More Private investment among policy goals in Ethiopia’s additional “homegrown economic reform” measure that is under work
Ethiopia says it is working on more “homegrown economic reform” measures. The state media, on Saturday, cited Ahmed Shide, the Minister for Finance, as saying that preparations are underway for more reform policy measures.
Based on the report, the government aspires to achieve multiple successes from the intended reform measures.
Filling macro-economic gaps through a range of measures (including enhancing private investment), facilitating economic recovery reconstruction, controlling price hikes and relegating Ethiopia’s debt burden to a medium level are among the goals that the government claims to aim for by introducing more economic reform measures.
The government also claims that more reform measures are needed to ensure the continuity of results achieved since the introduction of “homegrown economic reform.”
It is indicated that the economy has been under pressure due to external and internal factors.
It is to be recalled that, with the “homegrown economic growth plan,” the Ethiopian government intensified the privatization of the Ethiopian economy.
Sectors of the Ethiopian economy that have been protected from foreign investment hither to including Telecom were opened for expatriate investors.
Recently, Prime Minister Abiy Ahmed’s government-appointed passed a decision to open up the banking sector to foreign investors despite an outcry from Ethiopians.
In what seems to be a preparation for the intended deepening of privatization, Prime Minister Abiy Ahmed removed the former National Bank of Ethiopia governor, Yinager Dessie, and replaced him with a former World Bank Staff, Mamo Mihretu.
Ethiopian Minister for Finance, Ahmed Shiede, has been recently meeting with IMF and World Bank officials as well as meeting with state actors in the United States and Europe. More recently he visited China but China does not seem to be influential in the economic reform measures.
“Homegrown economic growth” through more privatization and reform work that is said to be under preparation seems to be the result of extensive consultation with external actors.
When the United States Secretary of State, Anthony Blinken, visited Ethiopia a few weeks ago, he unveiled $330 million in “aid” to Ethiopia.
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