Government’s 7 year plan to boost economic growth

Some of the highlights that reflect economic growth * To produce 1,000 MW by 2017 from 70 MW currently* Plans to be a middle income country in 10 years’ time* Eyes private sector loans at 27 pct of GDP Government on Wednesday launched a seven-year blueprint to improve economic output that includes massive increase of electricity generation and have at least 80 percent of Rwandans accessing financial services. Prime Minister Bernard Makuza said the plan was to steer Rwanda’s economy from a poor nation towards a middle-income country. “We intend to ... increase electricity access by 30 percent, the use of clean water by 100 percent and energy production from the current 70 to 1,000 megawatts,” Makuza said while presenting the new seven year development program. “Our intention is to promote industrial production by 12 percent annually, which will lead to a 20 percent increase in the gross domestic product, to reduce the number of Rwandans who earn $1 a day to below 30 percent of the total population.” The country’s economy has expanded by 9.4 percent in the second quarter of 2010 from a year earlier, driven by 15 percent growth in services, the largest sector in Rwanda.It forecasts growth of at least 7.0 percent this year. Makuza said that government aims to have at least 80 percent of its people accessing microfinance services so private sector credit constitutes 27 percent of the total GDP. “The ultimate goal remains the same, to steer the country away from poverty to prosperity ... making Rwanda a middle income economy in the space of a single generation,” a government statement said. Ends

News

Government’s 7 year plan to boost economic growth