Ethiopia Ask Devt Partners for Continued Economic Support

ADDIS ABABA – Finance Minister Ahmed Shide attended the first meeting of G7 ministers with their counterparts of selected African countries in Washington.

The meeting, attended by key donor and creditor countries, discussed opportunities for advancing an effective implementation of the Common Framework for debt treatment and enhancing economic cooperation.

At the meeting, Finance Minister Ahmed spoke about Ethiopia’s economic achievements as well as challenges faced over the last few years.

Ahmed said the government successfully implemented stringent budget constraints on non-concessional borrowing without a breach since 2019, and SOE debt.

This has, however, been a key source of Ethiopia vulnerabilities as the government nearly halved the debt to GDP ratio in just years, according to the Minister.

Despite this and other challenges, Amhed said is country is pushing ahead with its economic reform

The government has begun to gradually open the economy, develop financial markets, he told the meeting.

It is also moving toward a market-determined exchange rate by unifying the official and parallel rates remains a key objective, according to the Minister..

At the meeting, Ethiopia expressed its concern over thc slow progress and uncertainty around thc G20 Common Framework process whereas risks continue to rise.

Finance Minister Ahmed urged the partners to help bring swift resolution to this issue and to be mindful of the tremendous economic hardships that the people of Ethiopia are facing.

He also asked for development partners’ continued support to the country’s ambitious reform agenda to address its economic challenges.

Such support would help Ethiopia and the Horn region at large avert an economic crisis, he said, underscoring Ethiopia’s role in anchoring stability of the sub region.