The International Monetary Fund (IMF) said Ethiopia is registering rapid economic growth.
An IMF delegation today met and discussed cooperation on sustainable economic development in Ethiopian with Prime Minister Hailemariam Desalegn.
Andrea M. Maechler, head of the delegation told reporters that IMF has observed Ethiopia is registering rapid and sustainable economic growth. She noted the country’s growth corresponds with the sound policies and developmental strategies being implemented and underscored that the IMF is ready to work in collaboration with the government.
Maechler said Ethiopia’s success in the agricultural sector should be replicated in manufacturing industries, agro processing and other sectors for an even greater national success.
The delegation’s discussion with the Premier focused on policy strategies and ways to boost the countries growth, among others. IMF has continued to work with Ethiopia, she added.
More FDI is needed to ensure sustained economic growth in Ethiopia, Maechler said, in addition to strengthening the collection of agricultural produce and the financial system with improved saving culture.
Prime Minister Hailemariam said the Ethiopian Development Bank is working to build the capacity of the private sector to enable it have a leading role in the economy.
Banks and financial institutions are setting up shops in rural areas to increase access to the rural population, while expansion programs in urban areas are contributing to engendering an improved culture of saving, Hailemariam noted. A dramatic increase of banks has contributed to this development from just 600 branches to more than 2000 branches.
A 17% increase in remittances from the Ethiopian Diaspora has aided the country’s foreign trade that had faced some problems due to shortage of foreign exchange.
Governor of the Ethiopian National Bank, Atinafu Teklewold, who attended the meeting told journalists that IMF presents a periodic assessment of the Ethiopian economy. The delegation has assessed the performance of the 5-Year Growth and Transformation Plan was good and the delegation ascertained that the economy grew by 10% during the time.
IMF has put the economic growth rate of the country during the fifth year of the GTP at 8.7, an improved estimation from the previous 7.5%, Teklewold added.
[FanaBroadcastingCorporation]