Ethiopia’s implementation of its macroeconomic policy has successfully garnered over $27 billion through debt relief, international aid, and partnerships, state media reported on Saturday, citing Finance State Minister Eyob Tekalign.
These resources will be dedicated to initiatives aimed at benefiting the poor and supporting Ethiopia's goal of becoming a middle-income country.
The comprehensive policy aims to foster sustainable growth and inclusive benefits for citizens. With ongoing reforms across agriculture, mining, and tourism, the country has not only alleviated its debt burden from 30% to 17% but is also poised to enhance foreign investment and economic stability, the report said.
Eyob Tekalign also noted that the government's commitment to solving economic, social, and political challenges is paving the way for Ethiopia's transition to a middle-income nation.
Furthermore, the minister stated that all necessary preparations for the macroeconomic reform have been completed, noting that the reform will be implemented in phases. He assured that potential risks associated with the implementation have been anticipated and addressed proactively.
As an aspect of these reforms, the East African nation secured a $1.5 billion financial package from the World Bank this week. The agreement consists of a $1 billion grant and a $500 million loan.