By Our Correspondent,
KIGALI Rwanda
Rwanda’s Minister of
Finance and Economic Planning, Uzziel Ndagijimana, read the
national burdget for the Fiscal Year 2020-2021 to both chambers
of Parliament.
The Rwandan economy has been severely hit by Covid-19 and
this has affected the government projections.
According to Minister Ndagijimana, the private sector has
been adversely affected by the crisis which has disrupted priority sectors of
the economy.
The government has thus established an Economic Recovery
Fund (ERF), a two-year facility established by government to cushion businesses
affected by the Covid-19 Pandemic.
According to the government, Frw 100 billion is to be
distributed towards; hotels sector loan refinancing as the sector have lost
over 90% of revenues from cancellations of events and bookings due to global
lockdown and travel restrictions; businesses in manufacturing (including
agri-processing), transport and logistics as well as small and medium
enterprises linked to domestic and global supply chains.
There is a possibility of additional funds as the target is
to mobilize at least Frw 200 billion in total.
“The Economic Recovery fund in addition to other recovery measures will help to overcome the significant hardship brought on by COVID-19 on businesses and individuals and allow them to be in a position to play a meaningful role in our economic recovery,” the Minister noted.
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