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The Government Communications Service (GCS) has affirmed that Ethiopia’s Homegrown Macroeconomic Reform Program has laid a solid foundation for a resilient and competitive economy, citing measurable progress across multiple sectors.
In a statement released on its official channels, the GCS highlighted that bold policy choices and structural adjustments helped the nation avert economic crisis, rebuild reserves, and stimulate sustainable growth.
Key Achievements: Stabilization, Reserves, and Investment
The GCS detailed significant outcomes from the reform agenda, including the stabilization of inflation, a rebound in foreign exchange reserves, and a notable increase in foreign direct investment (FDI).
A major milestone highlighted was the reform of the foreign exchange market, which improved price discovery for the Ethiopian Birr and helped redirect informal currency flows into the formal banking system, easing dollar shortages for businesses.
Debt Restructuring Provides $4.5 Billion Relief
A critical component of the program’s success has been debt restructuring. The government’s negotiations with creditors resulted in $4.5 billion in relief, funds that were reallocated to bolster national reserves and finance development projects nationwide, strengthening overall financial stability.
Focus on Exports and Productivity to Sustain Gains
Looking forward, the GCS emphasized that maintaining momentum will require a continued focus on boosting exports, promoting import substitution through local production, and enhancing overall productivity.
“To ensure these achievements last, the government’s primary goal is to raise exports, promote local alternatives to imports, and enhance overall productivity,” the statement noted.
Positioning Ethiopia for Global Competitiveness
The service concluded that these reforms have positioned Ethiopia to advance despite regional challenges, demonstrating national resilience and a readiness to compete on the global stage.
The integrated approach has not only stabilized the economy but also opened new avenues for global trade and investment.
