The World Bank’s board has approved $1.5 billion in financing for its first ever budget support lending to Ethiopia, as the east African nation tries to push ahead with a long-running debt restructuring.

Africa’s second-most populous country has secured a four-year, $3.4 billion programme from the International Monetary Fund, after its central bank floated its birr currency, paving the way for its debt overhaul to move forward.

For more information, please see https://www.theeastafrican.co.ke/tea/business/world-bank-approves-1-5b-in-financing-for-ethiopia-4708596