By David Himbara
General Paul Kagame’s economy is the first one in Africa to literally collapse. The International Monetary Fund (IMF) has rushed in to rescue Rwanda because, in the IMF’s own words, “the Covid19 Pandemic has ground Rwanda’s economy to a halt.”
The IMF adds that things are going to get even worse. “The economic impact of the COVID-19 pandemic is rapidly unfolding, with the near-term outlook deteriorating quickly.” The IMF is immediately giving Rwanda a rescue package of US$109.4 million.
The IMF says the situation is so bad that this credit is not enough. The IMF hopes that its financing will help “catalyze further assistance from the international community, preferably in the form of grants.” In other words, Rwanda can not afford loans.
Stay tuned.
