BY GETAHUN LEGESSE
ADDIS ABABA – Plan and Development Commission stated that the financial sector reform is of paramount importance in addressing the bottlenecks hindering the economy from transforming into higher value-added manufacturing.
Plan and Development Commissioner Fitsum Assefa (Ph.D) said that the Ten Years Perspective Plan will curb the problem of financial deficit as the transformation will be effective provided that the monetary policies are executed.
Fitsum reminded that the monetary policy of the country over the previous years has been ineffective since several projects were delayed or unsuccessful due to the absence of clear and accountable monetary policy.
The previous project financing mechanisms have limitations. The way projects were financed was not effective since the growth was not inclusive. The projects were managed and operated by the public.
The Perspective Plan is implemented following result-oriented monetary evaluation framework. The monetary policy is crafted in such a way that it curbs financial mismanagement.
The pillars of the perspective plans are comprehensive and inclusive. They touch all the economic sectors. It also considers improving the lives of individuals.
The plan aims at improving the per capita income of every citizen through evenly access to the electricity, clean water in both rural and urban areas.
The social goals are meant to improve the social lives and livelihoods so long as it aliens with the human development, health, and education, as to her.
She explained that the plan also aims at establishing productive and competitive economy through enabling the private sector. The financial reform is meant to enhance the financial flow within the private sector, too.
“What makes this plan differ from the previous ones is the previous GTP I and II development plans were crafted and distributed individually or following top down fashion, whereas this plan is a well inclusive one,” she added.
According to Dr. Fitsum, each economic sector has crafted its own plan and the commission guided them through crafting as we have entertained a bottom up approach.
The Ethiopian herald January 15/2021