Fi­nance Min­is­ter shares Rwanda's suc­cess story with AFDB

The Pak Banker - - Front Page -

TU­NIS

The African De­vel­op­ment Bank (AfDB), United Nations De­vel­op­ment Pro­gramme (UNDP) and the Eco­nomic Com­mis­sion for Africa (ECA) jointly launched the African Eco­nomic Con­fer­ence (AEC) in Ki­gali, Rwanda, on Tues­day, Oc­to­ber 30 to dis­cuss "In­clu­sive and Sus­tain­able De­vel­op­ment in an Age of Eco­nomic Un­cer­tainty". On the eve of the meet­ing, John Rwan­gombwa, Rwan­dan Min­is­ter of Fi­nance and Eco­nomic Plan­ning, spoke about the im­por­tance of the con­fer­ence, now in its seventh year, which is be­ing held for the first time in Rwanda.

The African Eco­nomic Con­fer­ence could not have come at a bet­ter time. The con­tin­ued uncer­tain­ties in the global econ­omy, linked fre­quent tur­moil in the cap­i­tal mar­kets and debt prob­lem in the de­vel­oped world poses big chal­lenges to Africa's eco­nomic de­vel­op­ment. This can be seen as an op­por­tu­nity as well. I am glad del­e­gates will dig deep into these is­sues here in Ki­gali. I would like to thank the African De­vel­op­ment Bank and its part­ners for or­ga­niz­ing this meet­ing. This con­fer­ence is a good pre­cur­sor. Africa needs eco­nomic trans­for­ma­tion over the com­ing decade if it is to de­velop at all. We can­not continue be­ing the con­ti­nent of pri­mary com­modi­ties. As I said ear­lier, the con­tin­ued uncer­tain­ties in the global econ­omy, linked with fre­quent tur­moil in the cap­i­tal mar­kets and the debt prob­lem in the de­vel­oped world pose big chal­lenges to Africa's eco­nomic de­vel­op­ment. This can be seen as an op­por­tu­nity as well. Pol­icy-mak­ers work­ing closely with re­searchers and think tanks of the con­ti­nent can turn these chal­lenges into op­por­tu­ni­ties. We must present our­selves as the most prof­itable and se­cure des­ti­na­tion of in­vestors' funds that are scared of the prob­lems in the Western mar­kets. It is wor­ry­ing to know that Africa at­tracts less than nine per cent of FDI. We need as much as pos­si­ble to continue re­duc­ing the uncer­tain­ties about the evo­lu­tion of our economies.

Ab­so­lutely, yes! The fact that Africa's econ­omy has been grow­ing at an av­er­age of five per cent de­spite the global eco­nomic cri­sis is an in­di­ca­tion that we are on the right track. How­ever, we can do even bet­ter.

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