(Ecofin Agency) - As Ethiopia works to recover from ethnic tensions and economic challenges, Taye Atske Selassie’s appointment as the country's new leader presents an opportunity to strengthen political institutions and promote national reconciliation.

Yesterday, Ethiopia's two parliamentary chambers elected Taye Atske Selassie as the country's new president. He succeeds Sahle-Work Zewde, who made history in 2018 as Ethiopia's first female president.

Before this role, Selassie served as Ethiopia's foreign minister and was the country's permanent representative to the United Nations. Though the presidency in Ethiopia is largely symbolic, representing national unity without real executive power, Selassie expressed his commitment to serve with dignity. He aims to continue efforts to promote peace and prosperity, both within Ethiopia and across the region.

During his swearing-in, Selassie emphasized his focus on stability. “Ethiopia will continue its efforts towards ensuring peace and security as well as ascertaining mutual prosperity,” he said. His statement comes as the nation recovers from years of conflict and economic hardship.

Ethiopia recently endured several crises, including the COVID-19 pandemic and a two-year civil war in the Tigray region, which severely impacted its economy and social cohesion. The country has also faced natural disasters such as droughts and floods. In December 2023, Ethiopia became the third African nation in three years—after Zambia and Ghana—to default on its debt, further straining its economy.

Prime Minister Abiy Ahmed praised the outgoing president, Sahle-Work Zewde, for her work and highlighted the importance of continuing reforms aimed at strengthening the country's institutions. He also stressed that these reforms are crucial for ensuring the stability needed to address Ethiopia's economic and social challenges.