Latest news with #economicReforms
Reuters
2 hours ago
- Business
- Reuters
Ethiopia's cabinet approves 31% budget increase for 2025/26
ADDIS ABABA, June 5 (Reuters) - Ethiopia's cabinet has approved a nearly 2 trillion birr ($15 billion) budget for the 2025/26 financial year starting in July, a 31% increase from the previous year, the Prime Minister's office said on Thursday. The East African nation, which struck a four-year deal with the International Monetary Fund last July, is in the midst of far-reaching economic reforms, including the floatation of its birr currency and a push to restructure its debt. Last week Ethiopia and the IMF reached a staff-level agreement on the third review of the $3.4 billion loan programme from the lender. The 2025/26 budget will support national security, increase production and productivity, and help people affected by disasters, the prime minister's office said in a statement, adding that it will be sent to the parliament for approval. In June last year, Ethiopia set spending for 2024/25 at 971.2 billion birr, and in November said it planned to spend a further 581.98 billion birr to help subsidise costs of fertiliser, oil, fuel, and medicine. ($1 = 133.8803 birr)
Arab News
2 days ago
- Business
- Arab News
ADB approves $800 million program to support Pakistan's public finance reforms
KARACHI: The Asian Development Bank (ADB) on Tuesday approved an $800 million financing package for Pakistan to help the country improve fiscal sustainability, strengthen public financial management and support economic reforms. The funding, part of the Improved Resource Mobilization and Utilization Reform Program (Subprogram 2), includes a $300 million policy-based loan and ADB's first-ever policy-based guarantee of up to $500 million, which is expected to help Pakistan raise as much as $1 billion from commercial banks. 'Pakistan has made significant progress in improving macroeconomic conditions,' ADB's Country Director for Pakistan, Emma Fan, said in a statement. 'This program backs the government's commitment to further policy and institutional reforms that will strengthen public finances and promote sustainable growth.' The program supports reforms to tax policy, administration and compliance, along with improvements in public expenditure management, cash handling and digitalization. It also aims to facilitate investment and private sector development, with the broader goal of reducing Pakistan's fiscal deficit and public debt while creating space for development and social spending. Khurram Schehzad, adviser to Pakistan's finance minister, also confirmed the development in a social media post, saying 'diplomacy' led by the finance ministry and economic affairs division had helped secure majority support at ADB Board. The ADB said the program is backed by a comprehensive support package involving technical assistance and coordination with development partners to help Pakistan build long-term fiscal resilience. A founding member of ADB, Pakistan has received more than $52 billion in public and private sector financing from the bank since 1966, spanning infrastructure, energy, transport, food security and social services. ADB plays a leading role in supporting inclusive and sustainable development across Asia and the Pacific.
Bloomberg
22-05-2025
- Business
- Bloomberg
Egypt Poised for Another Rate Cut Before Possible ‘Summer Break'
Egypt looks poised to make one more interest-rate cut before the summer, when an anticipated new batch of economic reforms may prompt renewed caution over consumer prices. While inflation has ticked up for two months and April saw the North Africa country's first monetary easing in five years, the gap between those figures — the so-called real rate — remains one of the world's highest, at about 11%.
