Prime Minister Abiy Ahmed
Prime Minister Abiy Ahmed

The Ethiopian Prime Minister, Abiy Ahmed, on Monday revealed that Ethiopia’s ongoing homegrown economic reforms mainly envisaged to see the country become an “icon of prosperity” in Africa by 2030.

Ahmed made the remarks on Monday during an economic reform-themed meeting to brief development partners and the diplomatic community based in the Ethiopian capital, Addis Ababa, on the major aspirations and targets of Ethiopia’s homegrown economic reforms.

The Ethiopian premier, who highlighted some of the key milestones that were achieved in shifting the country’s economic landscape, stressed that the vision of the homegrown economic reforms agenda is “to propel Ethiopia to become the African icon of prosperity by 2030.”

Ahmed also called on his government’s development partners to continue exerting concerted efforts and strengthen their support towards the realization of the ambitious development targets that are stipulated under the new economic reform platform.

According to Ahmed, the new homegrown economic reform mainly aims to drive the Ethiopian government’s aspiration towards the country’s prosperity, with particular emphasis given to major economic sectors that have vital significance in building sustainable economic growth.

Last week, the Ethiopian government had also emphasized that the newly introduced comprehensive economic reforms would help ease the East African country’s pressing foreign currency shortage.

“We have now designed a comprehensive reform strategy to sustain and advance the economic growth and development in the country,” Ahmed Shide, Ethiopia’s Finance Minister, told reporters last week.

“Foreign exchange is one of the major bottlenecks currently, and we are working comprehensively to address that,” Shide said, adding “the privatization we are embarking on will contribute significantly to that. It will bring significant foreign exchange.”

The finance minister also said that as part of ongoing measures to ease foreign currency shortage, the Ethiopian government is also working on ways of broadening the remittance flow into Ethiopia from various parts of the world.

Yinager Dessie, Governor of the National Bank of Ethiopia, also noted that low productivity in the agriculture sector, particularly in the export items, has not been to the expected level.

“Similarly, export items from the industrial sector have not increased both in type and volume, thus inhibiting the fulfillment of the national target for gaining foreign exchange from the two sectors,” Dessie said.

Ethiopia’s ongoing economic sector reforms mainly aspire to realize sustainable economic growth together with strong private sector engagement in various development projects.

As the East African country encounters persisting forex shortage in recent years, the Ethiopian government had recently announced to partially privatize its major state-owned enterprises as a solution to the serious shortage of foreign currency. Enditem

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