Addis Ababa, January 19, 2025 (ENA)— A symposium is scheduled to take place in Douala, the capital of Cameroon, next week, aimed at effectively aligning frameworks for the development and implementation of new-generation special economic zones across Africa. The economic commission for Africa (ECA), African Union, African Development Bank, UNIDO and UNDP are organizing the symposium from January 21 to 23, 2025. Experts from ECCAS and CEMAC member states and their respective RECs will discuss, together with financial organizations, development partners and the private sector, ways of accelerating the set-up of special economic zones (SEZs) in Central Africa, as an instrument for inclusive and sustainable industrialization and economic diversification. The symposium's ultimate aim is to structure a well-understood shared commitment, according to ECA. By way of illustration, it is expected to co-create an inter-agency working group and a robust regional cooperation platform to accelerate the operationalization of industrialization strategies and the implementation of high-potential value chain and new-generation SEZ approaches. Similarly, the symposium is expected to launch work on a joint program to support the sub-region's states in the development and implementation of new generation SEZs, which would contribute to inclusive and sustainable industrialization and other broader economic and social development objectives. Central Africa is committed to reducing its vulnerability to exogenous shocks, such as inflation, overindebtedness and budget imbalances. To remedy this situation, States and Regional Economic Communities have defined sub-regional and national import-substitution strategies. These strategies, anchored in industrialization plans, should guarantee the successful implementation of the AfCFTA, in line with the commitments made at the extraordinary summit of the African Union in Niamey (Niger) in November 2022. The Director of the Economic Commission for Africa's Sub-Regional Office for Central Africa, Jean Luc Mastaki remarked that the development of regional value chains requires an alignment of industrialization frameworks, of which Special Economic Zones are the main tool.

Addis Ababa January 5/2025 (ENA)— The Chief Administrator of Oromia region, Shimelis Abdisa, said that the infrastructure constructions being carried out by the Ethiopian Airlines have a significant contribution in fostering the trade and investment activities of the region. The Chief administrator made the remark today at the inauguration ceremony of a new passenger terminal built at the Wako Gutu Airport in Bale Robe. The Ethiopian Airlines built the new passenger terminal with a cost of 1.1 billion Birr.   Shimelis highlighted on the occasion that the airline is carrying out various development activities by considering the infrastructural problems. He also stated that the infrastructure constructions will contribute significantly in facilitating the trade and investment opportunities of the region. Building the terminal in Bale, which has the potential of agriculture and tourism, makes it special, he added. He also extended gratitude to Prime Minister Abiy Ahmed on behalf of the regional government for naming the airport after the hero General Wako Gutu. This expansion is expected to have a positive impact on tourism, especially in areas such as the Bale Mountains National Park, the Sof Omar Cave, and other attractions in the area. Ethiopian Airlines operates 14 flights weekly from Addis Ababa to Wako Gutu Airport, Bale Robe, it was learned. Currently, Ethiopian Airlines serves 22 domestic destinations.

Addis Ababa January 5/2025 (ENA)—Ethiopian Airlines announced that it has been expanding infrastructure development to strengthen domestic air transport services in the country. Ethiopian Airlines has inaugurated today a new passenger terminal of the Wako Gutu Airport in Bale Robe with an outlay of 1.1 billion Birr. The inauguration ceremony was attended by Oromia Chief Administrator Shimelis Abdisa, senior officials from Ethiopian Civil Aviation, as well as government representatives from both the federal and Oromia region. Local elders and religious fathers were also present at the event. During the occasion, CEO of the Ethiopian Airlines Group Mesfin Tasew said that the airline is significantly enhancing its infrastructure development to strengthen domestic air transport services. Mesfin emphasized that alongside its international flights, Ethiopian Airlines is prioritizing infrastructure development within Ethiopia to improve air connectivity across the country.   Enhancement of domestic air transport is crucial for bolstering the tourism and investment sectors, he noted. The CEO further explained that the airline is working to improve flight services by establishing modern air transport infrastructure in regional cities, aiming to boost connectivity and provide better service to the Ethiopian people. The new passenger terminal at Wako Gutu Airport is part of the efforts to modernize domestic flight services. This expansion is expected to have a positive impact on tourism, especially in areas such as the Bale Mountains National Park, the Sof Omar Cave, and other attractions in the area. Ethiopian Airlines is presently engaged in the construction of airports in six areas throughout the country, including Negele Borena, Yabelo, and Gore Metu, with the aim of enhancing service delivery. Ethiopian Airlines operates 14 flights weekly from Addis Ababa to Wako Gutu Airport, Bale Robe, it was learned. Currently, Ethiopian Airlines serves 22 domestic destinations.

Addis Ababa January 4|2025 (ENA)—The Shabeely project, which is part of the Dine Initiative in the Somali region, covering 380 hectares, has immense potential for future expansion, Prime Minister Abiy Ahmed revealed. “No matter which corner of our country we visit, we are met with boundless opportunities and hope,” the premier said.   He further stated that Ethiopia is on the rise, with remarkable developments unfolding across various sectors despite occasional setbacks. “Our collective progress depends on maintaining peace, as it is the foundation upon which sustainable growth and prosperity are built. Let us safeguard this peace to ensure a brighter future for generations to come.” PM Abiy underscored.

Addis Ababa January 3|2025 (ENA) — Ethiopia’s Ministry of Irrigation and Lowland Areas announced a plan to cultivate over 112,000 hectares of land in the Somali region through newly developed irrigation infrastructure projects. Minister of Irrigation and Lowland Areas, Abraham Belay emphasized that research and design efforts are currently in progress to create irrigation systems with the potential to cultivate more than 112,000 hectares of land. Recall that Prime Minister Abiy Ahmed officially inaugurated the Gode Irrigation Infrastructure Project today in the Shebele Zone of the Somali Region, marking a significant milestone in the region’s agricultural development. Prime Minister Abiy said our focus must remain steadfast on development—the path that unlocks opportunities, improves livelihoods, and transforms communities. “I am particularly pleased with the success of the West Gode Irrigation Project. What was once barren land is now being cultivated, with promising potential for producing sesame, wheat, corn, and a variety of horticultural crops,” the Prime Minister stated on social media post. During the ceremony, Minister Abraham also highlighted the region's abundant irrigation potential, which is being tapped through ongoing research and design work. He stated that the aim is to develop irrigation systems that will expand agricultural activity across large areas, thereby boosting productivity in the region. The Gode Irrigation Infrastructure Project, now operational, is set to develop 27,600 hectares of land and will benefit over 53,000 people. The minister also stressed the region's vast development potential, acknowledging, however, that currently, fewer than 3,500 hectares of land are being utilized for agriculture.   He further pointed out that the region’s ecosystem is well-suited for cultivating a variety of crops, offering significant opportunities for agricultural expansion.

Addis Ababa January 3|2025 (ENA)—Addis Ababa Mayor, Adanech Abiebie has conferred with Xu Kunlin, the Governor of Jiangsu Province in China. The Mayor said on social media post that she visited Jiangsu Province and discussed bilateral issues with Xu Kunlin and other provincial leaders. The discussions focused on strengthening cooperation in areas such as investment, trade, tourism, education, and technical and vocational training while exploring opportunities for further collaboration on future initiatives, Adanech added.   She expressed heartfelt gratitude to Xu Kunlin for his warm hospitality and facilitating this important visit. The visit is carried out as per the invitation extended by the Governor of Jiangsu Province during his visit to Addis Ababa in November 2024.

Addis Ababa January 3|2025 (ENA)—Prime Minister Abiy Ahmed has inaugurated the Gode Irrigation Infrastructure Project today in Somali region of Ethiopia. “I came to Gode two years ago, and it’s encouraging to see the progress taking place since then, the Premier wrote on social media pages. Our focus must remain steadfast on development—the path that unlocks opportunities, improves livelihoods, and transforms communities, he added. “I am particularly pleased with the success of the West Gode Irrigation Project. What was once barren land is now being cultivated, with promising potential for producing sesame, wheat, corn, and a variety of horticultural crops,” the Prime Minister stated.

  Addis Ababa January 3/2025 (POA)—Ethiopia is expanding its role as a regional energy powerhouse with electricity exports poised to significantly contribute to its economic growth and foster closer ties with neighboring nations. Ethiopia, which is currently supplying power to Sudan, Kenya and Djibouti, is on the verge of commencing electricity export to Tanzania, a crucial step in its ambition to become a regional energy hub. Ethiopian Electric Power CEO, Ashebir Balcha confirmed today that final grid testing for the Tanzania connection is underway. Pointing out the growing regional demand for Ethiopia's reliable and competitively priced electricity, he said formal requests from countries like South Sudan have also been received. While currently exporting less than 10 percent of its generated power, Ethiopia is strategically expanding its generation capacity to meet both domestic needs and growing export demand. According to Ashebir, the economic and diplomatic benefits of exports are substantial. Export revenues directly contribute to subsidizing domestic electricity tariffs, providing significant relief to consumers and stimulating economic activity within Ethiopia, the CEO noted. Furthermore, the exports generate valuable foreign currency, he elaborated. Beyond economic gains, power exports enhance Ethiopia's regional influence, fostering stronger diplomatic ties and promoting cooperation among neighboring nations. According to him, the government has also actively encouraged private investment in the power sector. Private investors are already actively engaged in developing new power generation projects, complementing the government's efforts to expand capacity and ensure a sustainable energy future. Sources of the Ethiopian Electric Power reveal that the nation has generated 31.5 million USD from electricity exports in the first three months of the current Ethiopian fiscal year. This revenue is expected to significantly increase as new export connections become operational and generation capacity continues to expand.

Addis Ababa January 2/2025 (ENA) —The Ethiopian Electric Utility (EEU) disclosed that it has provided electricity for more than 167,900 new customers in the first five months of the Ethiopian fiscal year. The utility company added that it is focused on providing electric power to users while maintaining service quality. EEU Communication Executive Officer Melaku Taye told the Ethiopian News Agency (ENA) that the company is also prioritizing the supply of reliable power and fair distribution. Accordingly, 42 new rural kebeles and towns have gained access to electricity in the past five months. He said the utility company aims to make a total of 600,000 new customers, out of which 167,952 during the past five months. This figure represents an increase of 35,890 users when compared to the same period last Ethiopian fiscal year. To provide power to citizens in remote areas far from main power lines, the company is expanding its investment in solar power, it was learned. The construction of solar power plants in 25 locations over the past five months has supplied power to 74,222 people, the executive officer stated. These efforts have brought the total number of EEU customers to more than 4.941 million.

Addis Ababa January 2/2025 (ENA)—The Ethiopian Investment Commission held a consultative meeting with the Chinese Chamber of Commerce and the Chinese Embassy to boost Chinese investments in Ethiopia. Ethiopian Investment Commission Commissioner, Zeleke Temesgen and Chinese Ambassador to Ethiopia, Chen Hai attended the half-day session, aimed at creating a favorable business environment and attracting more Chinese investments. China is the leading source of Foreign Direct Investment (FDI) in Ethiopia, with over 3,300 active projects, primarily in manufacturing and construction, generating more than 325,470 jobs, the commission revealed. In the past five years, Chinese investors have accounted for over 50 percent of new investment projects in Ethiopia. The country has established a strategic partnership with China, underlining their strong bilateral ties, it was indicated. The consultative meeting serves as a precursor to a broader Public-Private Dialogue that the Government of Ethiopia will conduct with FDI projects operating in Ethiopia aimed at optimizing the contributions of existing investments to Ethiopia’s economic growth and fostering a streamlined and eased investment climate.

Addis Ababa January 2/2025 (ENA)— The African Union Commission is organizing the Extraordinary Summit on the Post Malabo Comprehensive Africa Agriculture Development Programme (CAADP). The Extraordinary Summit is anticipated to be held in Kampala, Uganda from 9 to 11 January 2025, it was learned. The summit will also bring together the African heads of state and government. The summit will focus on adopting the Comprehensive Africa Agriculture Development Programme (CAADP) Strategy and Action Plan for 2026-2035. This will set in motion a 10-year agenda for building strong and resilient Africa’s Agri-Food Systems on the continent for agricultural growth, transformation and improved livelihood across the continent. The proposed summit program will include meetings of Ministers in Charge of Agriculture Rural Development, water and Environment (ARDWE) and a Joint meeting of the Ministers of Foreign Affairs and Ministers of Agriculture, followed by the Summit of African Heads of State and Government. The Comprehensive CAADP has been crucial in driving agricultural transformation across Africa since its inception in 2003. The program is aimed at increasing food security and nutrition, reducing rural poverty, creating employment, and contributing to economic development while safeguarding the environment. Moreover, CAADP aims for a 6 percent annual growth rate in the agricultural sector, with African Union member states allocating at least 10 percent of their budgets to agriculture.

Addis Ababa January 1/2025 (ENA)—Ethiopia’s Ministry of Finance and the World Bank signed a 700 million USD loan agreement to support the implementation of the Financial Sector Strengthening Project, which aims to enhance the stability and sustainability of Ethiopia's financial sector. The agreement was signed by Ahmed Shide, Minister of Finance, representing the Government of Ethiopia, and Maryam Salim, Country Director for Ethiopia, Eritrea, Sudan, and South Sudan at the World Bank. The Financial Sector Strengthening Project (FSSP) is strategically designed to support critical financial sector reforms and recapitalization efforts of the Commercial Bank of Ethiopia and the Development Bank of Ethiopia. The financing supports the government’s recent bold reform to modernize and liberalize banking operations in the country, according to the Ministry of Finance. It follows the recent decision to issue 900 billion ETB worth of government debt securities to settle CBE’s non-performing loans and facilitate its recapitalization. Accordingly, a substantial portion of the funding will be allocated to recapitalizing THE Commercial Bank of Ethiopia (CBE) and Development Bank of Ethiopia (DBE), addressing debt legacy issues, improving asset quality, and ensuring compliance with capital adequacy requirements. Moreover, it supports enhancing financial stability by strengthening the supervisory and regulatory framework of the banking sector. It supports the government’s effort to create opportunities for access to capital to enhance job creation and sustain economic growth.

Addis Ababa December 31/2024 (ENA)—The Monetary Policy Committee (MPC) of the National Bank of Ethiopia held its inaugural meeting on December 31, 2024. In line with its roles and responsibilities set out in the NBE Establishment Proclamation, the MPC proposes monetary policies for adoption by the NBE Board and consistent with the central bank's primary objective of maintaining price stability while supporting growth. In this context, the MPC reviews Ethiopia's latest inflation developments, trends in the fiscal, external, and financial sectors, broader economic activity indicators, and global conditions that have a material impact on domestic conditions. Based on a thorough assessment of these developments as well as the near-term outlook, the Committee recommends the appropriate monetary policy stance—as well as a specific package of monetary policy actions—to be adopted for the period ahead. In its deliberations on Ethiopia's most recent macroeconomic conditions, the Committee reviewed major developments in key areas. The Full Press Release Follows :  

Addis Ababa December 31/2024 (ENA)—Ethiopia has secured over 1 billion USD from gold exports in the last five months, a development attributed to the recent macroeconomic reforms, according to the Ministry of Trade and Regional Integration. The third National Anti-Illicit Trade Summit, organized by the Ethiopian Chamber of Commerce and Sectoral Associations, was held in Addis Ababa today. Opening the summit, Minister of Trade and Regional Integration Kassahun Gofe highlighted the significant endeavors which are being undertaken by the government to control contraband and illicit trading. During the past five months especially following the execution of the macroeconomic reform, massive regulatory measures have been undertaken in collaboration with regional states and trade structures at all levels, the minister affirmed. For the minister, due to the collaborative works among pertinent stakeholders, encouraging achievements registered during the stated period Accordingly, the inflation rate of food-related goods reduced to 19.2 percent from 29.2 percent before the reforms, as a result the measures taken by the government. The macroeconomic reform which has been under implementation by the government since July 2024 also yields effective achievements in reducing illicit trade especially in the export sector, the minister pointed out. For instance, the country secured around 300 million USD from gold export during the last Ethiopian Fiscal Year, he said, adding Ethiopia has obtained more than 1 billion USD from gold export during the past five months alone. Livestock has also been one of the sectors which has been reviving and registering encouraging achievements during the past five months. Last year, the annual export revenue gained from livestock was 18 million USD as the nation already secured 20 million USD during the past five months alone. The minister further noted that contraband goods valued at 15.5 billion birr were seized during the 2016 Ethiopian Fiscal Year. Noting that the measures being undertaken through the macroeconomic reform has played a crucial role for the recent success of gold export, livestock and other sectors, the minister reaffirmed that such trends will be reinforced in a more coordinated manner. Trading with no legal license, creating artificial shortage of products, and increasing the price of goods with no economical reason are the main examples of illicit trade alongside the contraband trade, it was indicated. Following the implementation of the reforms, practical measures ranging from verbal warnings to legal measures have been taken against 108,000 traders involved in illicit activities, the ministry revealed.

Addis Ababa December 31/2024 (ENA)— An international irrigation conference aimed at addressing challenges in irrigation will be held in Addis Ababa from February 12 to 14, 2025, according to Ministry of Irrigation and Lowlands. Briefing journalists today, Irrigation and Lowlands Minister Abraham Belay said the conference themed "Cultivating Resilience: Global perspectives on Irrigation Development and Climate Adaptation," will showcase and share overall developments in irrigation as well global best practices. The minister noted that Ethiopia's irrigation sector faces significant challenges such as aging infrastructure, limited access to modern technologies as well as the impacts of climate change intensifying the challenges, making the need for effective, scalable and inclusive irrigation solutions more urgent than ever. In this respect, he added that the conference will seek to address challenges of irrigation by providing a platform for global collaboration and knowledge exchange to develop robust and adaptive irrigation systems. With its vast potential and reliance on agriculture for economic stability, Ethiopia's future food security and economic reliance hinges on its ability to modernize and expand irrigation systems. Irrigation and Lowlands State Minister, Tesfaye Yigezu, on his part reiterated that the conference has significant implication for Ethiopia as it provides opportunity to learn from global best practices tailored to the context of Ethiopia. By drawing international experiences, the country can enhance its irrigation strategies, improve water use efficiency and build resilience against the adverse effect of climate change, he added. Moreover, the conference will explore innovative financial mechanisms that prioritize inclusivity, ensuring that women, youth and marginalized communities are actively involved in and benefit from irrigation development efforts. The conference is expected to bring together experts, policy makers, practitioners and stakeholders from Africa and the rest of the world to share insights, discuss emerging trends and showcase successful interventions in irrigation development and climate adaptation.

Addis Ababa December 31/2024 (ENA)— The Ministry of Trade and Regional Integration has expressed that macroeconomic reform has yielded significant results in combating illicit trade. Trade and Regional Integration Minister, Kasahun Gofe highlighted that the comprehensive macroeconomic reforms implemented by the Ethiopian government since July have produced notable results in the fight against illegal trade and contraband, according to him. The third National Anti-Illicit Trade Summit, organized by the Ethiopian Chamber of Commerce and Sectoral Associations, is currently underway in Addis Ababa. Minister Kasahun emphasized the detrimental impact of illicit trade and contraband on the Ethiopian economy. The government has been actively addressing these challenges within the trade sector.   He noted that Ethiopia's trade system has been undermined by illegal activities such as tax evasion, failure to issue receipts, hoarding, price inflation, and other forms of malpractice. Furthermore, contraband trade in both imports and exports has been draining both public and government resources. While acknowledging the presence of many honest traders who adhere to Ethiopia's legal trade system, Kasahun also highlighted the actions of unscrupulous individuals seeking to profit through shortcuts. However, the minister stressed that the government’s policies and actions over the past six months have led to significant progress in controlling illegal trade and contraband. Specifically, following the implementation of the macroeconomic reforms, actions ranging from warnings to legal measures have been taken against 108,000 traders involved in illicit activities. As a result, the food inflation rate, which stood at 29.2 percent before the reforms, has dropped to below 20 percent. Additionally, Ethiopia's revenue from livestock exports increased from 18 million USD in the 2016 Ethiopian fiscal year to 20 million USD in just five months after the reforms. The minister also noted that contraband goods valued at 15.5 billion birr were seized during the 2016 Ethiopian fiscal year.   Kenenisa Lemi, Secretary General of the Ethiopian Chamber of Commerce and Sectoral Associations, expressed concern about the impact of illicit trade in livestock, coffee, and pharmaceuticals on the country's economy. He emphasized that illicit trade is a national scourge that reduces government revenue, hinders job creation, and pushes legitimate traders out of the market. Kenenisa called for a collective effort to combat illicit trade, which he sees as crucial for enabling the government to generate revenue and pursue national development goals. The government’s decisive steps to combat illicit trade, coupled with the macroeconomic reforms, have led to a decline in illegal trade activities and a rise in government revenue.

Addis Ababa December 31/2024 (ENA)—Ethiopian Airlines has received the “Close Collaboration Award” from Guangzhou Baiyun International Airport. This recognition underscores the Airline’s strong partnership, which has driven operational efficiency and elevated service delivery.   Currently, Ethiopian Airlines operates 10 weekly passenger flights from Guangzhou Baiyun International Airport, reaffirming its commitment to offering seamless travel experiences. “We extend our heartfelt gratitude to Guangzhou Baiyun International Airport for their continued support and look forward to further strengthening our collaboration in the years ahead,” Ethiopian Airlines stated in a social media post.

Addis Ababa December 30/2024 (ENA)—The Commercial Bank of Ethiopia (CBE) is gearing up for a more competitive banking landscape as Ethiopia prepares to welcome foreign banks, Bank's President Abe Sano said. The recent enactment of the Banking Business Proclamation by the House of Peoples' Representatives paves the way for opening the banking sector to foreign investment. This proclamation establishes a legal framework enabling foreign banks and investors to participate in the sector and contribute to the nation's continued economic growth. The bill is designed to ensure adequate financial resources and bolster foreign currency reserves, modernize the banking sector through advanced knowledge and technology, strengthen its integration with the global market, and enhance its overall competitiveness and efficiency. In anticipation of this new landscape, the CBE has undertaken necessary preparations to compete effectively with foreign banks entering the Ethiopian banking sector. As President Abe Sano explained to the Ethiopian News Agency (ENA), the bank has prioritized enhancing its capital base, modernizing its technological infrastructure, and streamlining its operational systems to compete with established international banks. Regarding the bank's capital, Abe acknowledged previous challenges stemming from delayed loan repayments, particularly concerning large-scale projects, which adversely affected the bank's balance sheet. However, he emphasized that concerted efforts have been made to rectify this situation, adding the government's significant intervention in providing the CBE with a 900 billion Birr bond to bolster its capital. This measure has increased the bank's capital by over 50 percent of its previous level, he elaborated. Furthermore, following the macroeconomic reforms, the bank anticipates receiving 650 million USD in support from the World Bank, which will significantly contribute to strengthening its capital position and overall capacity. To ensure the CBE's competitiveness with foreign banks, the bank has implemented advanced technological systems, including robust and efficient digital infrastructure. Abe explained that while the CBE previously faced liquidity challenges, the newly implemented international treasury management system has transformed the bank into a provider of liquidity even for other banks facing shortages. Concurrently, enhancements to the loan management system have yielded positive results. The CBE is also restructuring its branches across the country to improve efficiency and profitability, including a branch consolidation initiative. Abe Sano affirmed that these ongoing reforms, including the capital increase and operational enhancements, will position the Commercial Bank of Ethiopia for effective competition and success in the evolving banking landscape.

Addis Ababa December 30/2024 (ENA)— The restored National Palace was inaugurated on Sunday evening in the presence of Prime Minister Abiy Ahmed and high level government officials. The restoration of the Palace is a significant step in preserving Ethiopia’s history and cultural legacy, Office of the Prime Minister stated in social media post. The restoration efforts initiated by Prime Minister Abiy Ahmed, beginning with the Grand Palace—now Unity Park—have continued with the revitalization of this iconic landmark.   “The National Palace now stands as a testament to our nation’s journey, embodying the resilience, artistry, and vision of our people. By restoring it to its former glory, we honor our past and create a lasting symbol of pride and inspiration for future generations.” Office of the Prime Minister revealed that the Palace Museum has now become a site for everyone.

Addis Ababa December 29/2024 (ENA)— Ethiopia's comprehensive macroeconomic reforms have brought about fundamental changes in the economy, registering tangible results , Mamo Mihretu, Governor of the National Bank of Ethiopia (NBE) and central committee member of Prosperity Party said. The governor explaining the outcomes of the economic reforms in Ethiopia over the past five years, recalled that launching the macroeconomic reform was historic and bold, resulting in numerous tangible achievements. For example, Mamo pointed out the monetary policy reform was put in place in a manner which can control inflation and the policy has continued to bear successful results. Prior to the monetary policy reform, Mamo noted that the country had faced lack of production, productivity and growing inflation, however, following the reform, inflation has decreased from 30 to 16 percent. Moreover, the reform made in foreign exchange governance brought fundamental change in the economy, he said, adding that efforts to curb inflation and improve the cost of living will further be intensified. The reform has fundamentally alleviated the foreign currency shortages that used to challenge Ethiopia for so long, he said, adding by now, the foreign currency reserve surpassed 200 percent. The growing foreign currency earnings plays a significant role in creating a conducive environment for trade and investment, ensure the sustainablity of Ethiopia's economic growth thereby boosting production and productivity, the governor elaborated. Additionally, various reforms have been made to maintain Ethiopia's robust financial sector, which has been growing from year to year, he stated. He noted that the financial sector registers growth by over 25 percent every year in terms of savings and loan provisions. Similarly, revenue from tax collection has been growing and on the other hand, the government's foreign debts have also been alleviated, he pointed out. As the macroeconomic reform measures are coordinated to stabilize and sustain Ethiopia's economy, the measures are boosting the export sector, the governor added.