IMF predicts increased agricultural production in Rwanda

• Source: Xinhua
• [09:08 June 03 2009]
• Comments

Rwanda's massive government investments in agriculture is paying off with the International Monetary Fund (IMF) predicting on Tuesday that the sector will actually cover up for the expected losses in other areas as the global crisis hits the country.

 A robust expansion in agriculture is expected to partly offset the slowdown in construction, mining, and services over the coming year, the private Rwanda News Agency reported, citing a latest assessment from an IMF delegation that visited the country last month.

 The IMF mission visited the country on May 18-29 to conduct the sixth review of Rwanda's three-year program supported by the Poverty Reduction and Growth Facility and to discuss economic policies for 2009 and 2010.

 The global economic and financial crisis is now beginning to impact Rwanda, the IMF said. Rwanda's economic growth is projected to weaken from 11.2 percent seen last year to about 5.3 percent in 2009 and 2010, it said.

 The IMF said the world economic crisis will likely result in falling exports, smaller foreign direct investment inflows and lower tax revenues in the country.