Council deliberates, passes regulations on financial strategy, IFAD loans

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The Office of The Prime Minister announced Saturday that the Council of Ministers has discussed on National Financial Inclusion Strategy Document (2022-2026) and loan agreement with International Fund for Agricultural Development (IFAD).

The Strategy Document mainly aims to build upon the success of the previous strategy run from 2016 to 2021 and makes use of new opportunities created, according to the statement issued by the Office of the Prime Minister.

The Council of Ministers further discussed a 245 million Birr loan agreement with the IFAD, which will finance the implementation of the Rural Financial System Reform Program (phase III) that aims to support Ethiopian farmers production capacity.

The loan will be used to purchase agricultural inputs and equipment and transportation of products.

After the deliberations, the Council has decided on resolutions and draft regulations, said the statement.

Among these regulations, the decision to establish a regulatory agency, which is the Ethiopian Sugar Industry Group to manage five state-owned sugar factories with their own legal status, has also been included.

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