Reform Prevented Economic Downturn, Says President Sahlework

Addis Ababa The economic reform measures taken by the government during the past three years have prevented economic downturn, according to President Sahlework Zewde.

Addressing the joint Houses of People’s Representatives and House of Federation session this morning, she said the economic reform measures taken by the government have protected the country from economic downfall despite the prolonged challenges it has been facing.

However, inflation and the ever-increasing unemployment need the necessary remedies as they have become the major hurdles of the economy, she noted.

According to the president, creating employment opportunities and reducing inflation will therefore be the priorities of the new government.

Sahlework said imbalance between demand and supply, dependence on rain-oriented agricultural system, and unstructured trading and marketing system are among the major causes of the inflation in the country at present.

The president stressed that fiscal policy and monetary policy control will be among the major measures to be implemented to reduce inflation.

She stated that export revenue is projected to be 5.25 billion USD this Ethiopian budget year as 592 million quintals of agricultural produce is expected from agriculture.

The vision to plant 20 billion seedlings in 4 years is crucial in preventing soil erosion and desertification as well as increasing agricultural productivity and ensuring food security, the president added.

Sahlework said manufacturing will be at the center of the economic drive as it increases production and productivity and creates jobs.

Increasing production and quality of export goods are the major focus of the new government and efforts will be exerted to involve domestic investors in the manufacturing sector, she stated.

Priority will also be given to the mining sector by producing qualified human resources in the sector, the president stressed.

The construction industry will also be given priority as it is critical for creating many jobs,  among others.

Among the sectors to be given attention includes tourism in general and the service provision of tourism destinations and exploration of  new tourism sites and destinations.

Source: Ethiopia News Agency