World Bank Praises Rwanda for its Economic Reforms as Group Urges Country to Maintain its Current Strategy

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Rwanda must maintain its current economic growth momentum in order to achieve its ambitious Vision 2050 agenda, Chief Executive Officer of the World Bank, Kristalina Georgieva has said.

Speaking after a recent visit to Rwanda, Georgieva described the country as one that has enjoyed impressive growth in recent years.

The East African country has reduced reliance on donations and currently, domestically funds about 84% of the budget up from about 36% two decades ago. In fact, in the last fiscal year Rwanda’s economy grew by 8.9%.

Two years ago, Rwanda’s government outlined its Vision 2050 development plan. At the time, the country’s Economic Planning Minister Claver Gatete confirmed that the States plan to push the initiative through.

The blueprint emphasises universal access to improved living standards, sustained food security, protection of the Rwandan family, and universal access to quality affordable services in health, education, finance, housing, energy, infrastructure, among others.

Gatete noted that much progress has been registered toward the current Vision 2020, thereby paving way for Vision 2050.

Rwanda has made arguably remarkable strides in implementing the 2030 Addis Ababa Action Agenda on Financing for Development; and is actively implementing the 2030 Sustainable Development Goals (SDGs); the Paris Declaration on Climate Change (2030), among other commitments.

“Yes, Vision 2050 is achievable. But Rwanda must maintain its bold approach to reform, and deliver on its commitment to invest in its people and create environment so they can harness the opportunities of the digital revolution,” Georgieva affirmed.

“Over the last decade, Rwanda has made remarkable economic and social progress, with growth averaging 7.5% while per capita GDP nearly doubled from $404 to $748,” she added.

Clare Akamanzi, Chief Executive of the Rwanda Development Board (RDB), recently reported that the country collected a total of $42 million from 192 conferences in 2017 and was projecting $74 million in 2018.

Rwanda has also embarked on various development initiatives while implementing reforms to make it easier for investors to branch into the country.

In 2018, the World Bank ranked Rwanda 29th its 2018 global Ease of Doing Business Report and put it second in Africa.

The international lender believes that if Rwanda stays the course, the tiny nation could one day hold the top spot in Africa.

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