Macroeconomic reform policy unlocks private sector’s role in driving national economic growth – Finance Minister

Addis Ababa, August 9, 2024 (FBC) – During a discussion on the implementation of the tax collection plan for the recently concluded Ethiopian fiscal year, Finance Minister Ahmed Shide emphasized that the comprehensive macroeconomic reforms policy will enhance the role of the private sector in driving the country’s economy forward.

The event brought together senior government officials and various stakeholders.

At the forum, Mr. Ahmed Shide briefed the taxpayers about the recently implemented macroeconomic reform policy.

According to him, the revenue that the government is collecting is low compared to the gross domestic product. He said that the reform will give priority to local manufacturers, especially in terms of credit, and pointed out that there will be a better flow of credit to the private sector by forgoing the loans that the government used to take on a large scale in the past.

The government is working with great attention by establishing a task force to increase its revenue potential, Mr. Ahmed emphasized.

In addition to the plan set in advance for the new fiscal year, it is planned to collect one percent more income from the gross domestic product.

Revenues Minister, Ms. Ainalem Nguse, on her part, stated that the government’s income has tripled in the last five years. She added that in the 2023/24 fiscal year, 513 billion birr has been generated, which is 96 percent of the plan.