The Bell Stands Ready to Launch the First Securities Market in Ethiopia
The new stock market is part of Prime Minister Abiy Ahmed’s efforts to open up the economy of Africa’s second most populous country, which has been disrupted by a horrific two-year civil war that ends in late 2022 , a civil war that killed at least 600,000 people. Investors and lenders say the most important reform is the liberalization of the foreign exchange regime, a prerequisite for the International Monetary Fund’s $3.4 billion bailout package – the Washington-based lender’s largest-ever concession package. It was approved by the board of directors in July. Over the next four years, economic officials have set themselves a goal of securing up to $27 billion in financing and investment from the International Monetary Fund, World Bank, China, the United Arab Emirates and other institutions, equivalent to 16% of Ethiopia’s gross domestic product.
