Addis Ababa, Jul 29 (IANS): The Ethiopian government has announced that it has officially embarked on the implementation of its comprehensive macroeconomic reform policy.

"The macroeconomic reform policy aims to correct foreign exchange distortions, solve the structural balance of payment deficits, and reduce inflation by modernizing the monetary policy framework," said a statement issued by the Office of the Prime Minister of Ethiopia.

The office said the reform seeks to achieve national development aspirations by solving debt vulnerability and increasing domestic income, building a strong, inclusive, and sustainable economic system by improving government service delivery.

"Ethiopia's economy registered an average gross domestic product (GDP) rate of 7.1 percent from 2019 to 2023 fiscal year," said the office, adding that the East African country has become a significant player in the African economic landscape toward achieving the United Nations Sustainable Development Goals.

"High and stable economic growth and maintaining single-digit inflation are among the major goals to be achieved during the implementation period of the macroeconomic reform policy," the office highlighted, Xinhua news agency reported.

The reform, supported by the International Monetary Fund and the World Bank, is set to build a modern and internationally competitive economic system and deliver substantial benefits to the country's economy.

It said the policy reform programme will open avenues for Ethiopia to secure new development financing, particularly from the World Bank, other development finance institutions, and bilateral lending organizations.