MoFED Minister, Sofian Ahmed disclosed that the nation will register ‘double digit’ economic growth for the fifth consecutive time.

The minister made the announcement on Wednesday while presenting a nine-month performance report of the ministry to the Budget and Finance Affairs Standing Committee of the Houses People Representatives (HPR).

“Indicators in the agriculture and service sectors show that the country will register 10.8 percent economic growth during the reported time,” the minister said.

The figure could be altered a little bit based on the events during the remaining three months, he said. But it is certain that the country will register a double digit economic growth this year, as well.

However, the price of food grains was soaring over the last two years, he said, inflation rate in the country has reached 19 percent in March 2008 which was 18 percent during the previous month.

The government has been taking various measures to address the ever-increasing price hike during the last nine months. Distributing 1.8 million quintals of grain among consumers at fair price was a case in point.

Capital budget utilization has been improved during the reported time, he said, adding poverty reduction was one of the priorities of the government.

According to the minister, the country has also been striving to create new sources of income during the reported period.

Ethiopia has signed 5.5 billion Birr worth aid and loan agreements with multilateral donors during the last nine months, out of which the nation has already secured 3.8 billion Birr.

Moreover, he said, Ethiopia has signed agreements with 10 countries that amount to 3.2 billion during the reported time, out of which the country has already utilized 2.2 billion Birr of the stated sum.

R: 1:30-1:50 PM/E-2:27-3:03 pm

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