Addis Ababa, August 6, 2024 (FBC) – The implementation of Ethiopia’s macroeconomic policy will enhance the country’s monetary and fiscal policies in addition to its contribution to modernize the existing foreign exchange administration, Finance and Planning and Development ministries said.
The Government of Ethiopia has officially begun implementing the macroeconomic policy to achieve sustainable economic growth and ensure comprehensive benefits for citizens.
The key pillars of the policy are economic stability and sustainability, creating a conducive and competitive trade and investment environment, strengthening productivity, and delivering quality government services.
The officials stated that the implementation of the economic reform policy will help to sustain Ethiopia’s economic growth and create a favorable environment for trade and investment.
The Ethiopian News Agency had an exclusive interview with Ministry of Finance Fiscal Policy Advisor Mezgebu Amha and Ministry of Planning and Development Public Investment Administration Executive Director Bereket Fiseha-Tsion.
Fiscal Policy Advisor Mezgebu Amha noted in detail the successes achieved in the first and second phases of the Homegrown Economic Reform.
Recognizing the need to sustain Ethiopia’s economic growth, he clarified that the government has moved towards fully implementing a comprehensive macroeconomic policy.
According to him, full implementation of the macroeconomic policy will play pivotal role in mitigating waste of resources, boosting productivity, and investment.
Additionally, the policy will ensure benefits of citizens by balancing foreign exchange and payment, and financial stability.
Ministry of Planning and Development Executive Director Bereket Fiseha-Tsion recalled that the phase Homegrown Economic Reform was implemented by designing a 10-year development plan.
In that phase, he said that successes were registered in tax collection, government expenditure management, and related economic sectors.
Therefore, the full implementation of the macroeconomic policy will help modernize the foreign exchange management system by building financial and fiscal policy capacity through a strong civil service.
Fiscal Policy Advisor Mezgebu Amha stated that the government subsidy to fuel, fertilizer, oil, and medicine has huge significance.
The Executive Director Bereket Fiseha-Tsion said addressing the private sector’s foreign exchange needs will enable the country to ensure productivity.
He revealed that extensive preparations have been made to fully utilize the financial support to be obtained from development partner and institutions for the intended development sector, based on the policy.
Furthermore, Bereket emphasized that scholars, the judiciary, the business community, and citizens in general must fulfill their responsibilities for the successful implementation of the macroeconomic policy.