ADDIS ABABA –Financial reform on going in the country has enabled private sector’s access to finance, so disclosed Minister of Finance.
Eyob Takelign(PhD), State Minister of Finance told The Ethiopian Herald that of the total 47.1 billion loan allocated over the first quarter of the year 82.7 percent of it was accessed to private sectors whereas the remaining 17.3 percent was channeled to public sector projects.
Since the past few months, the government has been taking reform activities in ease of doing business by opening the air for Diasporas whilst developing the economy. Offering bond purchase with 27 percent loan from banks, establishing the primary debt market, enhancing transparency on foreign exchange management and allocation, are among the reforming activities, he explained.
As to him, the country is addressing about 35 percent of the total population; subsequently, “we need to work extensively on adopting modern financial technologies. Apart from this, improving financial inclusion is paramount important to compute with the international market.”
Adding to the point, he emphasized that privatizing the telecom sector is also contributing to accessing modern technologies for the citizen through mobile banking. Besides this, the government is also getting ready to launch a financial education strategy so as to expanding banking access among the society.
Apart from this, the ministry along with the stakes is deeply investing in generating innovative ideas and technologies through applying E-commerce to modernize the finance sector ahead. The industry actors must also gear up in building the required human capital and technology, he noted.
The Ethiopian Herald, December 26/2019
BY MULATU BELACHEW
