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12 March 2007
Addis Ababa , March 12, 2007 (Addis Ababa) - Prime Minister Meles Zenawi said the Ethiopian economy would likely to show a 10.1 per cent growth this year continuing the successive economic growth over the last four years.
In a news conference he gave here on Monday to foreign and local journalists, Meles said IMF on its part had confirmed that the country's economy is in a rapid growth.
He said consensus has also been reached by all sides the Ethiopian economic growth registered over the last four consecutive years is more than double compared to that of the average African countries' economic growth.
IMF had confirmed Ethiopia's successive economic growth over the last three years while predicting that it would show a 9.5 per cent growth this year.
The prediction put by the Ethiopian government and IMF does not have difference that much, Meles said, adding that accurate figure regarding this year's economic growth would be announced by next September.
He said an extensive discussion was held between executives of the government and IMF regarding the situation of the economy and added that consensus has been reached on most issues.
Meles said consensus has also been reached between the government and IMF that close follow up and corrective measures should be taken if necessary to further continue the economic growth.
Regarding the rise in the cost of living, Meles said the government and IMF acknowledges the rise in the costs of living.
Both sides have also reached consensus on the root causes of the problems related to the rise in the costs of living.
He said failure on the parts of farmers to make available grain as much as possible resulted in the rise in the price of grains.
As the farming community is in better financial capacity due to fair price it has been securing for its products over the last three years, it was not obliged to make its grain as required, he said.
Meles said as farmers have better access of market information now more than ever before, they knew when to sell their grains, which he said, has contributed to the rise in the price of grain.
He said IMF on its part acknowledges these situations.
Meles said a corrective measure aimed addressing the problem of price hike that has been faced by urban people which was accepted by the IMF would be taken.
The Prime Minister said the government has also set a plan aimed at making urban dwellers benefit from development achievements.
Concerning the millennium, Meles said dozens of Ethiopians in Diaspora and foreigners are expected to come to Ethiopia for the celebration of the Ethiopian New Millennium.
He said it was likely to face shortage of hotels in the city of Addis Ababa.
The Prime Minister said several entrepreneurs are now under preparation to construct five-star hotels.
The construction of the hotels may be finalized before the celebration of the millennium, he said.
However, the residents of Addis Ababa would be committed to solve the problem of shortage of hotels.
Conducive situation that would enable to make open hotels for foreigners by making Ethiopians in Diaspora in the homes of their relatives and parents.
Source - (ENA)