Browsing: Rwanda

Uganda and Rwanda recorded a reduced trade flows in April and May 2020 according to a report from the COMESA Statistics on ‘COVID 19 Impact on Trade’.

The COMESA Statistics on ‘COVID 19 Impact on Trade’, the report was prepared in the first two months in which COVID-19 pandemic spread to the region.

Imports to Uganda declined by 30 per cent in April compared to March. Malaba border recorder a decline in import of 35 per cent, Busia a decline of 28 per cent and Entebbe a decline of 24 per cent.

Uganda’s May imports were seen to decline by 20 per cent.

In Rwanda, Imports declined by 32 per cent in April compared to March. Rusumo border recorded a decline of 35 per cent while the airport border recorded a decline of 16 per cent.

In the Month of April Exports to Rwanda also decline by 8 per cent …

When something grows by 50 percent, we say it has doubled, when it grows by 100 percent, it has quadrupled and so on and so forth. You want to know by how much telecommunication companies in Rwanda have grown during the onslaught of the coronavirus? I will tell you, an amazing 450 percent.

According to the Rwanda Utilities Regulation Authority, between January and April alone, telecom companies in Rwanda have amassed over USD 42 million that is an average of USD 10 million a month.

This impressive performance is representative of a drastic paradigm shift, the migration from a pre-dominantly cash based society to one that has gone almost absolutely cashless. Rwanda has in the fight against the spread of coronavirus gone cashless, switching from use of cash payments to digital platforms via mobile money transfers.

Last month, The Exchange published an article titled Digital Africa in which it was …

The effects of Covid-19 have continued being felt in the East African region despite governments developing various interventions to counter them.  Interventions have included the provision of healthcare remedies as well as stimulus plans to bail out communities who have been ravaged by the pandemic. The highlight of the inter-East African relations has been a diplomatic tiff between Kenya and Tanzania that had threatened the livelihoods of the region who depend on the two strongest economies.

The markets in the region have remained slow with the economies expected to get a hit for months to come. Various entities including the World Bank have revised their projections of the growth of the region’s economy. The triple effects of Covid-19, floods and locusts have made the economies of this region suffer greatly. Kenya has also received a negative rating by Moody based on her rising debt.

In this edition, we highlight how …

Rwanda is poised to launch what it refers to as the ‘COVID-19 recovery fund’ that will serve to finance economic recovery efforts post the virus pandemic.

Among the sectors slated to benefit from the recovery fund is the country’s tourism sector. It only makes sense since, the tourism sector is one of the most affected sectors along with the catering and hospitality sectors as well.

In so doing Rwanda, which actually called for an emergency East Africa Community (EAC)  Heads of State meeting to deliberate regional response to the coronavirus pandemic, has again set precedent been the first country in the region to set aside recovery funds for the coronavirus aftermath.

The affected businesses across various economic sectors will be afforded access to low interest and even interest free loans. The loans are expected to help the business get back on their feet serving as operating capital.

Of these, it …

Rwanda coronavirus (COVID-19) containment landscape just got stronger as the Executive Board of the International Monetary Fund (IMF) on Thursday approved the disbursement of $109.4 million to be drawn under the Rapid Credit Facility (RCF), IMF statement said.

According to information from the IMF, this will serve to meet Rwanda’s urgent balance of payment needs stemming from the outbreak of the COVID-19 pandemic.

Rwanda is one of the East African nations to be hurt by the pandemic, whereby—COVID-19 cases stand at 84.

The lender noted that the economic impact of the COVID-19 pandemic is rapidly unfolding, with the near-term outlook deteriorating quickly.

According to the IMF statement, the pandemic has triggered a rise to significant fiscal and external financing needs.

Hence, in curbing possible devastating impacts of the outbreak, authorities have acted fast by putting in place measures to help contain and mitigate the spread of the disease.

According to …

The deadly coronavirus (COVID-19) which has now spread over 60, with 93,000 cases and more than 3,000 deaths in China, is projected to hurt the African airline landscape, taking away $40 million in revenue.

At the moment, Africa has witnessed confirmed cases in Senegal, Nigeria, Egypt, Algeria, Morocco and Tunisia.

The outbreak has made big-industrial players such as British Airlines, United Airlines, Cathay Pacific to trim their routes to various destination, including northern Italy, South East Asia, to evade further trouble with the virus.

On that line, African airlines have taken their own path to curb the scenario, as Tanzania’s emerging airline halted its scheduled flights to China, Kenya’s court order made Kenya Airways postpone flights to China, and Rwanda did the same.

However, Ethiopia faced criticism for not realizing the flights’ cancellation to China, like its fellow players.

According to the International Air Transport Association (IATA), the global aviation …

The United Kingdom wants to enter into a trade pact with the East African Community member countries.

The United Kingdom which is into a one-year transition phase after it left the European Union, is keen on having long-term and sustainable trade ties with the EAC region.

During the one-year transition period set to end on December 31, the UK- EAC trade engagement will be under European Union protocol where most regional countries apply to Everything But Arms treaty.
UK High Commissioner to Rwanda, Jo Lomas, said that they are looking to negotiating a trade deal somewhat similar to EAC’s Economic Partnership Agreement with the European Union.

“We are looking to have a trade deal with the EAC, along the lines of what was agreed upon by the EU. Ultimately, we would like to be negotiating something more ambitious but we are keen not to disrupt trade,” she said.

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Rwanda is set to construct its first powdered milk factory in an attempt to boost profit for its livestock sub-sector.

This came after a joint venture firm owned by Rwandan investors and South African in collaboration with dairy farmers in Gicumbi District agreed to invest $38 million towards the development.

The powdered milk factory will be situated in Byumba Sector of Gicumbi District in Northern Province of Rwanda. Construction of the plant is expected to start by the end of 2020 and it will take a year for the factory to be completed so it will be completed by the end of 2021.

Also Read: Rwanda I&M Bank raises the limit on unsecured loans

The planned factory is set to be the largest milk-processing factory in the country and will offer major relief to the dairy farmers, it is the first of its kind in Rwanda.

The installed capacity of …