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Capacity Development Talk | Financial Sector Overhaul in Ethiopia: Building Markets, Institutions, and Stability in a Challenging Context

Tuesday, Apr 14, 2026 | 04:00 PM - 04:45 PM

Location: Cedar Hall HQ1-1-660

Capacity Development Events

 

 

OVERVIEW

Transforming Ethiopia’s economic model towards private sector-led development required building a financial sector in which market forces, rather than administrative directives, play a greater role. The IMF supported the authorities in designing reforms that lay the groundwork for deeper progress. Through capacity development work, we helped define a clear plan to relaunch the domestic debt market by establishing a credible instrument, denominated in birr, Ethiopian currency, and moving away from past administrative practices, with the aim of restoring bank demand and gradually broadening the investor base. In parallel, capacity development efforts supported the FX and monetary policy reform agenda. These included the revision of FX regulations, introduction of market-based foreign exchange operations through auctions and a new monetary policy framework, improvements in liquidity forecasting, an assessment of National Bank of Ethiopia’s balance-sheet, and the establishment of a collateral framework. Capacity development in areas such as banking regulation, supervision, and crisis management tools and close coordination with the World Bank who supported governance and state-owned bank reforms has also been critical.

 

 

INTRODUCTION

Franck Bousquet

Deputy Director, Institute for Capacity Development, IMF

 

Franck Bousquet is deputy director of the IMF’s Institute for Capacity Development, overseeing the IMF’s global partnerships. Previously, he was the deputy director coordinating the IMF’s engagement with fragile and conflict-affected states, leading the preparation of the related strategy, approved by the Executive Board in March 2022. Before joining the IMF, he was the senior director of the World Bank’s Fragility, Conflict and Violence Group. Mr. Bousquet has also several years of leadership experience in low- and middle- income countries in Africa and the Middle East, including significant work on resilience and reconstruction issues. He led an international effort providing for the first-time concessional financing to middle-income countries facing refugee crises. He previously held roles in the public and private sectors, focused on sustainable development, finance and capital markets. He holds an MBA with a specialization in finance from Columbia Business School and a graduate diploma in engineering from France.

Franck Bousquet

 

 

Marjeta Jager

Deputy Director-General for the Directorate-General for International Partnerships (DG INTPA)

 

Ms. Jager has been working in the European Commission since 2005, starting as Director for Security in DG Energy and Transport and later being Director for international energy and transport files and coordination, as well as being Head of Cabinet of the Transport Commissioner. Before joining the Commission, Ms. Jager was for more than a decade working on the accession of Slovenia to the EU for the Ministry of Foreign Affairs and she was the first Deputy Permanent Representative of Slovenia to the EU.

Marjeta Jager

 

 

SPEAKERS

Eyob Tekalign Tolina

Governor of the National Bank of Ethiopia 

 

Eyob Tekalign Tolina is the Governor of the National Bank of Ethiopia. Prior to that, he served as State Minister at the Ministry of Finance and headed the National Planning Commission. With over two decades of experience, He has played a pivotal role in shaping Ethiopia’s economic and social development through leadership positions in government, academia, international organizations, and the private sector. His career includes serving as Minister Counselor at the Ethiopian Embassy in Washington, DC, advisor to Ethiopia’s governors at the World Bank, and consultant for a global Fortune 500 company. He has held senior positions at key government institutions such as the Ministries of Foreign Affairs and led the Ethiopian Public Private Consultative Forum, the main platform for policy dialogue between government and business. Before rejoining public service, he was a director at SGI Frontier Capital, a US investment firm, focused on frontier markets. He holds a master’s degree from George Washington University and a PhD in Political Economy from the University of Maryland’s School of Public Policy.

Eyob Tekalign Tolina

 

 

Alwaleed Alatabani

Practice Manager for the Finance, Competitiveness and Innovation, Practice Group for East Africa, World Bank 

 

Alwaleed Alatabani is the Practice Manager for the Finance, Competitiveness and Investment Practice Group for East Africa at the World Bank. He previously served as Senior Advisor to the Minister of Finance in Sudan’s transitional government. He has held senior leadership roles with the World Bank across Asia, the Middle East, and Africa, including Lead Financial Sector Specialist positions in Vietnam and Indonesia, and an external assignment with the Japan International Cooperation Agency in Tokyo as an Economic Advisor. Earlier in his career, he worked with the World Bank’s Multilateral Investment Guarantee Agency in Washington, DC, and with the Islamic Development Bank. Mr. Alwaleed has advised governments on economic and financial sector development in over 30 countries. He holds master’s degrees from the University of London and the London School of Economics.

Alwaleed Alatabani

 

 

Bryan Gurhy

Senior Financial Sector Expert, Monetary and Capital Markets Department, IMF

 

Bryan Gurhy is a Senior Financial Sector Expert in the Monetary and Capital Markets Department of the IMF, where he works on sovereign debt management and financial sector issues. His work includes contributions to IMF surveillance, technical assistance, and financial sector assessments. Prior to joining the IMF, Mr. Gurhy worked at the World Bank as a Senior Financial Sector Specialist on a global team, focusing on government debt management, capital market development, and macro-financial stability. Earlier in his career, he worked in the Market Operations Department of the European Central Bank, in the Funding and Debt Management Unit of Ireland’s National Treasury Management Agency, and on the fixed-income derivatives desk of a private sector bank. He holds a master’s degree in financial and industrial mathematics from Dublin City University.

Bryan Gurhy

 

 

Alvaro Piris Chavarri

Ethiopia Mission Chief, IMF

Alvaro Piris is an Assistant Director in the African Department of the IMF and mission chief for Ethiopia. A macroeconomist by training, his experience ranges across crisis and program countries in Latin America and Europe as well as surveillance and technical assistance. Prior to his current assignment, Mr. Piris was mission chief for Mozambique. In the Monetary and Capital Markets Department, he assisted in managing work in bank resolution, deposit insurance, management of impaired assets, and financial crisis management. Mr. Piris led the Financial Sector Assessment Program for Lebanon and was a deputy mission chief on the assessment of China. He has led technical assistance missions in Africa, Asia and Europe. He has also worked on IMF policy issues, including, among others, a paper for the IMF’s Executive Board on cross-border resolution, and previously the size of the IMF’s resource base. Prior to joining the IMF, Mr. Piris worked as an economist in the private and public sectors. He holds economics degrees from the London School of Economics and the University of Sussex.

Alvaro Piris Chavarri