The World Bank has suspended the $500 million it had pledged for Ethiopia as emergency financial support. The decision came in the wake of widespread unrest in the volatile Horn of Africa nation.
The World Bank cited there reason to suspend financial support to the regime of Colonel Abiy Ahmed was due Ethiopia’s sluggish effort to improve its currency exchange rate against the dollar.
However, it’s widely believed by financial experts, that the World Bank suspended its financial support to Ethiopia in an attempt to distance themselves from the ruling Junta in Ethiopia.
The ruling coalition has been under intense scrutiny as of recently. Government troops have been implicated by both rights groups and international media outlets of horrific atrocities against its own civilian population.
It was in March of this year, when the World Bank pledged $500 million ($312.2 million grant and $187.8 million credit) from the International Development Association (IDA) in continued support of Ethiopia.
Halgan Media
