IMF supports Rwanda’s vision of self-reliance

Yesterday, Prime Minister Edouard Ngirente met with Mohamed- Lemine Raghani, Executive Director of the Africa II Group for the International Monetary Fund.

Raghani is on the IMF board representing some 24 African countries, including Rwanda.

He said the IMF was impressed with the increasing economy of the country, particularly with regard to the “powerful results produced in latest years” in implementing IMF programs.

Speaking of what happened at the conference between Raghani and the Prime Minister, the Minister of Finance   and Economic Planning, Uzziel Ndagijimana, said that the IMF welcomed the performance of the Rwandan economy, in particular attempts to increase the contribution of local funds to the national budget .

The budget for fiscal year 2019/2020 showed Rwanda’s willingness to guide its economy towards self-   reliance as it increased the national resource contribution to 68.3%, up from around 67% in the previous budget for 2018/2019.

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Ndagijimana said Rwanda was willing to work with the IMF in the coming years to continue to increase local ability  for higher self-reliance, among other things, so that “the loans we receive will not put the nation in trouble.”

Rwanda’s debt continues comparatively small with a debt-to- GDP present value of 32.9 percent compared to a 50 percent limit.

At the end of 2018, the share of concessional loans in the complete debt inventory was 63% compared with 57.4% in 2017.

Raghan said his meeting with the Prime Minister was also an chance to discuss on the IMF board how to better  protect Rwanda’s interests.

“We had a good discussion and got guidance from the Prime Minister on the best way to accomplish our mission,” he said.

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The International Monetary Fund is an 189- country organization that works to foster worldwide monetary collaboration, ensure financial stability, facilitate international trade, encourage high jobs and sustainable economic growth, and decrease global poverty.

Created in 1945, the IMF is controlled by the 189 countries making up its near- global membership and responsible to them.

The main aim of the IMF is to guarantee the stability of the global financial system — the system of exchange prices  and global payments that allows nations (and their people) to interact.

The mandate of the Fund was modified in 2012 to cover all the problems of the macroeconomic and economic  industry that affect global stability.

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