PM says Ethiopia’s export volume increases by 18pct, sector generates $3.5bln 

Addis Ababa, July 5, 2021 (FBC) – Addressing the fourth especial session of the parliament, Prime Minster Abiy Ahmed said Ethiopia’s export volume has shown an increase of 18pct 2020/2021 budget year.

The Premier added that the nation has earned 3.5 Billion USD from export and citizens’ per capita income exceeded 1,000 USD.

Despite challenges from COVID-19, locusts, flood, unfinished projects, conflict and global inflation, this year’s growth is expected to be more than 9pct compared to the 2019/2021 budget year following the income from summer farming and export of  fruits, coffee and minerals.

In 2019, the difference between export and import was 14.6 % which reduced to 9.3 %. Debt burden has dropped from 37 % to 26 %. Efforts are made to eliminate commercial loans, he added.

Bank book holders number has increased from 38.8 million to 66.2 million customers resulting in massive fundraising. Savings have increased by 30 percent, creating more capacity for loans 74 percent of which was accessed by the private sector.

Branches of banks has grown from 5,100 to 7,100 with 6 million mobile banking users. Shareholders number has increased from 79 million to 144 million. Further work is needed in ensuring proper loan repayment by investors in a way that enables more job creation, the Prime Minister underscored.

It was planned to bring in 260 billion birr revenue, 98 percent of which was achieved and more than 142 billion birr increased. Increasing foreign market capacity and revenue collection need to be continued, Abiy noted.

Well-monitored projects such as parks, industry and agro-industry have achieved better performance. It is important to realize that the completed projects had the potential to be completed in lesser time. It is the duty of all to work diligently and quickly, Abiy outlined.

“We need to make good use of our extra-budgetary resources. For example, more than 1000 kg of gold was traditionally prepared and marketed. Budget performance needs to be carefully evaluated to identify the cause of the delay and act.” premier noted.

Regarding tourism, Abiy outlined that more work needs to be done to preserve permanent heritages and build new destinations. Introducing the hot-spot destinations for tourists from the Middle East during the winter months, and renovating our palaces are the next steps to be taken to grow the sector.

Concerning GERD, he remarked that countries need to realize that Ethiopia has no intention of harming others other than meeting its energy needs. By planting seedlings in Ethiopia, we can help Sudan and Egypt get more water than they already do. We only want peace and prosperity. We are willing to pioneer new paths and work together.