Ethiopia International Reserves (months of imports)

In recent weeks, the country continued to move towards peace and stability. In early February, Prime Minister Ahmed met with leaders of the Tigray People’s Liberation Front (TPLF) for the first time since signing a peace deal in November 2022. Both sides reiterated their commitment to the agreement, but progress has been slow: TPLF combatants have not fully disarmed, while the federal government is yet to restore all basic services in the Tigray region. Meanwhile, the Prime Minister has reshuffled the cabinet, appointing several ministers with technocratic profiles, which bodes well for the implementation of much-needed economic reforms. However, the PM also appointed his former policy adviser Mamo Mihretu as governor of the National Bank of Ethiopia, which raises concerns over the Bank’s independence going forward.