EPRDF Executive Committee Passes Decisions that Stimulate Economy

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Addis Ababa June 05/2018 The Executive Committee of EPRDF has passed decisions that would help to stimulate the economy of the country.

The Committee which started its ordinary session today has decided to fully or partially sell shares of various public enterprises that are operational and under construction.

Railway, industrial parks, hotels, sugar and manufacturing industries are among the enterprises that the Committee has decided to transfer to investors by fully or partially selling shares.

It has also decided to sell shares of some companies engaged in telecom, airlines, electric generation, and shipping services by holding the major share and selling the remaining shares to local and foreign investors.

The Ethiopian Airlines, the national flag carrier, and Ethio telecom – the sole telecom company are among the companies the shares are going to be sold to investors.

According to the communiqué issued by the Executive Committee, the government will hold the majority of the shares on these companies.

The Committee passed the decision in order to keep the momentum of the rapid economic growth registered, improve export performance as well as take economic reform measures consistent with the economic growth of the country.

Accordingly, the communiqué elaborated that the measures are taken to also ensure inclusive growth that enables local investors to acquire shares in mega projects.

Besides, it is meant to enhance the growth of the country by meeting the longstanding desire of Ethiopians and foreigners of Ethiopian origin to engage in the development of their country.

The move is also aimed at enhancing the role of foreign companies that have hard currency and knowledge to play positive role in the development of the country.

The Executive Committee passed the decision after evaluating exhaustively the two-and-half year economic performance of the country.

Noting the low performance of the export sector, the Committee underlined the need to address shortcomings in agriculture and manufacturing sectors.

Expanding sources of hard currency, increasing tax collection capability, improving living conditions and addressing issues related to poor governance are among the areas that need attention, the communiqué stated.

The direction set to reform the economy is aimed at addressing these challenges.

The communiqué finally stressed that the implementation of the decision will be consistent with the characteristics of the developmental state and in line with ensuring the sustainable benefits of Ethiopia through strict discipline and supported by professionals.