Manila:Ethiopia is in the midst of economic and financial reforms intended to shift the country from stabilization to economic transformation, according to Deputy Prime Minister Temesgen Tiruneh.
According to Ethiopian News Agency, during the opening of the second Ethiopia Finance Forum, Deputy Prime Minister Temesgen highlighted significant reforms in the foreign exchange market, monetary policy, and financial-sector regulation. These reforms are designed to open sectors to competition and investment, which are crucial steps toward economic transformation.
Temesgen emphasized the importance of these reforms in improving exports, reserves, and government revenues, as well as in alleviating inflationary pressures. Improved access to foreign exchange and reduced constraints on private investments were also noted as positive outcomes of the reforms.
The Deputy Prime Minister stressed that the ultimate success of these changes should be measured by their impact on citizens, particularly in providing access to finance for farmers, young people, women entrepreneurs, and micro, small, and medium enterprises (MSMEs). Temesgen underlined the necessity of building confidence in institutions, laws, markets, and policy credibility as the basis for economic growth.
He announced that the next phase of reform would focus on expanding financial inclusion, agricultural finance, investment, and developing deeper financial markets. The agenda also includes housing finance, insurance, depositor protection, and modern financial-market infrastructure.
Digital transformation, cybersecurity, consumer protection, and financial literacy are identified as key components of the ongoing financial-sector reform agenda. Temesgen called for stronger cooperation among the private sector, financial institutions, investors, and development partners, asserting that the government alone cannot deliver the desired transformation.
Ethiopia's domestic market, youthful population, and potential in agriculture, manufacturing, energy, and services present significant opportunities for growth. Temesgen highlighted the importance of inclusive economic growth, ensuring that women, youth, farmers, and communities beyond major cities have access to financing opportunities.
The Deputy Prime Minister urged participants at the forum to identify practical solutions and make concrete commitments, emphasizing that policies only deliver results through effective implementation. He reaffirmed the government's commitment to macroeconomic stability, responsible reform, and fostering a competitive private sector to expand opportunities for Ethiopians.
The Ethiopia Finance Forum, a three-day event from September 29 to October 1, has gathered policymakers, financial institutions, investors, development partners, and private-sector leaders to discuss and collaborate on these critical economic reforms.
