Africa-Press – Ethiopia. Governor of the National Bank of Ethiopia (NBE), Mamo Mihretu, stated that the nation’s inclusive macroeconomic reform programs have effectively achieved their intended goals across multiple indicators.
Speaking at a parliament briefing on the reforms’ progress, Governor Mamo highlighted their promising impact in fostering sustainable economic growth and enhancing macroeconomic stability.
He emphasized that the reforms, aimed at enhancing revenue generation, restructuring debt, improving foreign exchange inflows, and fortifying the financial sector, have already yielded encouraging results.
Mamo noted the effective implementation of the macroeconomic reform framework, leading to notable outcomes in foreign trade, foreign exchange reserves, and inflation reduction.
He also referenced a recent International Monetary Fund (IMF) report that confirms Ethiopia’s macroeconomic reform program is exceeding expectations.
To maintain this momentum, the Governor stated, “the government will adopt strict monetary and fiscal policies and measures will also be taken to boost productivity, enhance value addition to products, and improve the trade system.”
Since the reforms began, inflation has been gradually decreasing, emphasizing that food inflation has fallen to below 12 percent and reiterated the government’s goal to bring overall inflation down to single digits by the end of next year.
He further disclosed that foreign exchange inflows have risen and export performance has significantly improved. Prior to the foreign exchange reform, Ethiopia’s annual export earnings were 3.8 billion US Dollars. By the end of this year, exports are projected to reach 8 billion US Dollars.
The Governor also underscored that the reforms have helped attract substantial investment, with ongoing efforts to consolidate and expand these gains.
The country’s economic advancement has been driven by fiscal and monetary policy reforms, along with the introduction of various legal reforms and the move to allow the market to determine the exchange rate, he emphasized.
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