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Rwanda: Economy to Grow by 2% in 2020, 6.3% in 2021- Finance Minister

On Monday, the central African country’s economy is expected to grow 2% in 2020, 6.3% in 2021 and 8% in 2022 according to Rwanda’s Minister of Finance Dr. Uzziel Ndagijimana. 

Uzziel Ndagijimana presented a 3.2 trillion Rwandan Francs (about 3.5 billion U.S dollars) 2020/21 fiscal budget that is intended to build economic resilience following shocks from the COVID-19 pandemic to parliament.

In it, an expected decrease in tax revenue was revealed, as well as the amounts allotted for developmental efforts, domestic production and the transportation sectors.

The other areas include strengthening health system by increasing accessibility to quality health services for all, increasing agriculture and livestock productivity and promotion of “Made in Rwanda” policy to reduce trade deficit and build economic resilience.

The budget will also focus on promoting digital infrastructure and technologies to improve service delivery, improving access to quality education, eradicating malnutrition and stunting, strengthen disaster preparedness and management and promoting employment through investment in public infrastructure.

Uzziel Ndagijimana notes that tourism revenues had decreased by 35% so far, while foreign direct investment would decrease by 62% because of the impact of global health crisis on trade.

Rwanda has already secured $109.4 million credit from the International Monetary Fund and some $11 million debt relief from the same institution.

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