Today: 11 July 2025
4 August 2024
1 min read

Ethiopia embarks on comprehensive economic reform

The reform, supported by the International Monetary Fund and the World Bank, is set to build a modern and internationally competitive economic system and deliver substantial benefits to the country’s economy…reports Asian Lite News

The Ethiopian government has announced that it has officially embarked on the implementation of its comprehensive macroeconomic reform policy.

“The macroeconomic reform policy aims to correct foreign exchange distortions, solve the structural balance of payment deficits, and reduce inflation by modernizing the monetary policy framework,” said a statement issued by the Office of the Prime Minister of Ethiopia.

The office said the reform seeks to achieve national development aspirations by solving debt vulnerability and increasing domestic income, building a strong, inclusive, and sustainable economic system by improving government service delivery.

“Ethiopia’s economy registered an average gross domestic product (GDP) rate of 7.1 percent from 2019 to 2023 fiscal year,” said the office, adding that the East African country has become a significant player in the African economic landscape toward achieving the United Nations Sustainable Development Goals.

“High and stable economic growth and maintaining single-digit inflation are among the major goals to be achieved during the implementation period of the macroeconomic reform policy,” the office highlighted.

The reform, supported by the International Monetary Fund and the World Bank, is set to build a modern and internationally competitive economic system and deliver substantial benefits to the country’s economy.

It said the policy reform programme will open avenues for Ethiopia to secure new development financing, particularly from the World Bank, other development finance institutions, and bilateral lending organizations.

ALSO READ-Somalia to expel Ethiopian troops  

Previous Story

32 killed in al-Shabab beach attack in Mogadishu

Next Story

Leave now, UK tells British nationals in Lebanon

Latest from -Top News

Masdar powers ahead in UK

€15 billion clean energy alliance powers ahead with East Anglia THREE investment and Baltic Eagle energisation….reports Asian Lite News Masdar, the UAE-based global clean energy powerhouse, and Iberdrola, one of the world’s

Indian Doctor Gets Top Sharjah Award

The award was presented by His Highness Sheikh Abdullah bin Salem bin Sultan Al Qasimi, Deputy Ruler of Sharjah. In a moment of immense pride for the Indian diaspora, renowned paediatrician-turned-entrepreneur Dr.

Peace talks in the desert

President H.H. Sheikh Mohamed reiterated the UAE’s unwavering support for initiatives aimed at fostering sustainable peace, dialogue, and development in the South Caucasus. He also applauded the willingness of the Armenian and

World’s energy thirst to grow: OPEC

UAE sticks to 5 million bpd oil output goal as OPEC launches new World Oil Outlook at Vienna seminar…reports Asian Lite News Haitham Al Ghais, Secretary-General of the Organisation of the Petroleum

Red Sea Warzone

Iran-backed rebels intensify maritime assaults in support of Gaza; US and EU condemn abductions, Israel intercepts missile….reports Asian Lite News The Iran-aligned Houthi rebels have stepped up their maritime offensive in the
Go toTop

Don't Miss

Eritrean troops to leave Ethiopia’s Tigray

Ethiopian PM Ahmed said he the matter with Eritrean President

Ethiopian Deputy PM, US envoy discuss situation in northern Ethiopia

Ethiopian Deputy Prime Minister Demeke Mekonnen met with US special