IMF projects 7.2% economic growth for Rwanda

Paul Kagame, President of Rwanda

Rwanda’s economy is expected to grow at 7.2 percent this year, the International Monetary Fund (IMF) has projected.

Last year, the East African nation’s economy grew at 6.1 percent.

In a statement issued, it said “growth averaged 8.6 percent in the first half of 2018 and, despite a temporary deceleration in the second quarter, remains in line with projections for 7.2 percent for the year.”

Rwanda’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.

According to the statement, external balances and foreign reserve continue to improve, while the financial sector remains healthy.

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 has rejected the criticism.