Country’s GDP grew by 10 percent in 2008

NYARUGENGE - The country’s Gross Domestic Product (GDP) grew by 10 percent last year and the country achieved most of what it had planned despite the world’s economic challenges, the Finance Ministry (MINECOFIN) said yesterday. This was revealed during a session at Prime Holdings in which the staff and heads of institutions under the ministry reviewed their performance last year and plans for this year. The ministry’s officials said that available figures show the country’s GDP growth to be 10 percent by the end of last year but said they are yet to finalize their report. “Though the whole world faced economic problems last year, the figures we have so far indicate that Rwanda’s economy grew tremendously,” Finance Minister James Musoni told journalists in an interview before the presentation of the achievements. The world economic crisis which intensified globally in the second half of last year was mainly brought about by the credit crunch in the developed countries. The ministry claims to have scored well in planning the country’s budget, mobilising national resources and managing them. A report by the ministry show that improvements were made especially in public debt management where government paid up to U$ 7.7 million (Rwf 4.2 bn) to clear some of its debts, in resources mobilisation where both the Rwanda Revenue Authority (RRA) and development partners brought good revenues for the country, and in the financial sector development where capital markets and banking standards were boosted. “The overall performance is impressive,” Minister Musoni told participants at the session as he described their work last year and congratulated them. He urged them to increase the country’s manufacturing trends to reduce importing goods in favour of exporting more and he cautioned them on corruption, saying that their work has a ‘huge’ impact on the country’s life. “We have to be exemplary in fighting corruption,” he said.The minister said that this year will also be characterized by efforts to increase the country’s finances through collecting more taxes, foster good relations with donors and ensure a good management of the country’s resources through building capacities of managers. Ends

National

Country’s GDP grew by 10 percent in 2008