Economy keeps growing amidst war: Premier

ADDIS ABABA– Despite the undeniable effects the war has created in the overall performance, the national economy has maintained steady progress in the first half of the current Ethiopian fiscal year, Prime Minister Abiy Ahmed (PhD) said.

Attending the first-year 3rd emergency meeting of the House of Peoples’ Representatives and addressing queries of the MPs, yesterday, Abiy noted that the national income secured in the first half of the current Ethiopian fiscal year surpassed that of last year’s same period by 14.9 percent. The trade balance is also getting equilibrium and the export trade growth has recorded a 25 percent increase compared to the past one.

The one billion USD worth goods have been substituted by domestic products of which bear barely, pharmaceutical products, textile and shoe are taking the lead in the list, according to the briefing. “Though, we have used 297 billon Birr within the past six months; which is 39 percent greater than last year.”

Meanwhile, about 1.6 billion USD has also been secured from FDI which scores 23 percent growth that of the previous year.

About the performance of the financial sector, the Premier indicated that the industry is maintaining its auspicious growth and the total asset of banks has reached two trillion Birr. The amount of assets owned by shareholders is also about 159 billion Birr. Also, the number of bank branches owned by the Commercial Bank of Ethiopia and private banks has reached to7400 from 6700 within six month.

Ethiopia’s external debt is being reduced ‘dramatically’ and the external debt which was 58 percent of total GDP last year reduced to 50 percent currently. The home- grown economic strategy has contributed greatly in easing economic challenges Ethiopia has faced during the past years.

The government is also eyeing agricultural development as a tool to stabilize the soaring inflation, Abiy remarked.


23 FEBRUARY 2022

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