Gov’t targeting 7.9 percent economic growth in 2023/24 fiscal year: President
Addis Ababa, October 9, 2023 (FBC) – The FDRE President Sahle-Work Zewde stated that the government has set sights to achieve 7.9 percent national economic growth at the end of the current fiscal year.
President Sahle-Work Zewde has opened the 6th year and 3rd tenure of the joint session of the House of Peoples’ Representatives (HoPR) and House of Federation (HoF) this afternoon. The opening ceremony was attended by ambassadors of various countries, representatives of international institutions, religious fathers, prominent personalities and senior government officials including Prime Minister Abiy Ahmed (PhD).
Addressing the joint session, the President presented some of the key social, economic and political directions and plans that the government will pursue in the new Ethiopian fiscal year, which started on 12th September 2023.
President Sahele-Work highlighted the major achievements registered in the concluded fiscal year. She stressed the need for reaching national consensus of major national issues through the National Dialogue Commission.
Due emphasis will be placed in all sectors to achieve 7.9 percent economic growth during at the end of the current Ethiopian financial year.
To increase the productivity of the agricultural sector, 22 million hectares of land will be cultivated with seeds of different crops, where 810 million quintals of crops is projected to be harvested.
A strict fiscal and monetary policy will be implemented to reduce the inflation that is challenging the sections of society with low income.
To increase production and productivity, activities will be undertaken to reduce inflationary pressure arising from product supply. Works will be also done to reduce risks through import substitute trading.
Due emphasis will also be placed upon ensuring the domestic business system and quality.
By increasing government revenue collection, it is planned to collect 441 billion birr from tax revenue. Meanwhile, it is planned to obtain 4.3 billion birr from foreign resources in the current fiscal year, the President said.
Work is being undertaken to create job opportunities for 9.15 million citizens in the next 3 years, she confirmed adding that, the government is planning to create job opportunities for 3.5 million citizens at until the end of this fiscal year. Similarly, the government has planned to create overseas employment opportunities to 500,000 trained citizens.
Meanwhile, the president has also emphasized that the government prioritizes to ensure the safety of its citizens and peace in the country. In that regard, the government is always open and committed to end differences through peaceful dialogue, she said. To the end, she mentioned the Pretoria Peace accord which ended the two-year conflict in the northern part of the country.
President Shale-Work emphasized that the reform work on civil service will be strengthened in to overcome the challenges of good governance in service providing institutions.
Speaking on the country’s diplomatic activities, President Shale-Work noted that the government is wishes to develop Ethiopia ties with it neighbors from political cooperation to a comprehensive economic cooperation.
In that that regard, she said diplomatic activities will continue to be enforced in view of increasing friendly relations, avoid hostilities, and buttress ties with development partners.
Highlighting the construction of the Grand Ethiopian Renaissance Dam (GERD), it was indicated that the civil works will be completed this fiscal year.
Elucidating the government’s priorities in the health sector, President Sahle-Work noted that primary attention will bs given to works of decreasing and eliminating maternal mortality and stunting in the country.
In relation to peace and security, the president noted that the government is always committed for peaceful dialogue to resolve differences. However, the government will also be responsible the peace and security of the nation and its citizens, she reckoned.