Washington: A high-level Ethiopian delegation, led by Finance Minister Ahmed Shide, participated in the G7-Africa Ministerial Roundtable meeting, held alongside the Annual Meetings of the World Bank Group and International Monetary Fund. The roundtable aimed to address debt service and liquidity challenges, as well as initiatives for development in Africa, including pharmaceutical manufacturing, green infrastructure, and supply chain enhancement.
According to Ethiopian News Agency, the G7 Finance Ministers, under the Italian Presidency, convened to discuss country-specific solutions to these pressing issues. Minister Ahmed expressed gratitude to the Italian Finance Minister for the invitation and provided an overview of Ethiopia’s economic reform program. The reform, initiated under Prime Minister Abiy Ahmed, focuses on addressing macroeconomic challenges and shifting growth from public to private sector-led investment.
The Ethiopian reform strategy aims to enhance domestic resource mobilization, rationaliz
e public expenditure, enforce fiscal discipline, and adopt a floating exchange rate regime to correct external economic imbalances. Institutional and sectoral reforms are also in place to improve productivity, create jobs, and accelerate economic growth. Ahmed emphasized Ethiopia’s commitment to sustainable growth and the need for international cooperation in providing concessional financing to Ethiopia and other developing nations.
The roundtable underscored the financial difficulties facing African countries, highlighting the need to increase pharmaceutical manufacturing capacity and develop green infrastructure. The meeting concluded with a consensus that international support for African-led, country-owned reforms and investment plans is crucial. Enhancing domestic resource mobilization will help countries expand their fiscal space and support long-term development goals.
The meeting was attended by the Finance Ministers of the G7, and representatives from past, current, and future G20 presidencies (Ind
ia, Brazil, South Africa), along with international organizations such as the IMF, World Bank Group, and African Development Bank. Finance Ministers and representatives from African countries, including Benin, Egypt, Ethiopia, Malawi, Mauritania, and Zambia, were also present.