Ethiopia faces tough devaluation decision to secure IMF bailout

92h7893t

A general view of the skyline of Addis Ababa, Ethiopia on November 3, 2021. PHOTO | REUTERS

Ethiopia may have to decide on a big currency devaluation sooner rather than later to secure a rescue loan from the International Monetary Fund (IMF), which left the country last week without reaching a much-needed deal with authorities.

East Africa's most populous country, already struggling with high inflation, became the third African state in as many years to default on its debt in December.