A new programme is also planned for the energy sector. As mentioned earlier, much of the government's capital budget is being channelled towards the expansion of infrastructural development. External support in this respect is also worth noting. In addition, the government is also encouraging the participation of the private sector in the provision of infrastructural services by putting in place incentive schemes as well as by opening up the sectors that were earlier on restricted to the government - like telecommunications and hydroelectric power generation. By every objective criterion, the range of comprehensive measures implemented as presented in the foregoing, have yielded significant positive dividends.
Inflation is another important indicator of economic performance.
The liberal investment regime as well as the enabling investment environment has stimulated both domestic and foreign private investment. This is a significant progress in view of the fact that the country has started from a position where private investment was deliberately discouraged by the previous regime. The liberalization of the country's trade and its regime have increased substantially its foreign exchange proceeds. Ethiopia's foreign exchange reserve has also grown from almost nil in 1991 to a level sufficient to cover its import requirements for several months in 1997. The share of public ownership in the various sectors of the economy has been substantially reduced.