The Ministry of Planning and Development (MoPD) announced that Ethiopia secured Birr 180 billion in revenue and attracted USD 890 million in foreign direct investment (FDI) in the first quarter of the fiscal year.

In a presentation on the government’s 100-day reform and economic performance, MoPD State Minister Tirumar Abate emphasized that these gains bring the country closer to reaching its annual revenue target of Birr 1.5 trillion.

The past three months’ initiatives focused on enhancing agricultural productivity, boosting exports, increasing foreign currency inflows, and creating jobs, contributing to these financial achievements. “Creating a stable macro-economic environment and reforming public and civil services are core priorities,” Tirumar stated, adding that these steps are essential to reaching the government’s targeted 8.4% economic growth for the year.

MoPD’s Economic Analysis and Policy Lead, Habtamu Asefa, reported that Ethiopia received USD 3.4 billion from loans and grants, with an additional USD 883 million from foreign remittances. Foreign trade also contributed USD 1.5 billion in goods and USD 1.4 billion in services during the quarter.

Compared to last year, revenue performance showed a significant uptick, with total collections rising by 64.6%. Customs tax revenue alone reached Birr 88.5 billion, surpassing targets and showing a 77.5% increase over the previous year.

Source: The Ethiopian Herald