Since coming to power in 2018, Ethiopia's Prime Minister Abiy Ahmed has embarked on an programme of economic liberalisation in a bid to position the nation as one of Africa's fastest-growing economies.
Pivoting from the state-led model which has dominated the Ethiopian economy for decades since the communist revolution of 1974, Abiy has opened strategic sectors such as banking and telecommunications to foreign competition for the first time.
The floating of the Ethiopian birr in July last year was a particularly painful experience: it immediately devalued by more than 30 against the dollar, prompting an increase in inflation to 17.5. But these liberalising measures have allowed the Ethiopian government to access billions of dollars in funding from international partners to support macroeconomic stability and economic growth. Shortly after floating the birr, Ethiopia secured a 3.4bn financing deal from the International Monetary Fund IMF and a further 1.5bn from the World Bank.