Addis Ababa: Ethiopia’s Ministry of Planning and Development announced that significant achievements have been recorded in key economic sectors following the implementation of comprehensive macroeconomic reforms.
According to Ethiopian News Agency, the Ministry conducted a review of the quarterly performance plan for the 2017 Ethiopian Fiscal Year (EFY) and the implementation of the macroeconomic reform. The review included a quarterly performance report of major sectors, presented in the presence of relevant stakeholders.
Speaking at the event, Planning and Development State Minister Tirumar Abate highlighted that the recently implemented macroeconomic reform is yielding positive results in areas such as export, foreign direct investment (FDI), remittance, and inflation control. The reform has enhanced foreign currency earnings and reduced the disparity between black market and official exchange rates, fostering a more favorable environment for exports and attracting foreign investment.
Tirumar also empha
sized the government’s proactive measures in controlling inflation, especially for essential commodities like fuel, fertilizers, and medicines. These efforts have contributed to economic stability, further supporting the growth of the export sector.
Economic Analysis and Policy Lead Executive Officer at the Ministry, Habtamu Asfaw, reported that Ethiopia has secured approximately 890 million USD from the export sector over the past three months. This achievement represents a 100 percent performance rate in export earnings, marking a significant milestone. Additionally, the country received around 3.4 billion USD in loans (80 percent) and grants (20 percent) during the specified period.
Moreover, Ethiopia’s debt burden decreased from 30.6 percent in 2016 EFY to 13.7 percent in 2017 EFY, while remittance flows have increased since the reform’s implementation. Habtamu underscored that these successes reflect Ethiopia’s commitment to economic reform and sustainable growth, paving the way for continued progress
in the export sector and beyond.