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Macro · Policy · Report · April 2026

Ethiopia at Eight: Reform Audit

A Forensic Audit of Eight Years of Ethiopia's Homegrown Economic Reform Programme

8 yearsReform programme — April 2018 to 2026
$4.7BFX reserves — rebuilt from near zero
$2.18BIMF ECF disbursed of $3.4B total
7–10%Annual GDP growth rate since 2018

About This Brief

What this brief covers.

A forensic audit of eight years of the Homegrown Economic Reform — from the 2018 liberalisation to the 2024 birr float, from debt restructuring to the IMF's fourth review. The report tracks growth, exports, inflation, FX reserves, poverty, and investment indicators against the reform programme's stated objectives. The macro record is genuine. The household record is also genuine. They coexist.

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