With impressive results in agriculture (6.1%), industry (12.8%), manufacturing (12.3%), and services (7.1%), the Executive Committee of the ruling Prosperity Party predicted a national growth rate of 8.4% for the current Ethiopian year, the Ethiopian News Agency reported.
With 62 billion Birr ($464 million) allotted for fertilizer, 41.2 billion Birr ($308 million) for the safety net program, 60 billion Birr ($449 million) for fuel subsidies, and substantial funding for basic goods and health care, social support programs have been expanded to act as a buffer for vulnerable populations in the face of ongoing macroeconomic reforms.
Significant diplomatic and political accomplishments have been recorded during the Second Regular Meeting of the Prosperity Party, the party said in a statement.
It added that the preparation for national discussion and the gathering of agendas have been effectively completed across all areas, except for one, and that Ethiopia has started a new chapter in its political landscape through inclusive consultations with political parties and stakeholders.
The Executive Committee underlined the efforts made to maintain peace and stability and stressed that peace is slowly returning to previously unstable areas. This encouraging trend is further reinforced by the growing number of militants who are surrendering and the responses to the government's call for peace.
According to the committee, the dispute with Somalia was settled amicably, and the position taken on Ethiopia's demand for sea access is becoming more and more accepted internationally.
Over the last nine months, government revenue has also increased by 134%. The ratio of external debt to GDP has decreased to 13.7%.
Additionally, export revenues from important commodities including wheat, rice, coffee, tea, and fruits have increased dramatically, rising between 82% and 386%, demonstrating the sectors' robust success.
Over 3 million domestic jobs and 344,790 foreign jobs have been created in just the last nine months. Additionally, there are more remote work options now than ever before.
Ethiopian Investment Holdings' performance, which totaled 1.5 trillion Birr ($11.2 billion) and represented an 86% increase over the same time last year, is another noteworthy highlight.
The statement claims that this illustrates wise financial management and successful wealth growth.
Bank deposits surpassed 3 trillion Birr ($22.5 billion), while the foreign exchange reserve increased by 203.99% over the same period the previous year. Over the course of the nine months, export performance surpassed $5 billion, resulting in a 150.39% increase.
With 50.2 million internet users, 86.6 million mobile subscribers, and more than 52.5 million Tele Birr customers, the country has made great strides in its digital transformation. Over the last nine months, digital transactions have increased by more than 12.51 trillion Birr ($93.8 billion).
The statement further underlined that significant projects are being finished in accordance with the plan and that infrastructure development continues to be a national priority.
The Grand Ethiopian Renaissance Dam is now 98.66% complete, and other hydropower projects are moving forward. In addition, irrigation dam projects and corridor developments around the country are progressing.
Furthermore, the country is moving closer to economic independence as a result of initiatives to boost land usage, promote import substitution, and revive industries. According to the statement, nine regions are now able to satisfy their own relief needs, and the number of individuals in need of humanitarian help has significantly dropped by 86% over the previous five years.