By: Our Staff Writer
Addis Ababa( Ethiopia Today) August 2, 2023: Minister of Finance Ahmed Shide held a discussion with World Bank Group (WBG) Chief Ajay Banga over Ethiopia’s development priorities and areas of partnership.
WBG President Banga made a stop in Ethiopia on his first trip to Africa since he officially took office last month. Banga, along with Prime Minister Abiy Ahmed, toured two manufacturing facilities engaged in the production of apparel and malt in Bole Lemi Industrial Park.
Later, Finance Minister Ahmed received Banga at his office, where they discussed various issues, including Ethiopia’s development priorities and areas to enhance partnership with the global lender, the Ministry of Finance (MoF) says.
Ahmed briefed Banga on the contributions of the WBG-supported projects in tackling development issues and stressed the significance of effective cooperation for sustained and inclusive growth.
According to the World Bank, Ethiopia is one of the fastest-growing economies in the region, with an estimated 6.4% growth in the 2021/22 Fiscal year. However, it also remains one of the poorest, with a per capita gross national income of 1,020 USD.
The government is now initiating its second Home-Grown Economic Reform Agenda, or HGRA II, in a bid to sustain economic growth and shift towards a more private-sector-driven economy.
Ahmed briefed Banga on the opportunities and challenges of implementing the Second Home-Grown Economic Reform Agenda.
The minister requested the World Bank’s support for the ambitious reform agenda in light of the macroeconomic challenges and development needs of the country.
Banga commended Ethiopia’s reform efforts and reiterated the World Bank’s support for accelerated economic and social recovery efforts to achieve inclusive growth, per MoF.
He also shared his observations from his visit to Bole Lemi IP, highlighting the importance of creating an enabling environment for the private sector to unleash its potential for job creation and growth.
Both sides agreed to strengthen their partnership and work closely for the development of Ethiopia, the Ministry says.