The full implementation of macroeconomic policy in Ethiopia will guarantee national development by creating stable, comprehensive and sustainable economy, senior government officials underscored.
Ethiopia has embarked on full implementation of macroeconomic reform last week to enable the country achieve high and stable economic growth, maintain single-digit inflation, and build a globally competitive economic system.
The officials said the full implementation of the policy will establish the prosperity of the nation on firm foundation.
Minister of Finance, Ahmed Shide stated that preparations have been made during the first and second phases of Homegrown Economic Reform Agenda in order to embark on the full implementation of macroeconomic policy of the country.
He added that the macroeconomic policy will be implemented with the support of IMF, World Bank and other international development partners.
The main objective of the policy is to alleviate foreign exchange market fluctuation and paving the way f
or a stable economy in the short run, Ahmed pointed out.
He further mentioned that Ethiopia’s public finance system is more transparent and fruitful, adding that various subsidy measures including salary to those who would be vulnerable to the reform will be taken.
Minister of Planning and Development, Fitsum Assefa stated that the homegrown economic policy of the country has been implemented at various levels over the last six years. Accordingly, the nation has witnessed the possible to reinvigorate the private sector by eliminating structural and operational shortfalls as a process of creating conducive environment to ensure the leading role of the private sector in the national economy, she elaborated.
For the first time in the history of the country, projects were developed and completed on time, Fitsum remarked adding that the experience gained over the previous years have helped the government to create an enabling environment to fully engage in the implementation of the macroeconomic policy.
Govern
or of the National Bank of Ethiopia, Mamo Miheritu said for his part that various preliminary activities were carried out to create a stable national economy over the previous years of reform implementation adding that the efforts made by the government to reduce a substantial amount of foreign debt burden was quite remarkable.
The Governor stated that focus was made on the private sector in enabling them to secure loans for their projects.
Activities that were not implemented during the first phase of the implementation of the Homegrown Economic Reform will be addressed during the implementation of the current Macroeconomic reform Policy adding that the implementation of the policy will provide an irreversible opportunity for the development of Ethiopia’s economy.
Hence, he added that the effective implementation of the policy will ensure that Ethiopia’s journey towards prosperity will be affixed on a strong foundation by creating stable, comprehensive and progressive economic development.
Source : Ethi
opian News Agency