COVID-19: State Minister Tekalign on finding the balance between investment for today & tomorrow

Amidst the global economic turmoil caused by the COVID-19 pandemic, countries around the world are facing tough decisions on where to invest, balancing the needs of today with the goals of tomorrow. In a recent interview with CNBC Africa, State Minister of Finance of Ethiopia, Dr. Eyob Tekalign, shed light on Ethiopia's strategy for navigating these challenging times. Dr. Tekalign emphasized the importance of digital transformation as a key driver of economic growth, stating that Ethiopia has recognized the potential of ICT and digital technologies to fuel entrepreneurship and drive economic development. With a large population of young, skilled graduates in ICT and mathematical fields, Ethiopia sees digital transformation as a critical source of future growth. The COVID-19 crisis has only reinforced the significance of digitization, with businesses adapting to new digital models and government services going online to maintain operations and ensure public safety. Dr. Tekalign highlighted the silver lining of the pandemic as an opportunity for growth in the digital economy. He underscored the importance of global cooperation in addressing the pandemic and the need for countries to work together for a collective response. Additionally, Dr. Tekalign discussed Ethiopia's focus on productivity and building strong national institutions as key pillars for economic recovery post-COVID. He cited the example of Ethiopian Airlines shifting to cargo services to support essential medical supply chains, showcasing the country's resilience and adaptability in the face of crisis. Dr. Tekalign also touched upon Ethiopia's approach to the Grand Renaissance dam project, emphasizing the country's commitment to collaborative development and peaceful cooperation. Despite ongoing negotiations with Egypt, Ethiopia remains steadfast in its vision of regional unity and shared prosperity. The dam project aims to address energy needs and provide clean water services to millions of people in the region. Dr. Tekalign reiterated Ethiopia's stance on the project's benefits for all involved parties and highlighted the country's efforts to bolster energy exports to neighboring nations. As Ethiopia navigates the challenges of the pandemic and pursues its long-term development goals, Dr. Tekalign emphasized the importance of a balanced approach, leveraging fiscal and monetary policies in tandem to support recovery efforts. With a strong focus on saving lives and livelihoods, Ethiopia aims to emerge from the crisis stronger and more resilient, guided by a vision of sustainable growth and regional cooperation.