Federal Reserve | Communication to Ethiopia

[Odinson]

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OFFICE OF THE VICE CHAIR​

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SECURE​

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TO: Ahmed Shide, Minister of Finance and Economic Development of the Federal Democratic Republic of Ethiopia ( Naio90 )​

FROM: Avery Black, Vice Chair of The Board of Governors of The Federal Reserve System

Minister Shide,

The Board of Governors is currently conducting an evaluation of governments around the world that could be potential borrowers. Part of our evaluation of governments includes those governments being democratic and not hostile to the United States - the government of Ethiopia tics both of those boxes, and more. We have observed the current degraded financial situation that your country is in, however we see substantial potential for growth in your country's economy. Your government's continued investment into your nation is also a very positive sign for us. To be clear, the Federal Reserve System is the central bank of the United States, but is entirely separate and autonomous from the Federal Government of the United States.

At this time, we are prepared to offer an individual loan ranging from $1-billion to $5-billion to your government. Please let me know if your government is interested so that we can send more detailed options to move forward.​

Best regards,

Avery Black
Vice Chair of The Federal Reserve System
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[Naio90]

Federal Democratic Republic of Ethiopia የኢትዮጵያ ፌዴራላዊ ዴሞክራሲያዊ ሪፐብሊክ Message from the Ministry of Finance and Economic Development _________________________________________________________________________​

Status: Private To: Avery Black, Vice Chair of The Board of Governors of The Federal Reserve System Odinson Re: US Credit line​

Vice Chair Black, The Federal Democratic Republic of Ethiopia appreciates and welcomes the US interest, through the Federal Reserve System, in contributing to a more stable and healthy international financial structure by supporting struggling nations.​ ​ It is true that the ongoing economic and infrastructure expansion and modernization project currently has a big toll on our nations economy and financial situation. However, we are optimistic that the investments will soon start to yield the expected results, increasing our treasuries income. At the same time, the recently announced updated tax structure is set to make our revenue more coherent with the expected economic development and social context and necesities.​ ​ With this said, while at the moment we have decided not take any loans, a decision that also goes in line with our policy of neutrality and non-dependency, we are comfortable with the idea of having such an option at hand if this is ever required.​ ​ Reiterating our most sincere regards.​ ​ Respectfully, ​ Ahmed Shide Minister of Finance and Economic Development Federal Democratic Republic of Ethiopia Addis Ababa​