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Rwanda mobilizes domestic savings to spur growth

Xinhua, July 13, 2016 Adjust font size:

In a bid to ensure high and sustained growth rate, Rwanda is increasingly turning its attention to the mobilization of domestic savings.

The small central African country plans to domestically finance 62 percent of the 2016/2017 national budget in order to reduce its dependence on foreign aid to fund economic and social acivities.

The country on Tuesday unveiled new domestic investment fund dubbed "Iterambere Fund", to foster savings culture and to mobilize resources domestically to spur economic growth.

Speaking at the launching of the fund, Anastase Murekezi, Rwanda Prime Minister said the government has adopted national saving strategy to alleviate poverty.

"Boosting domestic savings will be key to realizing sustained and fast growth, whilst reducing external imbalances. Rwandans are encouraged to save more through "Iterambere Fund" to help raise household savings and incomes," he noted.

The fund initiated by the ministry of finance and economic planning will be managed by Rwanda National Investment Trust Ltd (RNIT Ltd).

Speaking to reporters shortly after the launching, Claver Gatete, Rwanda minister of finance and economic planning said the government is keen on pushing up savings and dealing with the low levels of saving in the country which is hurting the economic growth.

"Major shifts in the global economic landscape leave many commodity-reliant African economies in difficult circumstances and domestic fund will help intervene in financing the Rwandan economy," he said.

Gatete added that mobilization of domestic savings will enable Rwanda achieve a gross national investment goal of 30 percent of GDP by the 2020. Endit