-Gov’t to collect 1.5 trillion Birr revenues
ADDIS ABABA –The government is intensifying efforts to achieve 8.4% economic growth during this Ethiopian fiscal year, Prime Minister Abiy Ahmed (PhD) said.
Responding to questions raised by MPs during the 4th term and the 3rd regular session of the House of People’s Representatives, Prime Minister Abiy Ahmed (PhD) said that the government foresees 8.4 percent GDP growth this year, given the achievements recorded during the past three months.
The agriculture sector alone is anticipated to grow by 6.1 percent, the Premier stated, adding that 1.4 billion quintals of crop product will be harvested from 30 million hectares of cultivated land.
Meanwhile, Abiy expressed that his government is working to collect some 1.5 trillion Birr revenues this fiscal year. Hence, over the past three months, the central bank’s reserve had hit 161%growth while private banks’ reserve rose by 29%.
According to the Premier, Ethiopia has earned a 3.4 billion USD remittance revenue which has a 24% increment.
Likewise, some 1.5 billion USD has been secured from export, and this revenue is expected to grow to more than 5 billion USD at the end of this fiscal year, he stated, mentioning that import has also reduced by 1.4%.
Due to the macroeconomic reforms, Abiy noted that the Foreign Direct Investment (FDI) registered a 6.4% growth which could be attributable to the national efforts to create a favorable investment environment through promoting the country’s renewable energy resources, abundant land, and skilled workforces.
The country didn’t receive any commercial loan over the past six years, the Prime Minister stated, appreciating the economic development without accepting commercial loan. Currently, Ethiopia’s debt is about 13% of its GDP and the government is endeavoring to reduce it to 10%.
This fiscal year, the industry sector is projected to grow by 12.8% as the production capacity reached 67%. Efforts have been made to revitalize industrial sector, with progress in addressing key challenges, particularly in energy supply, Abiy noted.
On the other hand, Abiy said that Ethiopia is constructing Africa’s largest airport, which is set to handle 100-130 million passengers annually. The national airline has also ordered 124 aircrafts to expand its fleets as Africa’s largest operator and a key aviation hub.
Abiy also told MPs that his government has facilitated 100,000 overseas jobs to citizens with a plan to create similar opportunities to 700,000 citizens this fiscal year.
BY TSEGAYE TILAHUN
THE ETHIOPIAN HERALD FRIDAY 1 NOVEMBER 2024
