are subject to frequent delays in reporting for surveillance. Data from commercial banks is subject to significant revisions. Financial Access Survey data have not been reported since 2012. |
| Financial statistics: Aggregate set of Financial Soundness Indicators (FSIs) neglect many core indicators. In addition, information gaps, e.g.: commercial banks’ income statements, information on distribution of non-performing loans (NPLs) by sector, NPL provisions, maturity of credit, net open position, have implications for conducting an assessment of financial sector risks. |
| Balance of payments: As part of the DFID funded EDDI2 Project, the National Bank of Ethiopia has been receiving continued TA. Steps have been taken towards enhancing source data and improving the quality of balance of payments estimates. However, progress is stalled by limited staff resources, high staff turnover, and financial constraints. In September 2017, the NBE launched a pilot direct investment survey. The second round of the survey was conducted in September 2018. However, due to low response rate and inadequate coverage, the survey results could not be integrated in the balance of payments. If the survey is implemented on a regular basis with a good coverage of key enterprises, the accuracy of external sector statistics could be improved significantly. |
| Ethiopia has implemented the enhanced General Data Dissemination System (e-GDDS) by launching a National Summary Data Page (NSDP) in August 2019. However, accompanying metadata have not been updated since 2008. No Report on the Observance of Standards and Codes has been completed. |
| General: Data provision is broadly adequate for surveillance. However, in 2018/19 some data reported to the Fund were subject to considerable delays and revisions. The existing data weaknesses reflect capacity constraints and the authorities are seeking to address them through technical assistance (TA). |
| National Accounts: Deficiencies in the source data and compilation practices affect the accuracy and reliability of the GDP statistics. Weaknesses are particularly evident in respect to the estimation of output in key sectors, including agricultural production, and in private consumption, saving, investment, and fixed capital formation. The statistical discrepancies between the expenditure categories and output remain significant. Information provided to the Fund is subject to discrepancies. Policymaking and surveillance would benefit from improving national accounts statistics. |
| The authorities have been receiving TA on national accounts through AFRITAC East. The last mission on April 2019 supported the development of quarterly GDP by expenditure. The annual GDP was recently rebased to 2015. |
| Government finance statistics: Despite some improvements, the general government operation data continue to be affected mainly by limited institutional coverage. Data for the general government are based on Government Finance Statistics Manual (GFSM) 1986 although some recent progress has been made to compile budgetary central government data that follows the GFSM 2014. Establishing a framework for compiling and disseminating Government Finance Statistics and public-sector debt statistics that meet GFSM 2014 has been initiated through support from AFRITAC East. Lack of consolidation of extra-budgetary funds into comprehensive fiscal reporting hinders proper assessment of the Government’s fiscal stance, savings, and borrowing requirement. Current financial statements of public enterprises and other information on their operations is not available. |
| Monetary statistics: Monetary and financial statistics (MFS) have not been reported to STA since 2010. The authorities have not yet reported MFS using the Standardized Report Forms (SRFs) and existing MFS data are compiled with deviations from the recommended methodology, such as lack of detailed currency and sectoral breakdown of financial instruments. Data for Other Financial Corporations are not reported. Monetary survey data for both the central bank and commercial banks are subject to frequent delays in reporting for surveillance. Data from commercial banks is subject to significant revisions. Financial Access Survey data have not been reported since 2012. |
| Financial statistics: Aggregate set of Financial Soundness Indicators (FSIs) neglect many core indicators. In addition, information gaps, e.g.: commercial banks’ income statements, information on distribution of non-performing loans (NPLs) by sector, NPL provisions, maturity of credit, net open position, have implications for conducting an assessment of financial sector risks. |
| Balance of payments: As part of the DFID funded EDDI2 Project, the National Bank of Ethiopia has been receiving continued TA. Steps have been taken towards enhancing source data and improving the quality of balance of payments estimates. However, progress is stalled by limited staff resources, high staff turnover, and financial constraints. In September 2017, the NBE launched a pilot direct investment survey. The second round of the survey was conducted in September 2018. However, due to low response rate and inadequate coverage, the survey results could not be integrated in the balance of payments. If the survey is implemented on a regular basis with a good coverage of key enterprises, the accuracy of external sector statistics could be improved significantly. |
| Ethiopia has implemented the enhanced General Data Dissemination System (e-GDDS) by launching a National Summary Data Page (NSDP) in August 2019. However, accompanying metadata have not been updated since 2008. No Report on the Observance of Standards and Codes has been completed. |
The Federal Democratic Republic of Ethiopia: Table of Common Indicators Required for Surveillance
(As of November 19, 2019)
Any reserve assets that are pledged of otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.
The authorities provide aggregate balance sheet items but not detailed enough for proper financial stability analysis.
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 and local governments.
Including currency and maturity composition.
Reflecting capacity constraints which the authorities are addressing through technical assistance.
The Federal Democratic Republic of Ethiopia: Table of Common Indicators Required for Surveillance
(As of November 19, 2019)
| Date of Latest Observation | Date Received | Frequency of Data | Frequency of Reporting | Frequency of Publication | |
|---|---|---|---|---|---|
| Exchange rates | 12/6/2019 | 11/19/2019 | D | D | D |
| International reserve assets and reserve liabilities of the monetary authorities 1/ | 9/30/2019 | 11/4/2019 | M | M | M |
| Reserve/base money | 9/30/2019 | 11/4/2019 | M | M | M |
| Broad money | 9/30/2019 | 11/4/2019 | M | M | M |
| Central bank balance sheet | 9/30/2019 | 11/4/2019 | M | M | M |
| Consolidated balance sheet of the banking system 2/ | 9/30/2019 | 11/4/2019 | M | M | Q |
| Interest rates 3/ | 6/30/2019 | 9/13/2019 | M | M | M |
| Consumer price index | 10/31/2019 | 11/4/2019 | M | M | M |
| Revenue, expenditure, balance, and composition of financing 4/ –– central government | 7/7/2019 | 10/29/2019 | M | M | M |
| Revenue, expenditure, balance, and composition of financing 4/–– general government 5/ | 7/7/2019 | 10/29/2019 | Q | Q | Q |
| Stocks of central government and central government-guaranteed debt 6/ | 6/30/2019 | 9/30/2019 | Q | Q | Q |
| External current account balance | 6/30/2019 | 11/4/2019 | Q | Q | Q |
| Exports and imports of goods and services | 6/30/2019 | 11/4/2019 | M | M | M |
| GDP/GNP | 6/30/2019 | 10/28/2019 | A | A | A |
| Gross external debt | 6/30/2019 | 9/30/2019 | Q | Q | Q |
| International investment position 7/ | … | … | N/A | N/A | N/A |
Any reserve assets that are pledged of otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.
The authorities provide aggregate balance sheet items but not detailed enough for proper financial stability analysis.
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 and local governments.
Including currency and maturity composition.
Reflecting capacity constraints which the authorities are addressing through technical assistance.
The Federal Democratic Republic of Ethiopia: Table of Common Indicators Required for Surveillance
(As of November 19, 2019)
| Date of Latest Observation | Date Received | Frequency of Data | Frequency of Reporting | Frequency of Publication | |
|---|---|---|---|---|---|
| Exchange rates | 12/6/2019 | 11/19/2019 | D | D | D |
| International reserve assets and reserve liabilities of the monetary authorities 1/ | 9/30/2019 | 11/4/2019 | M | M | M |
| Reserve/base money | 9/30/2019 | 11/4/2019 | M | M | M |
| Broad money | 9/30/2019 | 11/4/2019 | M | M | M |
| Central bank balance sheet | 9/30/2019 | 11/4/2019 | M | M | M |
| Consolidated balance sheet of the banking system 2/ | 9/30/2019 | 11/4/2019 | M | M | Q |
| Interest rates 3/ | 6/30/2019 | 9/13/2019 | M | M | M |
| Consumer price index | 10/31/2019 | 11/4/2019 | M | M | M |
| Revenue, expenditure, balance, and composition of financing 4/ –– central government | 7/7/2019 | 10/29/2019 | M | M | M |
| Revenue, expenditure, balance, and composition of financing 4/–– general government 5/ | 7/7/2019 | 10/29/2019 | Q | Q | Q |
| Stocks of central government and central government-guaranteed debt 6/ | 6/30/2019 | 9/30/2019 | Q | Q | Q |
| External current account balance | 6/30/2019 | 11/4/2019 | Q | Q | Q |
| Exports and imports of goods and services | 6/30/2019 | 11/4/2019 | M | M | M |
| GDP/GNP | 6/30/2019 | 10/28/2019 | A | A | A |
| Gross external debt | 6/30/2019 | 9/30/2019 | Q | Q | Q |
| International investment position 7/ | … | … | N/A | N/A | N/A |
Any reserve assets that are pledged of otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.
The authorities provide aggregate balance sheet items but not detailed enough for proper financial stability analysis.
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 and local governments.
Including currency and maturity composition.
Reflecting capacity constraints which the authorities are addressing through technical assistance.
Formerly PRGF
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
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 during the interim period.
The MDRI provided 100 percent debt relief to eligible member countries that qualified for the assistance. Grant assistance from the MDRI Trust and HIPC resources provide debt relief to cover the full stock of debt owed to the Fund as of end-2004 that remains outstanding at the time the member qualifies for such debt relief.