Rwanda’s Economy To Grow 7.2 Percent This Year – IMF

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Africa Union Chairperson and the President of Rwanda Paul Kagame delivers a speech during the 11th Extraordinary Session of the Assembly of the African Union in Addis Ababa, Ethiopia, on November 17, 2018. (AT Photo)

The International Monetary Fund (IMF) said it expected Rwanda’s economy to grow a projected 7.2 percent this year, up from 6.1 percent last year.

“Growth averaged 8.6 percent in the first half of 2018 and, despite a temporary deceleration in Q2, remains in line with projections for 7.2 percent for the year,” it said in a statement late Friday.

The east African nation’s economic growth in the medium term was expected to remain at, or higher than, historical averages, based on tourism, new mining operations, more resilient agriculture, new and more diversified exports and the construction of a new airport.

External balances and foreign reserve continued to improve, while the financial sector remains healthy, it said.

Over two decades after the 1994 genocide, Rwandan president Paul Kagame has been hailed for the economic recovery but rights groups say he has muzzled independent media and suppressed opponents. The government rejects the criticism.

Reuters

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