ADDIS ABABA – The national macroeconomic committee has held a discussion on the current state of Ethiopia’s economy as the country faces a pronounced economic slowdown due to fallout from COVID-19 pandemic.
The virus that infected more than 300 Ethiopians to date has created severe health risks and weighed heavily on the Ethiopian economy.
According to IMF, a fall in demand for exports, combined with domestic containment measures could slow the country’s economic growth and weaken external and fiscal accounts.
IMF’s concerns were among the discussion points of the meeting of the committee, chaired by Prime Minister Abiy Ahmed, on Saturday.
Abiy also said the committee expressed its commitment to increasing foreign currency reserves as well as maintaining on-going efforts for debt cancellation and restructuring.
“Despite the pandemic driven global economic slowdown, we are committed to overcoming without interruption to projects started and productivity of various sectors,” said Abiy in a twitted message after the discussion.
Its members including the central bank’s governor Dr. Yinager Dessie as well as ministers of finance, planning, revenues together with senior economic advisers of the PM office also evaluate this year’s economic performance and budgetary preparations for the next fiscal year.
The macroeconomic committee is a central organ that coordinates economic policy-making within the government.
Image: Governor of National Bank of Ethiopia Dr. Yinagar attended Saturday’s meeting