Ethiopia Achieves Debt Relief, Prime Minister Abiy Ahmed Declares
June 26, 2017
Prime Minister Abiy Ahmed (PhD) of Ethiopia announced that the nation has successfully freed itself from a heavy debt burden, a result of dedicated reform efforts over recent years. During a session with the House of People’s Representatives regarding the 2017 (E.C) government agenda, he revealed that Ethiopia had paid off $3.5 billion in debt over a four-year period.
The Prime Minister described this accomplishment as a key milestone, signaling the start of a new era of development for Ethiopia. He expressed gratitude to both the legislative body and the Ethiopian people for their contributions to this progress.
Abiy noted that previous administrations had taken initial steps to reduce the debt, preventing its transfer to future generations. Building on these efforts, the government has transformed Ethiopia’s economic outlook within a few years. He also highlighted that the number of people dependent on humanitarian aid has decreased significantly from 23 million, thanks to proactive food security initiatives that have yielded positive results nationwide.
In terms of economic performance, Ethiopia earned $24 billion from foreign exchange sources such as loans, aid, and exports last year, with exports alone reaching $32 billion this year. Domestic tax revenues totaled 900 billion birr, while government expenditures reached 1.2 trillion birr.
The Prime Minister emphasized strong growth in vital sectors like digital finance, transportation, and services. Export revenues surpassed $8 billion, with gold exports contributing an additional $300 million to the economy.
Concluding, he stated that Ethiopia experienced a GDP growth rate of 8.1% in the previous fiscal year, with ongoing efforts to reach 8.4% this year, reaffirming the country’s positive economic trajectory.
