A press release from the International Monetary Fund (IMF) has confirmed that its Managing Director, Ms. Christine Lagarde, will visit Rwanda from Monday, January 26 to Thursday, January 29, 2014, and will proceed to Senegal where she will continue her African visit till Saturday, January 31. The core agenda of the visit is to meet with policymakers and other representatives of society in each country, thus strengthening the IMF’s relationship with both countries.
In her capacity as Managing Director, she has previously visited other sub-Saharan countries including Côte d’Ivoire, Kenya, Mali, Malawi, Mauritius, Mozambique, Niger, Nigeria, and South Africa. The organization continues to establish significant relationships with several African governments, companies and financial bodies aimed at providing funds for various development projects in the region.
“My visit will provide an opportunity to strengthen the IMF partnership with Rwanda and Senegal, two countries that have seen success in building strong, stable, and inclusive economies in the world’s second fastest-growing region. Rwanda over the past 20 years has emerged as an African economic success story, demonstrating real progress in achieving high levels of growth and poverty reduction. Senegal has put in place an ambitious program to accelerate growth and lay the foundations for a more diversified economy,” Ms. Lagarde hinted.
In each country she is expected to meet senior government officials, business leaders, parliamentarians, prominent women, and representatives of the business communities and civil society. A special highlight of this trip will be her meeting with Rwandan President Paul Kagame In Kigali and Senegalese President Macky Sal in Dakar.
This visit is timely as both economies, particularly Senegal, will benefit from an improved relationship with the IMF. Recently, the West African secured the blessings of the IMF over its new ambitious plan to boost growth rates through 4.5 percent in 2015 to 7 percent by 2019. The plan discussed a three-pronged approach to achieving this audacious goal which will rest heavily on establishing the right structural reforms that will guarantee growth. Obviously, the financial support of the IMF will go a long way in facilitating this.
As Rwanda continues to position as a preferred investment destination in the East African region, it will also require the sort of deep pockets that IMF-like institutions possess. Urban infrastructure development will likely be a key goal for the freest East African economy, hence, this visit and the strengthened partnership it will bring will be very welcome.
By Emmanuel Iruobe
