Government Communication Service Message From Economic Breakdown to Economic Recovery Ethiopia's Complete Macroeconomic...

Government Communication Service Message From Economic Breakdown to Economic Recovery Ethiopia's complete macroeconomic reform program has achieved tangible and sustainable growth results in various sectors and has laid the foundation for a strong and competitive economy. Through this economic reform program, where the government's commitment has been shown, the structural problems that have been facing the economy for years have been reduced step by step and an enabling environment has been created to build a strong economy with internal capacity, connected to the world and competitive in the market. In order to speed up the economic growth to a higher level, the reform has achieved significant achievements so far in terms of stabilizing inflation, increasing foreign currency reserves, encouraging proxy products, and attracting new investment flows. Besides this, the government's continuous reform decisions are the foundations for the success achieved. One of the key steps taken by the government to repair and revive the economic crisis and one of the great works it has done is to let the foreign exchange rate be driven by the market and the Ethiopian currency to find the right value. In this way, it was possible to carry out an effective work that allowed the foreign currency that was previously circulated illegally to enter the legal banking system, to return to work for investment institutions that were on the verge of being closed due to lack of dollars and for the economy to recover from the severe breakdown it faced. Another of the government's key actions is the successful negotiation for the cancellation of foreign debt. As a result, the loans that Ethiopia has taken in the past are commercial loans that pay high interest and are paid in a short period of time. In order to overcome this problem, through the successful negotiation of the government with creditor countries and financial institutions, it was possible to transfer debt of about 4.5 billion dollars. In this way, the wealth that the country was using to pay off foreign debt, has created an opportunity to increase domestic foreign exchange reserves and be used for development projects that are being carried out throughout the country. It has also greatly strengthened financial institutions. Above all, the result of the implementation of thorough macroeconomic reforms is the creation of a transparent and predictable currency system for the flow of foreign direct investment. As a result, the confidence of foreign investors in our country has increased, the capital coming into the country has increased and it has led to an overall economic recovery as a country. The overall economic reforms saved the country from recession, increased foreign currency reserves, and enhanced Ethiopia's economic strength, leading to a new phase in its relationship with the international business community. To make the achievements sustainable, increasing exports, proxy products and increasing productivity will continue to be the main focus of the government.

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