IMF approves $109m to cushion Rwanda against covid-19 impact
A staff of the Rwanda Biomedical Center (RBC) screens passengers at a bus station after the government suspended all unnecessary movements for two weeks to curb the spread of Covid-19 Coronavirus in Kigali, Rwanda, on March 22, 2020. PHOTO | SIMON WOHLFAHRT | AFP
Even as the International Monetary Fund (IMF) approved $109.4 million to be drawn under the Rapid Credit Facility (RCF), Rwanda’s economic managers are under pressure to craft new measures to restore productivity needed to support growth in the coming months.
The lockdown to contain covid-19 has sent shockwaves in a country that largely depends on the service sector which contributed 49 per cent of GDP in the third quarter of 2019 according to the National Institute of Statistics of Rwanda (NISR).
