Mamo Mihretu, representative of Ethiopian bank presented the results of financial in the economic sector. Reforms aimed at modernising the financial sector have already yielded significant results, including a surge in foreign exchange inflows and a doubling of bank reserves. This is reported by
Fana Media Corporatation, a partner of TV BRICS.
He expressed confidence in the further development of key sectors of the economy. Agriculture is showing productivity growth, and mining is becoming one of the main drivers of the economy. Gold exports reached US$1 billion in the first four months of this year, up from US$255 million in the whole of last year.
To support the population, the government has introduced a social protection programme to help poor families and indexation of wages. Mamo Mihretu expressed confidence that further economic development would be accompanied by job creation and active participation of the private sector.
Promising areas included investment in agriculture, which was projected to lower food prices and strengthen export potential. The opening up of sectors such as logistics, banking, telecommunications, energy and retail should attract significant foreign investment.
Ethiopia is also strengthening its position in clean energy: almost 99 per cent of the country’s electricity is generated from renewable sources. Thanks to this, as well as demographic advantages, the country is projected by the IMF to post robust economic growth of 8 per cent over the next four years.
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