"Revenue reforms and efforts to increase the efficiency of public investment will ensure that infrastructure and social spending needs are met while maintaining sustainable debt levels," the statement read.

The IMF, however, stressed that financial sector development needs to be accompanied by stronger supervision and financial safety nets to ensure that the financial sector remains stable.

The east African country had recently announced that it would need as much as 10 billion U.S. dollars to successfully implement the three years long national economic reform. The reform is designed to reduce external imbalances, contain debt vulnerabilities, lift financial repression, increase domestic resource mobilization which will also help devote adequate resources to pro-poor spending.

The required financial amount is expected to be mobilized from domestic resources and international development partners.

Last week, the Ethiopian government had disclosed that the World Bank and IMF have pledged to extend more than 5 billion U.S. dollars over the coming three years to support Ethiopia's ongoing economic reform.

On Dec. 14, Ethiopian Prime Minister Abiy Ahmed also announced over 3 billion U.S. dollars financial pledge from Ethiopia's Development Assistance Group to the reforms.

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