Rwanda bets on innovative partnerships to grow economy
“Rwanda’s transformational agenda requires innovative partnerships engaging all stakeholders” the Minister of Finance and Economic Planning Claver Gatete said while opening the 14th Development Partners retreat in Rubavu district.
The Minister mentioned this with respect to delivering on the targets in the National Strategy for Transformation (NST1) and the Vision 2050. Minister Gatete emphasized the very important role the private sector is envisaged to play as the engine of economic growth and as such urged development partners to move beyond traditional financing and consider new and innovative ways to finance the private sector.
The Minister’s message was echoed by both co-chairs of the Development Partners Group.
Yasser El-Gammal, Country Manager of the World Bank in Rwanda appreciated the progress made in elaborating the National Strategy for Transformation and the linkages with the long term Vision 2050. He further reiterated the commitment of the development partners to work with government to identify and concretize innovative financing opportunities to achieve the ambitious agenda. “We need to find ways to mobilize financing in different forms and evolve from the changing financing landscape because what Rwanda wants is unconventional and ambitious which is very well deserved and justified,” Yasser El-Gammal said.
Fode Nidaye, UN Resident Coordinator pointed out that Rwanda will require more private sector engagement and investment, more human capital development, and more innovative finance to successfully implement the NST1.
“In addition to increase private sector involvement, Rwanda needs to mobilize more domestic resources, given its vision of moving towards upper middle and high-income country status and its policy of more self-reliance,” Mr. Ndiaye said.
IMF mission chief Laure said Rwanda is commended for maintaining macroeconomic stability in a volatile global environment characterized by declining development assistance.
In particular, she commended the prudent management of debt. Ms. Laure encouraged initiatives to further consolidate gains made in different areas. She recommended continued scaling up of domestic resource mobilization and finding innovative financing to match the development ambitions
Rwanda through the Vision 2050 intends to become an upper income country by 2035 and attain a higher income status by 2050.
The 14th Development Partners Retreat is an annual senior-level two days’ retreat aimed at bringing together development partners and government to review progress in the development agenda and develop a common understanding on the medium and long term development plans and strategies.
It also examines and proposes ways to enhance the role of Development Partners in supporting the country to achieve its development agenda. It serves as an opportunity to address issues that may have not been tackled at the quarterly Development Partners Coordination Group (DPCG) meetings and to have an open dialogue between Government and its development partners on the development priorities and challenges in meeting them.