IMF revises upward growth forecasts for Rwanda

Rwanda is expected to grow by 8.5 percent, according to a new forecast by the International Monetary Fund (IMF) on Wednesday (November 13th). The IMF had previously forecast 7.8% growth for the country.

Also, according to the IMF, growth in real gross domestic product (GDP) exceeded expectations, averaging 10.3% in the first half of 2019.

« Rwanda has grown above 10 percent in the first half of 2019. All major indications show continued growth, » said Laure Redifer, head of the IMF’s Rwanda mission in Kigali.

Justifying this growth, Laure Refugee cited major construction projects undertaken by the Rwandan government, an increase in private borrowing and increased activity in the tourism and transport sectors.

According to the chief economist of the Rwandan central bank, Thomas Kigabo, tourism receipts amounted to $ 380 million in 2018 and government project revenues to $ 405 million.

It should be noted that an IMF team, led by Laure Redifer, visited Kigali from 31 October to 13 November 2019 to discuss the first review of the program supported by the Rwanda Political Consultation Instrument.

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