Rwanda’s economic growth drop by 4.6 % in 2013, says IMF

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Azubuike Okeh

ABIDJAN – International Monetary Fund () on Wednesday in Abidjan said growth in Rwanda slowed to 4.6 per cent in 2013.

Mr Palo Drummond, Head of team to Kigali between March 25 and April 6 stated this in a report at the end of the team’ mission.

He said the team, which went to review Rwanda’ performance the Policy Support Instrument (PSI) met with critical in the country during the visit.

“Rwanda’ growth slowed to 4.6 per cent in 2013, reflecting weak agriculture as well as -related delays in the implementation of government financed projects.

in Rwanda has been subdued, reflecting weak activity and low food and fuel import prices,’’ he said.

According to Drummond, Rwanda’s performance the -supported , however, remained satisfactory.

He said structural reforms advanced as planned while the government moving ahead with the much needed revenue mobilisation efforts.

“For 2014, economic growth is projected at six per cent, driven by a rebound in agriculture and a pick-up in the services sector.

“This will require firm implementation of the government’s investment . is expected to be about five per cent at end of 2014,’’ he said.

Drummond said the mission reached a preliminary agreement with the authorities on economic policies for the remainder of 2014 to support near-term growth and strengthen resilience to shocks.

“It seeks in particular to ensure that the 2014/2015 budget, to be presented to in June, falls in line with PSI objectives.

“It also seeks to sustain revenue mobilisation efforts, adjust current spending to available resources, minimise domestic financing, and protect priority spending,’’ he said.

The PSI is an IMF instrument designed for countries not needing balance of payments financial support. (NAN)