The Implication of International Monetary Fund Conditionality on Ethiopia: It’s Prospects and Challenges for Economic and Social Rights
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Date
2023-05
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AAU
Abstract
In 2019, the International Monetary Fund (IMF) has approved the Extended Credit Facility (ECF) and Extended Funded Facility (EFF) for the implementation of the Home-Grown Economic Reform Plan of Ethiopia. As with all of its loan, the IMF has attached various conditions to be executed by Ethiopia. This research focuses particularly on the nature of IMF conditionality and its implication on economic sovereignty of Ethiopia, as well as its prospects and challenges on the realization of Economic and Social rights of the poor and lower middle class as per the International Covenant on Economic, Social and Cultural Rights (ICESCR). Measures implemented and Laws ratified by the House of Peoples representatives in compliance with the IMF conditions are reviewed. Accordingly, the implications of IMF conditionality on economic sovereignty, as well as its prospects and challenges to Economic and Social rights must be studied to expand knowledge on the topic, improve negotiation and engagement with International Financial Institutions, and for the better protection of Economic and social rights of the poor and lower middle class.
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Keywords
IMF, Loan Conditions, ICESCR, Economic Sovereignty, Challenges and Prospects, Ethiopia