Reports 890 mln USD FDI
ADDIS ABABA– The Ministry of Planning and Development (MoPD) announced that Ethiopia secured 180 billion Birr in revenue and attracted 890 million USD in foreign direct investment (FDI) during the first quarter of the current fiscal year.
In a presentation on the government’s 100-day reform and economic performance, MoPD State Minister Tirumar Abate highlighted that the quarterly revenue achievement indicates the country’s potential to reach its annual goal of 1.5 trillion Birr. Efforts over the past three months have focused on increasing agricultural productivity, foreign currency inflows, exports, and job creation.
“Establishing a stable macro-economic environment, enabling businesses and investments, and reforming public and civil services are core priorities,” said Tirumar. She emphasized that these initiatives play a pivotal role in achieving the targeted 8.4% economic growth for this fiscal year. Integration across sectors is also crucial in sustaining macro-economic stability, she added. MoPD’s Economic Analysis and Policy Lead Executive, Habtamu Asefa, reported that Ethiopia secured 3.4 billion USD from loans and grants, with an additional 883 million USD from foreign remittances (hawala). Foreign trade contributed 1.5 billion USD from goods and 1.4 billion USD from services during the period.
Revenue performance showed significant growth compared to the same period last year. The government collected 180.3 billion Birr in total, reflecting a 64.6% increase. Common revenue alone amounted to 17.8 billion Birr; representing a 61.2% increase from the previous year’s first quarter.
Customs tax revenue exceeded expectations, generating 88.5 billion Birr against a target of 87.3 billion Birr, a 77.5% increase from the 49.56 billion Birr collected during the same period last year.
Habtamu also noted improvements in foreign currency management. The banking system recorded sales of 960 million USD and purchases of 652 million USD, narrowing the gap between official and parallel currency markets.
With these positive indicators, Ethiopia remains committed to fostering a stable macroeconomic environment and sustaining its reform-driven economic momentum.
BY MESERET BEHAILU
THE ETHIOPIAN HERALD THURSDAY 31 OCTOBER 2024
