It is abundantly clear that subsequent to the macroeconomic reform policy’s implementation, a broad range of effective undertakings have been underway in every part of the country. Notwithstanding the fact that a lot has been said, the reform has been moving forward in the right direction proving naysayers wrong and throwing cold water on their cock-and-bull stories and barefaced lies.
It is common knowledge that since the inception of the implementation of the macroeconomic reform policy, worrywarts have gone to the ends of the earth at various times to tarnish the promising strides being witnessed in every square inch of the country in a triumphant fashion. To the surprise of everyone, though they keep on turning a blind eye and a deaf ear to the positive strides surfacing all over the country, accomplishing the desired goal turns out to be an impossible dream.
As every Tom, Dick, and Harry knows the positive moves of the reform unfolding in every part of the country, naysayers failed to materialize their dreams. But nowadays, the whole thing concerning the reform has sustained demonstrating the encouraging moves of the reform through the determination of the federal government.
Ethiopia has been executing its macroeconomic reform with persistence and strict discipline of execution in order to realize the nation’s inclusive growth, Finance State Minister Eyob Tekalign said, according to information obtained from a local media.
In his latest interview with the Office of the Prime Minister, he reaffirmed the government’s commitment to respond to generational aspiration.
Press Secretary Office of the Prime Minister, Billene Seyoum, interviewed the state minister, who is also a member of the national macroeconomic committee.
The state minister stressed that the success of the reform registered in the various spheres is not only due to persistence and perseverance as well as the right idea and vision but also strict discipline of execution.
Prioritizing the private sector as one of key drivers of the economy, he affirmed what this reform did is rebalancing the role of the private and the public sectors and brought the private sector as the engine of the economic growth.
As an instance of the economic success in the country, Eyob cited the agriculture success. “We have managed to increase crop production by 200 million quintals. Now, Ethiopia is the number one wheat producer country in Africa.”
In manufacturing, the country has increased the utilization of productive capacity by 10% which has attracted significant investment.
Regarding tourism, “Ethiopia (has) now become an important tourism and conference destination. We organized 25 more events compared to the same period last year.”
Since the effectuation of the reform policy, the whole thing in every aspect of the country has been making progress in the right direction. Without any hyperbole, this is the outcome of the commitment of the federal government and the people of Ethiopia.
In the present circumstances, the promising strides of the macroeconomic reform policy have continued winning the hearts and minds of the wider international community and receiving a pat on the back.
In a similar vein, it is worth mentioning that the macroeconomic reform policy has been paving the way for competitiveness and putting the kibosh on obstacles concentrating on various sectors, and fashioning favorable chances for investors at the earliest possible juncture.
In addition to enhancing economic circumstances and bringing up a more vigorous and advantageous business landscape, the reform indicates remarkable achievement and a major opportunity to attract a diverse range of investors from various regions of the world.
On the heels of the implementation of the macroeconomic reform policy, the country has jumpstarted accomplishing the intended outcomes and actualizing the desired end results. In light of the current situation, the macroeconomic reform policy has kicked off resolving difficulties spinning around foreign currency shortage.
Ethiopia’s recent macroeconomic reform measures have increased remittance inflow to the country while narrowing the gap between official and parallel markets, Economic Experts said.
The Experts told local media that the implementation of the macroeconomic reform measures have substantially increased remittances that would help, in return, to stabilize the national economy.
Economist Bogale Boshe (PhD) in the recent past stated that the implementation of macroeconomic reform has been scaling up the revenue the country secures from remittance as it has been narrowing the gap between the formal and informal exchanges.
Currently, there is no reason to exchange forex in black market since the transaction of remittance through banks creates credibility, he said, adding that this development encouraged Diasporas to send money home using formal means.
According to him, investors’ property should be legally protected to sustain the increased inflow of remittances. Hence, the loans for local investors should be maximized side by side to the growing remittance to meet demand and supply.
Economic Expert Atinafu Gebremesekel (PhD) also believed that the policy shift has accelerated the flow of remittance to the country. However, the effort requires building trust among investors regarding property ownership, investment protections and others.
It is crystal clear that the recently executed macroeconomic reform policy has begun bringing into play compressive stable economic growth on a national scale.
According to the current situations, most people from all components of the population have been making certain the positive strides and encouraging maneuvers of the macroeconomic reform implementation.
If the whole thing sustains moving in this fashion, the country through the passage of time will embark on breathing new life into creating new commercial prospects, improving competitive capacity and more of the same. By the same token, the reform down the road assists the progress of boosting productivity, overcome debt burdens, progress foreign currency earnings and other related aspects.
It is a widely held view that the macroeconomic reform policy plays a paramount role in taking the country’s economy to the next level of accomplishment at the earliest possible juncture. Boosted opportunities, hard currency reserves, and other related aspects will take the country to new possibilities.
The effectuation of the macroeconomic reform policy in the country is a fundamental change to place Ethiopia as a more desirable spot for direct overseas statements.
The implementation of the macroeconomic reform policy has been sending a signal that the country is settled on a market-driven economy and amalgamating collaboration with financial institutions in the world.
Ethiopia’s macroeconomic reform is a crucial point in uncovering new markets for the entire country by attracting both domestic and international investors.
The Institute of Policy Studies has stated that the comprehensive macroeconomic reform will make Ethiopia’s banking sector to become competitive and market-driven.
Since July 2024, Ethiopia has embarked on implementing a comprehensive macroeconomic reform program, through enhancing the financial sector to become inclusive and competitive.
The macroeconomic reform aims to address foreign exchange distortions, resolve long-standing foreign payment imbalances, curb inflation through modern monetary policy frameworks, mitigate debt vulnerabilities, boost domestic income and accelerate sustainable economic development of the country.
In addition, by enhancing the inclusivity, competitiveness, as well as health and resilience of the financial sector, Ethiopia aims to foster a robust, inclusive, and sustainable economic system.
Coordinator of the Macro Policy Department at the Policy Studies Institute, Tewelde Girma told ENA that the ongoing macroeconomic reform has multifaceted benefits.
Mentioning the benefits of the reform, the coordinator stated that the entire financial and banking sector would be driven by excellent professional expertise, competition and market.
Additionally, the entry into force of foreign banking proclamation in Ethiopia will enhance the capacity of the sector. This will significantly enhance the competitiveness of the banking sector and sustainable national economic growth in the country.
As the reform policy plays a huge role in taking the country’s economy to new dawn, everyone irrespective of sexual category, religious and educational backgrounds, and whatnot, should join hands to realize the goal and pursue the target.
It is certain that the effectuation of the macroeconomic reform policy clears the way for the country’s fast growth.
As the macroeconomic reform policy plays a significant role in attracting investors from various parts of the world, bolstering the country’s economy, creating a broad range of job opportunities and import substitutions, achieving the desired goal will be as easy as low hanging fruit. Taking the paramount role the implementation of the macroeconomic reform policy into consideration, all actors involved in the move should do all they can for the realization of the reform.
BY ADDISALEM MULAT
THE ETHIOPIAN HERALD TUESDAY 31 DECEMBER 2024
