Ethiopian Informer
ADDIS ABEBA: December 14 (EI) – The Ethiopian Prime Minister, Abiy Ahmed, has disclosed more than 3 billion U.S. dollars financial pledge from development partners to support Ethiopia’s ongoing economic reforms.
“I am pleased to announce that the government of Ethiopia finalizing additional funding for the ongoing economic reforms. Development partners have pledged well over 3 billion U.S. dollars, strengthening their commitment to our homegrown economic reform agenda,” Ahmed said in a twitter post on late Friday.
According to Ahmed, the latest financial support from the East African country’s development partners is mainly focused on ongoing reforms across three economic pillars, which are said to be macro-economic, structural as well as sectoral reforms.
The Development Assistance Group (DAG), which was established back in 2001 and composed of 30 bilateral and multilateral partners, mainly envisages coordinating and harmonizing development partners’ support in the preparation, implementation, and monitoring and evaluation of Ethiopia’s national development plans.
The Ethiopian premier also disclosed that the 3 billion U.S. dollars financial pledge from DAG “does not include additional reform financing from the World Bank and the International Monetary Fund (IMF),” which is said to be around 3 billion U.S. dollars and 2.9 billion U.S. dollars, respectively.
“The United Arab Emirates (UAE) and Saudi Arabia’s support is also greatly appreciated,” Ahmed said, as he highlighted the growing financial support from international financial organizations as well as bilateral partners to Ethiopia’s ambitious economic reform agenda.
“We anticipate additional resources from the United Nations agencies and the European Investment Bank (EIB),” the Ethiopian prime minister said, adding “this reaffirms both governments’ and donors’ partnership to the transition of Ethiopia to a prosperous and peaceful nation.”
The Ethiopian government launched the ambitious homegrown
economic reform early this year, which envisaged to coordinate economic reforms
in sectoral, structural and macro-economic schemes so as to minimize Ethiopia’s
debt burden, adjusting external and internal trade imbalances as well as to
mobilize domestic resources.
The East African country had recently announced that it would need as much as
10 billion U.S. dollars to successfully implement the three years long national
economic reform.
The required financial amount is expected to be mobilized from domestic resources and international development partners.
