World Bank Backs Ethiopia’s Shift Towards Private Sector-Led Growth

The World Bank has reaffirmed its commitment to supporting Ethiopia’s economic reform programme and transition towards private sector-led growth, following high-level talks with Ethiopian economic officials.

World Bank Managing Director of Operations Anna Bjerde and Ndiamé Diop, Regional Vice President for Eastern and Southern Africa, met with Ethiopia’s Finance Minister Ahmed Shide and National Bank of Ethiopia Governor Eyob Tekalign to discuss the country’s reform programme and development priorities.

Shide briefed the World Bank leadership on the government’s progress in domestic revenue mobilisation, efforts to improve the business environment and measures aimed at strengthening private-sector development. He also expressed appreciation for the World Bank’s continued support, including budget support operations.

Bjerde welcomed the progress under the reform programme and acknowledged the government’s focus on private sector-led growth and job creation, according to the Ethiopian Ministry of Finance.

The World Bank said it would deepen its partnership with Ethiopia under the institution’s new Country Partnership Framework, with private sector-led growth forming a central part of its support.

The discussions also covered several joint development initiatives, including Mission 300, the AgriConnect Compact, the E-Mobility Programme and the Water Forward Initiative.

Ethiopia and the World Bank also discussed expanding the country’s access to additional financing windows to strengthen its ability to withstand climate-related and external shocks.

The two sides further agreed on the need to improve implementation efficiency and accelerate development outcomes through the Development Ready Initiative, which aims to ensure development financing translates into timely and tangible results.

The meeting comes as Ethiopia continues to implement a wide-ranging economic reform programme aimed at strengthening the role of the private sector, improving domestic revenue mobilisation and creating conditions for greater investment and economic growth.

The discussions reaffirmed the World Bank’s continued engagement with Ethiopia as the government pursues economic transformation and seeks to build greater resilience to external and climate-related pressures.

Source: FSX Business News