Addis Ababa — Ethiopia has made significant progress in stabilizing its macroeconomic environment and strengthening public finances following the implementation of wide-ranging economic reforms over the past seven years, according to Minister of Finance Ahmed Shide.

Speaking on at the Finance Forward Ethiopia conference, the minister said Ethiopia faced severe macroeconomic pressures seven years ago, including deep imbalances, a heavy debt burden, foreign-exchange shortages, and market instability.

He noted that the government's Home-Grown Economic Reform programs were introduced to address these challenges and have since delivered tangible results.

As a result, Ethiopia has emerged as one of the fastest-growing economies in Africa, supported by stronger and more modern public institutions.

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Among the key outcomes of the reforms, Minister Ahmed said government revenue-- including external inflows--has increased fivefold, while tax revenue has risen by 400 percent.

Overall government revenue has grown by 446 percent compared to its 2010 level.

In addition, Ethiopia mobilized a total of 25 billion US dollars in external resources over the past seven years.

Budget allocations to poverty-focused sectors have quadrupled compared to 2010 levels, reflecting the government's emphasis on inclusive growth.

The minister also highlighted improvements in fiscal discipline, noting that the fiscal deficit was reduced from 2.5 percent in 2010 to 0.9 percent in 2017.

"These reforms have enabled the design of strong, innovative, and efficient strategies to enhance government revenue and ensure macroeconomic stability," Ahmed Shide said.