Macroeconomic Reform Crucial for Ethiopia to Benefit from Global Market: PM Abiy

Addis Ababa August 2/2024 (ENA)The macroeconomic reform will open up the closed Ethiopian economy and enable the country to benefit from the global market, including the African Continental Free Trade Area (AfCFTA), Prime Minister Abiy Ahmed said. 

In his briefing regarding the macroeconomic reform yesterday, Abiy stressed the need to view the reform in a wider perspective.

The reform is mainly based on the principles of the Medemer development concepts that are being implemented following the national reform.

He recalled that opening up the Ethiopian economy for the private sector was one of the decisions the government passed on the morrow of the national reform.

Noting that activities have been carried out in opening up the economy for the private sector participation, especially during the first Homegrown Economic Reform, the premier said the macroeconomic reform is not new. 

PM Abiy stated that the first Homegrown Economic Reform has registered a lot of  achievements by withstanding challenges. 

 

The premier, who noted that it was only Ethiopia’s economy that has remained closed among the countries that have large economies in Africa, said it is impossible to sustain the economy under the current situation. 

Stressing that Ethiopia cannot benefit from the global market, including the AfCFTA, by closing its economy, Abiy added that the economy should be opened up in order to benefit from the AfCFTA as the reform will be instrumental in realizing such a target.

For the PM, the reform will help to achieve the prosperity of Ethiopia by sustaining the registered successes and creating new opportunities.