Ethiopia Achieves Economic Success Despite Global Challenges

Addis Ababa: Prime Minister Abiy Ahmed addressed the 36th regular session of the House of People's Representatives today, highlighting Ethiopia's remarkable economic resilience in the face of global adversities.Despite facing a series of man-made and natural disasters, including pandemics, conflicts, and regional instability, Ethiopia has managed to maintain strong economic growth.The Prime Minister emphasized that while inheriting a significant debt burden, both domestic and foreign, the government has successfully navigated through these challenges. By adopting new perspectives and innovative approaches, Ethiopia has turned obstacles into opportunities.He said the reformist government has been able stop commercial loans over last years and paid more than 10 billion USD that the nation borrowed during the previous years. Accordingly, Ethiopia's debt in terms of its GDP has been declining to 17.5 percent.Abiy Ahmed reported success across various sectors, stating that the country is now positioned to ensure prosperity based on multiple indicators.According to the premier, the country has collected 466 billion Birr revenue during the 11 months of concluding fiscal year from the planned 529 billion Birr for the whole year, stating the performance registered as very much encouraging.In respect to government expenditure, the nation spent 716 billion Birr during the concluding fiscal year which is 98 percent of the planned, he added.The county's budget deficit has also been declining 2.5 percent from 4 percent in the previous budget years.He particularly noted improvements in tax revenue collection and citizen savings, both considered crucial for sustainable economic growth.The positive economic trajectory, achieved amidst global economic uncertainties, showcases Ethiopia's resilience and the effectiveness of its current economic policies.However, Abiy also underscored the need to take further decisive measures to address the economic challenges that the country is facing in terms of tax invasion, contraband trade and other illegal activities.Source: Ethiopian News Agency