By David Himbara
General Paul Kagame has pleaded to the International Monetary Fund (IMF) to carry Rwanda’s debt repayments burden from 2020 to 2022. In the Letter of Intent to the IMF dated April 7, 2020, the Kagame government pleaded that Rwanda is experiencing “an exceptional balance of payments need.” It is on that basis that the government appealed for debt repayments relief for 24 months. In the Kagame government’s own words,
“we hereby request grant assistance…to cover our debt service to the IMF falling due in the 24-month period from April14, 2020 to April 13, 2022 or as much as is available from resources.”
The IMF has already provided US$109.4 million loan to Rwanda.
According to the IMF data, projected Rwanda’s debt repayments to the IMF between April 14, 2020 and April 13, 2022 will amount to SDR50 million or US$68 million. Kagame hopes that other countries and institutions to which Rwanda owes will follow the IMF example in covering Rwanda’s debt repayments for the next two years. The government puts it in these words: “We are confident that strong IMF support for our country will help catalyze wider support from other development partners.” Stay tuned.