ETHIOPIA ON RIGHT TRACK FOR GROWTH, SAY MOODY’S, S&P, FITCH

ADDIS ABABA, May 15– Ethiopia is on the right track in terms of its economic growth, infrastructure development and provision of social services, according to studies carried out by the world’s three leading ratings agencies — Moody’s, Standard & Poor’s and Fitch.

The research conducted by the three companies acknowledged the country’s fast economic growth, poverty reduction, provision of basic services and expanding infrastructure and stability, Finance and Economic Development Minister Sufian Ahmed told a media conference here Wednesday.

He said the three companies conducted the research to measure development in the sectors, institutional capability, the external sector and stability. The research indicated that Ethiopia was investing huge amounts of money for infrastructure development and social service provision.

The huge public investment is also enabling the country to boost agricultural productivity.

The research indicated that the fiscal policy is very strong, the country’s safety net programme, aimed at ensuring food security of farmers, is also very effective and changing the lives of many Ethiopians.

The research lauded the success that the country gained in the education sector, particularly making primary education accessible to all. It also said the country’s strong defence force enables the country to successfully complete peacekeeping missions.

The research suggested that the government should work hard to improve power supplies, increase per capita income, private investment and quality of infrastructures, Sufian said.

The research will help to attract more companies and increase the flow of foreign dirrect investment (FDI) to Ethiopia, since they now will have the chance to know the situation on the ground in this country, the minister added. — NNN-ENA

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