The Premier said the economy expanded at 9.2% in year 2018/2019 fiscal year, up from a growth rate of 7.7% the previous year.

To breathe new life into the economy, the government has agreed to privatise state-owned enterprises, in a bid to attract foreign investment. Ethio-telecom and sugar development projects are scheduled to be privatised first, before investors can be welcomed into power generation, railways, logistics, industrial development, and the prestigious Ethiopian airlines.

Foreign direct investment (FDI), loans and remittance increased by 20% compared to the same period last fiscal year, Abiy said.