However, weak export performance in 2016/17 prompted the IMF to assess Ethiopia to be at high risk of debt distress at the end of 2017 (IMF, 2017[is]). A foreign exchange crisis in 2018 further highlighted the risks to macroeconomic stability associated with Ethiopia's external imbalances (Bezawagaw et al., Borrowing as a percentage of GDP increased across the two sources of external credit (bilateral loan and private credit). Especially large increments were observed for bilateral loans: loans obtained from bilateral sources were 5.8% of GDP in 2010/11 but increased to 11.9% of GDP in 2015/16.