The House of Peoples’ Representatives, Revenue and Budget Affairs Standing Committee has said that inflation could not be limited to a single digit, but is adversely affecting citizens and the country’s economy.
The Standing Committee reviewed the Ministry of Finance and Accounting institutions’ quarterly quarterly performance report in 2012/13.
Minister of Finance Ahmed Shide said that implementing fiscal policies to maintain stable prices is the government’s first step.
According to the Central Statistical Report, the overall 12-month growth rate in September 2012 was 13.6%, while further growth in recent months saw 15.6% of food-related expenses and 11.2% inflation for non-food items.
To prevent further inflation, the ministry is working closely with the concerned institutions and said 400,000 metric tons of wheat were purchased from abroad to stabilize food prices.
The Minister said the government is working hard to turn the public sector development institutions into reform.
According to the Addis Ababa Water and Sewerage Enterprise, the Ethiopian Enterprises are urging them to repay their loans due to lack of financing.
In a response, Minister Nakushush Dessie, Deputy Chairperson of the Revenue, Budget and Finance Affairs Standing Committee, said in a statement that the ministry has made more money from external donors in the first quarter, better export growth and strong public relations activities. You picked up.
By contrast, the Chairperson noted that the performance of debt and debt-financed public sector organizations has seen poor performance.
Although work is being done with relevant institutions to reduce inflation for the quarter, the chairwoman said that inflation is on the rise and is looking for a permanent solution.
Information from the council indicates that a concerted effort must be made to address gaps identified by the ministry and the call agencies.