Ethiopia’s Economy Registering Progress in Key Sectors

Ethiopia's Economy has registered better performance in key growth sectors during the last six months despite internal and external predicaments, Finance Minister Ahmed Shide said. Prosperity Party (PP) Central Committee has concluded its meeting after deliberating and putting directions on major national issues and other party agendas. The Central Committee has discussed the overall economic growth of the country during the past six months. PP Executive Committee Member and Minister of Finance, Ahmed Shide told ENA that Ethiopia has been registering encouraging progress over the past five years as a result of the Homegrown Economic Reform Agenda it has been pursuing. According to him, Ethiopia's successive economic growth is showing better performance when compared with several other countries. The minister attributed policies that encourage and actively engage the private sector for the registered economic performance. The implementation of a multi-sectoral growth strategy has also enabled the natio n to attain successive economic growth overcoming pressures. Ahmed further noted that successful achievements have been registered in agriculture, industry, tourism and mega projects. Improvements have been registered in terms of controlling inflation, the minister said, pledging for enhanced extra measures in this regard. He further pointed out the encouraging performance recorded in improving foreign currency earning by collaborating with development partners, diversifying and increasing export. With respect to debt payment over the past five years, the minister revealed that no commercial loan was made in the stated period. Successful work has also been done with respect to debt relief and restructuring during the six months of this Ethiopian budget year Ahmed further stated that the growing partnership with development partners has been contributing a lot to the overall economic growth. The existing collaboration with the World Bank, African Development Bank, European Union, and other multilateral institutions is in good state, according to the minister. Ethiopia's development cooperation with the World Bank has in particular entered a full regular framework, he added. Ahmed said controlling inflation, cutting cost of living and easing debt burden would continue to be the key focus areas of the government in the coming months in order to maintain the economic growth registered over the past six months of the fiscal year. Moreover, a great deal of attention will be given to macro-economic issues, reform measures and development activities to strengthen production and productivity. Source: Ethiopian News Agency