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Ethiopia: World Bank Official Sums Up Four Day Visit - Hails Economic Performance
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The Daily Monitor (Addis Ababa)
19 June 2008
Posted to the web 19 June 2008
Biruk Girma
Addis Ababa
Ethiopia has a healthy economy and a vibrant business environment with a promising future, a World Bank economist said after his four-day visit to the country.
Dr. Justin Yifu Lin, a newly appointed Chief Economist and Senior Vice President of the World Bank also praised the country as "a land full of hope." He said that was what he could learn from his visits to farm lands, factories, export companies and a variety of infrastructure in the country where he said he observed a promising future in the development of Ethiopia.
"My first trip to Ethiopia as a chief economist at the World Bank made me feel confident in the future development of the country," he told reporters at the bank's office here.
He added that the country has many advantages to boost the overall economy in the near future.
The economist said new technology which has been imported and combined with the country's resources would enable the nation be competitive in markets world wide.
The link between market-technology is in the right direction, the vice president added.
Lin said he saw the government being committed.
"The government is very committed. It has a vision and a capacity in implementing all kinds of social, economic polices".
He also praised Ethiopians as 'remarkable', 'keen for prosperity' and desiring to get access to market.
He said the large domestic market he observed during his short term visit to Ethiopia will add to the advantages for the economy to boom if utilized properly.
Responding to questions raised by journalists regarding the recent drought in the nation, and how he would reconcile with his positive remarks about the county's economic performances, the economist said Ethiopia could still utilize all its resources and advantages especially its agricultural potential in addressing food shortage and rising food prices.
The senior World Bank Official said however that Ethiopia should improve its "backward" farming systems to curb acute food shortages, which have left millions of people in need of urgent humanitarian aid.
If the country moves towards utilizing its resources particularly exploit its agricultural potential, it would not be as such a headache, he said.
According to the vice president, given good weather conditions, diverse natural resources and huge labour in the country, it would not be difficult to bring about a real change in the country.
About 4.5 million Ethiopians need emergency food aid due to poor seasonal rains and high food prices in the vast east African country, according to the United Nations.
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About 85 percent of Ethiopia's 81 million populations rely on subsistence farming and "this needs to be revisited," he said.
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