Finance

Rwanda: FMI forecasts economy to grow by 6.2% and 6.6% in 2017 and 2018

Friday, 04 November 2016 03:42

On November 2, the International Monetary Fund (IMF) announced that Rwanda’s economy should grow by 6.2% and 6.6% in 2017 and 2018 respectively, against 6% estimated in 2016. The institution said the increase will be spurred by a greater coffee output and consumption of locally made products.

“The higher forecast was based on cycles in coffee production… (and) the increased production that we’re already seeing under the Made in Rwanda programme,” IMF Mission Chief for Rwanda, Laure Redifer, told a press conference in Kigali.

The government of Rwanda launched recently a campaign to encourage citizens to buy locally made products more instead of imported products.

Though its economy has recorded a significant progress since 1994’s genocide, Rwanda still mainly depends on international aid to finance its growth.

Around 40% of the nation’s budget comes from international aid.

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