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Ethiopia’s economy projected to grow at 9.2% in 2018/19

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Addis Ababa, July 1, 2019 (FBC) – Prime Minister Dr Abiy Ahmed said Ethiopia’s economy is expected to grow at 9.2 % in the 2011 Ethiopian fiscal year (2018/19).

The Prime Minister made the remark while presenting his government’s 2018/19 performance report to the House of People’s Representatives (Parliament).

The economy grew at 7.7 % in 2010 (2017/18) as well as at 8.6% both in 2008 (2015/16) and in 2009 (2016/17), he told the Parliament.

He further said 178. 5 billion birr has been collected in revenue in the last 11 months, a 10% increase compared to the preceding year.

Total revenues is expected to reach 189 billion birr at the end of the fiscal year, which concludes July 7, 2019

More than 11 million people are currently jobless and the figure increases by two million each year. Last year the government created jobs for about 1.4 million people, he said.

Foreign direct investment (FDI), loans and remittance increased by 20% compared to the same period last fiscal year, while the mounts deposited by all banks increasing by 22%. Loans distributed by the banks increased by 35%, he added.

Though inflation remained below 12% for most of the fiscal year, it reached at 16.2 percent in May, the Prime Minister said in his report.

The Prime Minister further said the government is working exhaustively to partiality and fully privatize state-owned enterprises.

Hence, Ethio-telecom and sugar development projects are the two sectors that will be up for bid first, followed by power generation, railways, logistics, industrial development, and lastly the Ethiopian airlines.

In his report, the Premier also touched on the measures taken during the last one year to widen up the political space, ensure rule of law and rehabilitate displaced community members, among others.

As part of the efforts made to ensure rule of law, a total of 996 individuals have been arrested on suspicion of terrorism, money laundering, inciting violence, economic sabotage, and human trafficking, the Prime Minister said.

He further said the government managed to return over 2.1 million people to their areas of origin out of the 2.3 million people displaced across the country due to conflict and impact of climate change.

To widen-up the political space, the government granted amnesty for more than 45,000 individuals, released more than 100,000 inmates from prison and more than 10 exiled political parties also returned home, he added.

The government also removed internet restrictions on 260 media and websites, he indicated.

The Prime Minister also briefed the members of the parliament on the various institutional reforms launched in the past year.

Security organs, justice sector, National Electoral Board of Ethiopia (NEBE), Human Rights Commission, National Intelligence Security Service (NISS), Information Network Security Agency (INSA), Federal Police and Prison Administration are among areas where the reform initiative is being implemented.

The Prime Minister concluded today’s parliament session by planting seedlings in the compound together with Deputy Prime Minister Demeke Mekonnen and Speaker of the House of People’s Representatives Tagesse Chafo.