ADDIS ABABA: During the 36th Regular Session of the House of People’s Representatives held today, Prime Minister Abiy Ahmed highlighted the major achievements of the fiscal year.

According to Ethiopian News Agency, the payment for debt service and debt payment has been reduced to 17.5 percent of the GDP. Ethiopia has been able to repay $10 billion over the past years since Abiy assumed power. Over the last 11 months, the country has collected 466 billion birr in revenue. The budget deficit has been reduced to 2.5 percent from 4 percent the previous year. The nation has expended 716 billion birr over the fiscal year and earned $2 billion in import substitution programs.

Ethiopia expended $7 billion for the purchase of fertilizer, fuel, and debt payment. The country attracted $3 billion in Foreign Direct Investment (FDI). The number of banks in the country has reached 32, with 12,800 branches. The number of clients with savings at banks has grown from 30 million to 100 million. Overall inflation has been reduced to 23 percent from 30 percent the previous year.

Ethiopia has become the top producer of coffee, wheat, and honey in Africa as a result of the Bounty of the Basket campaign. The industry sector has shown 10.1 percent growth over the current fiscal year. A total of 600 factories, including previously established ones, were operationalized, with 217 in Tigray following rehabilitation by the federal government. Cement production has grown by 30 percent compared to previous years, with further growth expected from the Lemi Cement Factory, which is anticipated to produce 50 percent of the national cement production.

The nation has reached 507 million quintals of crops for the fiscal year, with a growth of 100 million quintals in just one year. More than 37 million domestic tourists visited tourist attraction areas in the country. The production of pharmaceutical products has grown to 38 percent in the current year from 8 percent last year.