In recent years, Ethiopia has faced a confluence of shocks, some emerging from within the country and some from the global economy. Beginning with the COVID-19 pandemic that started in early 2020, followed by the conflict in Northern Ethiopia, continuing with the drought in southern Ethiopia, the Ukraine conflict starting in February 2022 and a sharp drop in external financing during 2020-22, primarily driven by official development assistance (ODA), these shocks have led to slowing growth and development, supply disruptions, humanitarian crises, and heightened food insecurity. They also threaten to slow the pace of economic and other reforms that are vital for rapid recovery, peacebuilding and the expansion of Ethiopia’s development frontier.