On Sunday (July, 28), Prime Minister Abiy Ahmed (PhD) announced a national macro-economic reform policy reform. The objective of the macro-economic reform program is to correct foreign exchange distortions, reducing inflation, solving debt vulnerability, strengthening the financial sector and building a strong and sustainable economic system.
Following the macro-economic policy reform, the National Bank of Ethiopia (NBE) on July 29 announced a reform of the foreign exchange regime with an immediate effect
The Macro-economic Reform Program pro-poor: PM Abiy
Understand the Macro-Economic Reform Program Policy holistically rather than in isolation is critically important. The macro-economic reform is a huge and timely move to the economy. The approach of the reformist government is pro-poor and focused on supporting the most vulnerable. Still, the success of the reform depends on collaborative effort of all stakeholders.
For smooth implementation of the reform, law enforcement agencies are mandated to take action against malicious traders who artificially manipulate prices.
Prime Minister Abiy Ahmed (PhD
Ethiopia implements market-based foreign exchangerate regime: NBE Governor
The National Bank of Ethiopia announces the implementation of market-based foreign exchange rate regime, effective immediately as of July 29. The reform introduces a competitive, market-based determination of the exchange rate and addresses a long-standing distortion within the Ethiopian economy.
Ethiopia’s foreign exchange reform is just one part of a wider package of economic reforms that are being implemented and accelerated over the coming months. The package of reforms—based on the country’s Home-Grown Economic Reform Plan aim to restore macroeconomic stability, boost private sector activity, and ensures sustainable, broad-based, and inclusive growth.
The implementation of a market-based foreign exchange rate regime aiming to tackle longstanding economic structural problems
Mamo Meheretu, National Bank of Ethiopia Governor said on a statement during July 29
The macro-economic reform unlocks finance, development cooperation: Planning Minister
Ethiopia has been taking reforms measures since April 2018. These reforms bring fruitful outcomes despite challenges. To overcome existing challenges, it demands comprehensive macro-economic reform and Ethiopia has already applied an ambitious macro-economic reform.
International development partners and financial institutions were demanding the reform to finance Ethiopia’s development endeavors. Hence, implementing the reform is a timely action to sustain Ethiopia’s development.
Immediately, following the announcement of the reform, financial supports and loans starts flowing to Ethiopia and the financial flow is critical for the economic development. Ethiopia is ready to manage short-term impacts of the reform on low-income citizens.
Fistum Assefa (PhD), Minister, Planning and Development
Ethiopia’s macro-economic reform attracts attention of development partners: Finance Minister
This week Ethiopia entered into a comprehensive macro-economic reform. Despite the reform is not new for Ethiopia as it has been implementing various reform measures since the Homegrown Economic Reform was crafted five years ago, the new freeform is welcomed by international development partners.
Following the reform, the World Bank and IMF announced financial packages for Ethiopia. The financial packages from the World Bank and the IMF will bolster the government’s reform measures and ensure macro-economic stability.
Ahmed Shide, Finance Minister told the HPR on Thursday
Ethiopia macro-economic policy designed to attract FDI flow: Commissioner
The macro-economic policy reform designed to liberalize Ethiopia’s economic structures and foreign exchange system are expected to stimulate Foreign Direct Investment (FDI) inflows to Ethiopia.
Hanna Aryasellassie, Commissioner, Investment Commission
THE ETHIOPIAN HERALD SATURDAY 3 AUGUST 2024
