Ethiopia’s macroeconomic reform registering remarkable results in major sectors

Addis Ababa, October 31, 2024 (FBC) – Ministry of Planning and Development revealed that remarkable achievements have been registered in major economic sectors following the implementation of comprehensive macroeconomic in the country.

Ministry of Planning and Development conducted review of quarterly performance plan for the 2017 EFY and comprehensive macroeconomic reform implementation today.

A quarterly performance report of major sectors was also presented in the presence of pertinent stakeholders.

Speaking at the occasion, Planning and Development State Minister Tirumar Abate told ENA that the recently implemented comprehensive macroeconomic reform has been achieving remarkable results in major economic sectors including in export, FDI, ,  remittance, controlling inflation, among others.

The state minister added that the economic reform  has not only boosted foreign currency earnings but have also narrowed the gap between the black market and official exchange rates, creating a more favorable environment for exports and attracting foreign direct investment.

Tirumar emphasized the government’s proactive role in controlling inflation, particularly for essential commodities such as fuel, fertilizers, and medicines. These efforts have contributed to a more stable economic landscape, further supporting the growth of the export sector.

Economic Analysis and Policy Lead Executive Officer at Ministry of Planning and Development, Habtamu Asfaw on his part revealed that the country has secured some 890 million USD from export sector over the last three months, confirming that the country has achieved a 100 percent performance rate in export earnings, marking a significant success.

Habtamu added that some 3.4 billion USD loan (80 percent) and grant (20 percent) were received during the stated period.

Whilst, the country’s debt burden, which was 30.6 percent in 2016 EFY, was reduced to 13.7 percent in 2017 EFY, noting that country’s remittance has been increased since the implementation of the comprehensive macroeconomic reform.

The success story reflects Ethiopia’s commitment to economic reform and sustainable growth, paving the way for continued progress in the export sector and beyond, he underscored.