28 July 2014

Ethiopia: Vigorous Activities for GTP Success - MoFED

Vigorous nationwide activities would be carried out for the successful conclusion of the Growth and Transformation Plan (GTP) in this last year of the plan, Ministry of Finance and Economic Development (MoFED) said.

According to MoFED Public Relations and Information Director, Haji Ebsaa most of the GTP goals have so far been implemented in accordance with the schedule.

The director, who stated that the national economy has been progressing in line with the direction set during the past years, added that the growth would continue in the current Ethiopian fiscal year as well. According to Haji, some of the GTP goals are already accomplished and the rest will be attained through consolidated efforts in this fiscal year.

Consolidated follow-up and strenuous efforts would, however, be required to meet the balance in export which was low during the past fiscal year, and attain the tax revenue goal set for the year, he added.

Haji disclosed that the economy is expected to grow by 11 percent as the activities in all sectors are good in the concluded fiscal year. "Even the industry sector is expected to register rapid growth taking into account the achievement the manufacturing and construction industries have shown in the last fiscal year," he said.

He indicated that over 51 percent of the total loans extended through the Development Bank of Ethiopia and commercial banks were also given to the private sector to encourage investors.

Haji said the 370 USD per capita income, which was 5 years ago, has reached 550 USD and poverty has declined from 45.1 percent to 26 percent during the last 13 years. He added that inflation is expected to remain in single digit in this fiscal year as planned in the GTP, and export revenue is expected to reach 20.5 percent.

- ENA

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