Addis Ababa: Remarkable achievements have been registered in major macroeconomic indicators during the past nine months of the Ethiopian budget year, Planning and Development Minister Fitsum Assefa said. The nine-month performance was reviewed in the presence of Prime Minister Abiy Ahmed today.
According to Ethiopian News Agency, Planning and Development Minister Fitsum presented the macroeconomic and sectors’ performance report, highlighting the second Homegrown Economic Reform’s focus on macroeconomic stability, enhancing productivity and competitiveness of sectors, boosting the investment climate, and empowering the government’s execution capability. She stated that better achievements have been registered in all four pillars, indicating that the plan to register 8.4 percent economic growth by the end of the current Ethiopian Fiscal Year (EFY) is attainable. The share of investment and savings in GDP has also improved during the fiscal year.
Investment to GDP ratio has increased from 20.5 percent to 23.2 percent when compared to the same period of the previous fiscal year. Better performance was also registered in domestic revenue collection, and the external debt-to-GDP ratio has declined to 13.7 percent.
The comprehensive macroeconomic reform has not only enhanced economic growth but also helped the nation to reschedule its 3.5 billion USD debt. Furthermore, public development enterprises that were debt-ridden have turned to profitability under the Ethiopian Investment Holdings.
The government has not taken any loans from the National Bank in the past nine months, contributing significantly toward stabilizing inflation. On the other hand, the government has consolidated subsidizing safety net, basic necessities, fuel, and other strategic products, with 62 billion Birr subsidized for fertilizer alone during the stated period.
Effective endeavors have also been carried out in creating jobs in the country and abroad.