Ethiopia's new PM vows to continue reforms 'at any cost'

Ethiopia's prime minister in his first press conference since taking power has vowed to continue with reforms "at any cost" and says the longtime ruling coalition soon will prepare for a "free and fair election" in 2020.

Prime Minister Abiy Ahmed also said the World Bank "soon" plans to provide $1 billion in direct budgetary assistance, a sign of confidence after years of unrest in Africa's second most populous nation.

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Abiy took office in April and shocked the country with a wave of reforms including restoring diplomatic ties with neighboring Eritrea after two decades and pledging to open up state-owned companies to outside investment.

Recent ethnic unrest, however, has dampened the initial jubilation and posed a major challenge to the new leader. He now accuses some groups of causing "chaos."