Economic Policy Needs to Foster Collaborative Environment: Ministry

May 26, 2023    

ADDIS ABABA– Economic policy advice is not a one size fits-all endeavor. It requires understanding of the unique circumstances, cultural, dynamics and aspirations of the country , said Ministry of Planning and Development (MoPD).

A workshop under the theme: “The Art and Science of Economic Policy Advice” organized by Independence Council of Economic Advisors (ICEA) in collaboration with Addis Ababa University (AAU) and MoPD was held yesterday.

Opening the Workshop, MoPD Minister Fitsum Assefa (PhD) said that “ Economic policy needs to foster a collaborative environment that encourage diverse perspective, innovative ideas and evidence-based approach to crafting, effective policies, tailored to address the multi-faceted economic challenges we face today.”

“By promoting interdisciplinary dialogue, we can pop into the full spectrum of knowledge and great holistic approach to Economic Policy, formulation and implementation.

”She stated that the government must also exercise and learn to be advised and the independent Council of economic advisers and members also be considerate the situation that it is new endeavor but at the same time it’s not only the economic situations and the models that really determine the actual output and outcomes.

Today’s rapidly transforming World characterized by geopolitical tensions technological advancements Globalization and involving market dynamics and it is imperative for economic policymakers and advisors to adapt to these shifting landscapes, as to her.

It was learnt that Sound Economic Policy advice essential as a practical wisdom, derived from years of experience, rigorous empirical analysis and deep understanding of local context and aspirations and striking a delicate balance between macroeconomic goals, such as fostering, economic growth and micro level targets such equitable distribution of benefits is essential to maximize societal welfare.

She emphasized that Ethiopia’s government unwavering commitment, and resolute determination to provide comprehensive support to the council, ensuring its uninterrupted and smooth functioning.

AAU President Prof. Tassew Woldehanna on his part sad that independent economic advisers is important for countries seeking to implement modern monetary and fiscal policies that can better curve inflation and promote macroeconomic stability and bring economic growth for the country and prosperity of its citizens.

He,-therefore, said that expertise particularly economic experts should play their roles to recovery the Ethiopian economy by offering essential economic adviser to the government.

THE ETHIOPIAN HERALD FRIDAY 26 MAY 2023