Credit crunch affecting school fees payment, Rector

NORTHERN PROVINCE The Rector of Ruhengeri Institute of Higher Education-INES, Rev.Fr.Dr Deogratias Niyibizi has said that the current credit crunch, has also affected the payment of fees from students. He was speaking during a conference on the impact of the global economic crunch in Rwanda. The conference was called with intentions of creating awareness among the local population on the impact of the global economic crisis. Niyibizi said that universities and related think tanks should come up with relevant strategies to avert the impacts likely to emanate from this crisis so as to protect the local economy. In his presentation, the State Minister in MINIRENA, Vincent Karega, said that like most emerging economies exporting raw materials, Rwanda has been affected by low prices and low demand mainly on minerals and tourism. ‘’Rwanda’s economy is endowed with unlimited potentials but not yet fully utilized. We need to work together to come up with strategies to seize the opportunities and build up wealth which is still lacking,’’ Karega said. He challenged the emerging youth to be more entrepreneurial. The Governor of Central Bank François Kanimba, said that whereas the economic crunch has led to the reduction of commodity prices as well as reduced Foreign Direct Investment local banking institutions should still offer loans to citizens. Ends