World Bank Vice President Victoria Kwakwa along with the bank's country director at the meeting with Finance minister Ahmed Shide on Tuesday

World Bank VP Reaffirms Support for Ethiopia’s Economic Reform

ADDIS ABABA  –  World Bank Vice President for Eastern and Southern Africa Victoria Kwakwa held discussions with finance minister Ahmed Shide as she began her two-day official visit to Ethiopia on Tuesday.

Kwakwa started off her first visit to Ethiopia as World Bank vice president with two consecutive meetings with Finance Minister Ahmed Shide and the National Bank of Ethiopia Governor Mamo Mihretu.

“We discussed the country’s economic reform program and how World Bank can support (it),” Kwakwa said in a tweet.

Her discussion with Ahmed covered various issues of mutual interest, including development priorities and on how to strengthen the Bank’s partnership with Ethiopia, says the Ministry of Finance.

Ahmed extended his appreciation to the World Bank’s continued support to Ethiopia, especially in delivering much-needed financing in addressing the impacts of overlapping shocks over the last three years. 

He also highlighted some of the government’s priorities in recovery and rebuilding, and developmental efforts in the areas of human capital, food security, infrastructure connectivity, and economic stability.

The minister also reaffirmed the Government’s commitment in deepening the Home-Grown Economic Reform Agenda in rebalancing the role of state to give much space to the private sector for job creation and sustainable growth. 

Kwakwa commended Ethiopia’s resilience in dealing with multiple shocks and commitment to economic reform to promote a private sector-led development. 

She also reiterated the World Bank’s commitment to assist Ethiopia in policy areas to improve on ease of doing business and productivity in the country. 

The Bank will work closely with the Government and IMF to support the economic stabilization effort of the Government, she added.

Kwakwa assumed the vice presidency position at the World Bank in July 2022. Her visit underscores the World Bank’s strong commitment to Ethiopia as a long-standing development partner, said the Ministry of finance.

During her stay in Addis Ababa, the Vice President will meet senior government officials including  Prime Minister Abiy Ahmed, as well as development partners, and women entrepreneurs.