Gov’t will implement price stabilization measures: President Sahlework

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President Sahlework Zewdie said Monday that price stabilization will be among the priority activities, which will be carried by the government in a bid to curb the soaring inflation.

President Sahlework has opened the House of Peoples’ Representatives and House of Federation’s joint session.

She began her remark by saying that last year was both challenging and successful.

She said in her remark: “The soaring inflation has negatively affected our citizens and becoming the chronic problems of the macro-economy in the last three years.”

In her address she mentioned the measures taken by the government to curb the inflation.

“Structural and administrative measures have been taken by the government in the last budget year to tame inflation,” she said.

President Sahlework further warned the government that it should give a due attention to stabilizing the inflation in such a way that can combat unnecessary economic burdens on fixed and lower income earners.”

-‘Economic growth despite challenges’-

Ethiopia’s economy has been battered by a set of factors.

President Sahlework mentioned that the war in northern Ethiopia, the Covid-19 pandemic, flood and drought posed a major challenge on the economy. “Despite these challenges the economy has been growing tremendously,” she said.

Export trade performance registered last year was a record breaking, she says. “Agriculture, mining and manufacturing sectors mainly attributed to the encouraging performance,” she said.

Ethiopia secured more than $4.12 billion from export trade in the 2021/22 fiscal year, which concluded on July 8, 2022. The figure has shown a 13.81% increase from the previous year’s $3.62 billion export revenue, according to a data from the Ministry of Trade and Regional Integration.

“The income from service export income is registering a growth showing 29% increment,” she said.

 “Despite internal challenges and external pressures, Ethiopia is leading in terms of the flow of foreign direct investments (FDIs) in East Africa,” as she puts it.

The country garnered over $5.65 billion in remittance income. The figure has shown a 14.5% increment than previous year performance of $4.9 billion. “The performance is even the highest in ten years,” she said.

Pertaining to federal government tax income President Sahlework said that it has registered a 93.5% performance in 2021/22 fiscal year.

In the 2021/22 fiscal year, the federal government collected 336.7 billion Birr in tax revenue.

The financial sector also signaled better accomplishments, she said. In 2021/22 the financial sector registered better performance in bank deposits, disbursed loans and repaid loans.

She claimed that the aforementioned positive results have has also been mainly attributed to the financial sector, which is a “healthier” one.

-Job creation-

Job creation is also among the sectors, which showed an “impressive performance,” according to Sahlework.

“The government will give a due attention to job creation for its citizens,” she said, adding, “In 2021/22 fiscal year 2.38 million jobs were created—agriculture takes 43% slice while service sector takes 32% share.”

The President also addressed members of the two houses on the area of food security and crop production.

The goal of achieving food security should be expedited through strengthening positive accomplishments in the agricultural sector, she said. “Developments of Wheat and other crops signaled that we can be food self-sufficient,” she stressed.

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