The market entry of new privately owned financial institutions was permitted. The overhaul of hitherto restrictive labour regulation was implemented. In the Sectoral front, the development of agriculture was given top priority. To reinforce this and to bring about the structural transformation of the economy industrial development and development of transport network especially that of road transport network was given prime importance. By every objective criteria, the comprehensive reform measures implemented in combination with the restoration of relative stability, have yielded significant positive dividends.
Inflation is another important indicator of economic performance.
This witnessed a sharp rise when compared to the precarious about one week of import cover at the end of 1990. In 1992 Ethiopia obtained debt relief from Paris Club creditor countries on London terms, estimated at USD 371 million. The period also witnessed positive supply responses of the productive sectors to the liberalized reform regime as well as to sector-specific measures. The Liberal Investment regime as well as the enabling investment environment have stimulated both domestic and foreign private investment. The frequency of the foreign exchange auction was changed from every two weeks to weekly.