The better performance in most of the macroeconomic indicators of the second quarter of the fiscal year, would help the Ethiopian economy to grow by 7.9 percent, Planning and Development Ministry said.
Inthe presence of Prime Minister Abiy Ahmed, the Council of Ministers has commenced the second quarter performance review on Tuesday.
The review began with presentations on activities undertaken, focusing on four sectoral areas of governance and justice, social, and economic sectors, it was indicated.
Planning and Development Minister, Fitsum Assefa presented the economic performance report of the second quarter of the fiscal year.
In her report, she pointed out that Ethiopia’s economy grew by 7.2 percent in 2023.
The country’s economy is also expected to grow by 7.9 percent in the current 2023/2024 Ethiopian fiscal year that started on July 8, the minister added.
According to her, the performance recorded in the main macroeconomic sectors during the past six months indicates the projection will be attain
ed.
For example, Fitsum indicated that a total harvest of 496.9 million quintals has been obtained over the past six months alone. It has increased by 65 million quintals compared to the same period last year.
Sheexplained that this is one indicator that a 7.9 percent economic growth will be recorded.
Similarly, the minister added that 10 percent growth was recorded in the industrial sector.
In her report, she pointed out that the performance during the past six years is better in many aspects, particularly in the export sector. For instance, Ethiopia has earned over 4.5 billion US dollarsfrom service export alone.
The Foreign Direct Investment (FDI) sector has also registered better performances.
On his part, Education Minister Professor Birhanu Nega presented the social sector performance report and he revealed better activities have been recorded in the spheres of education, health, women and social affairs as well as culture and sports.
For example, he pointed out that education for the generation
movement alone has helped to improve the standard of more than 14,000 schools and built more extra schools in six months.
Minister of Justice, Gedion Timothewos said that Ethiopia has achieved considerable legislative activities in the justice system during the past six months.
Among the better performance witnessed in the sector, the minister mentioned that the transitional justice policy document was prepared in a participatory manner.
According to him, the document is expected to become effective as of its date of approval.
Source: Ethiopian News Agency
SWAKOPMUND: The Namibia Revenue Agency (NamRA) has so far paid over N.dollars 100 million to more than 46 000 individual taxpayers since the commencement of the mass tax refund exercise in December.
The refund which spans from 1991 to 2023, according to NamRA is to benefit over 63 000 taxpayers, with the lowest refund amount being N.dollars 100 while the highest is N.dollars 101 959.
In a press release issued on Wednesday, NamRA Chief of Strategic Communications and Support Engagements, Yarukeekuro Ndorokaze, highlighted the positive strides made and the impact on taxpayers by NamRA.
He noted that out of the 78 441 tax returns processed, 46 941 refunds were successfully paid to 46 772 individual salaried parsons and pensioners.
‘The cumulative value of these successful refunds was N.dollars 100.9 million, a significant financial relief provided to eligible taxpayers. While the majority of refunds were successfully processed, unfortunately 31 500 refunds, totalling N.dollars 56.9 million, were rejected for
various reasons,’ Ndorokaze said.
He explained that the rejection criteria encompassed outstanding returns, unpaid liabilities and no bank account numbers, amongst other factors.
The revenue agency has therefore urged taxpayers to proactively address the identified shortcomings to avoid refund rejections going forward, and ensure the swift release of their refunds.
The Minister of Finance and Public Enterprises, Iipumbu Shiimi during the tabling of the 2024/25 budget last week also announced a N.dollars 1.4 billion Government settlement in once-off legacy tax liabilities for selected public enterprises whose funding was severely reduced due to fiscal consolidation in previous years.
The enterprises include the University of Namibia (UNAM), TransNamib, the Namibian Broadcasting Corporation (NBC), New Era Corporation, the National Fishing Corporation of Namibia (FishCor) and the Roads Contractor Company (RCC).
Shiimi said this is an exceptional once-off exercise to clear the legacy debt of public enterpris
es accumulated prior to the establishment of NamRA.
Source: The Namibia Press Agency