Ethiopia's central bank is confident the country will receive a further $1 billion from the World Bank over the next fiscal year after the government of Prime Minister Abiy Ahmed announced a new, three-year economic program.

The Washington-based lender in October last year approved $1.2 billion for the government's agenda to liberalize one of the world's fastest-growing economies and attract more foreign capital. In September, the government unveiled its latest plan, known as Homegrown Economic Reform.

"They have given us some objectives that have to be met every year for another $1 billion," as the government follows through on its commitment to economic reforms contained in the new plan, National Bank of Ethiopia Governor Yinager Dessie said in an interview in his office in the capital, Addis Ababa.

"The financing envelope depends on reallocation processes within the World Bank," World Bank Country Director Carolyn Turk said in an emailed response to questions. "The operation that we are preparing is strongly aligned with the homegrown reform strategy."

Source: Bloomberg