COVID-19: Rwanda receives $109m emergency funding from IMF

The International Monetary Fund (IMF) said Thursday that it has approved $109.4 million credit to Rwanda. The disbursement will help the country, which has registered 84 coronavirus cases so far, to address the pandemic. The emergency assistance is drawn under the Rapid Credit Facility (...

Friday, April 3, 2020, 12:30 AM

Why is it hard to open digital accounts in local banks?

In an era where the coronavirus pandemic has forced people to stay home, people have remained with no other option but to adopt technology and do business online. This is even truer for people who make transactions. Demand for digital financial services has accelerated as more people migrate...

Friday, April 3, 2020, 12:00 AM

British American Tobacco working on potential coronavirus vaccine

Global cigarette giant British American Tobacco (BAT), which manufactures Intore and Dunhill has said it is working on a potential vaccine for new coronavirus using tobacco plants. BAT is leveraging on its existing resources including its tobacco technology plant which essentially produces...

Friday, April 3, 2020, 12:00 AM

Airlines worldwide may burn $61bn

The International Air Transport Association (IATA) predicts that airlines globally could burn through $61 billion of their cash reserves in the second quarter of this year, as the new coronavirus pandemic spreads. IATA warns airlines could run out of cash by the end of June, and this could lead...

Thursday, April 2, 2020, 12:59 AM

BPR offers grace period for interest payments

Banque populaire Du Rwanda Plc (BPR Plc, part of Atlas Mara ) has said it will offer its customers up to three months grace period for principal or interest payments to facilitate those struggling with Covid-19 impact. The decision by BPR to give principal and interest moratoriums is meant to...

Thursday, April 2, 2020, 12:23 AM

Rwanda writes to Kenya, Uganda over Burundi cargo blockade

The Government of Rwanda has formally notified Uganda and Kenya of the sudden decision by Burundi to block cargo trucks entering their country through Rwanda. All Burundi-bound trucks transporting cargo from the Kenyan port of Mombasa, transit through Uganda and Rwanda. However,...

Wednesday, April 1, 2020, 2:25 AM

Burundi blocks cargo trucks from EAC

The government of Burundi has blocked entry of cargo trucks from different East African Community (EAC) countries transiting through Rwanda, a situation which started last week, according to reports from several border posts. Since last week, Burundian immigration has reportedly been refusing...

Tuesday, March 31, 2020, 10:57 AM

How global economic recession will affect Rwanda

The rapidly spreading coronavirus global epidemic has threatened many activities across different industries, sending the world economy into recession as declared by the International Monetary Fund (IMF) on Friday. The outbreak of the deadly viral pneumonia has already shuttered businesses,...

Tuesday, March 31, 2020, 1:47 AM

Rwanda coronavirus cases rise to 54

Rwanda identified four more coronavirus cases Friday, bringing the number to 54 that have already been recorded since two weeks ago, according to the Ministry of Health. The new cases include two travelers who arrived from Dubai and the USA, respectively and two contacts of previously confirmed...

Saturday, March 28, 2020, 12:54 AM

G20 leaders promise united front against coronavirus

Leaders of the world’s most powerful economies convened virtually on Thursday, committing a united front against the new coronavirus pandemic and particularly promising injecting trillions of dollars into the global economy. The leaders from the 20 powerful global economies met virtually...

Saturday, March 28, 2020, 12:51 AM

IMF officially declares global economic recession

The International Monetary Fund (IMF) Friday officially declared that the global economy has entered recession as a result of the spread of the new coronavirus, which has shut down economic activities across the world. IMF’s Managing Director, Kristalina Georgieva, said they have...

Friday, March 27, 2020, 11:10 PM

Iposita ventures into home delivery services for essential products

The National Post Office, famously known as Iposita locally, will now leverage its foothold in the market to deliver essential products to people in the City of Kigali, most of whom are locked down at home. Iposita is an established logistics company, specialising in providing postal services...

Friday, March 27, 2020, 12:00 AM

I&M Bank posts headline earnings of Rwf22b for the financial year of 2019

I&M Bank Rwanda’s net interest revenue recorded an 8 percent increase to Rwf22 billion in 2019 from Rwf20.2 billion in 2018. Robin Bairstow, the Bank’s Chief Executive Officer, said growth was driven by new businesses on-boarded from personal and business customers across all...

Thursday, March 26, 2020, 10:21 AM

What drove Rwanda’s economic growth in 2019?

Rwanda’s economy grew by 9.5 per cent in 2019 to Rwf9,105 billion from Rwf8,354 billion, according to the latest figures from the National Institute of Statistics of Rwanda (NISR). The Gross Domestic Product (GDP) – the measure of economic growth – was driven by traditional...

Thursday, March 26, 2020, 12:38 AM

World Bank, IMF push for debt relief to low income nations

The International Monetary Fund (IMF) and the World Bank Group have jointly called on official bilateral creditors to offer immediate debt relief to low income countries that are experiencing the impact of the new coronavirus. In a joint statement, the institutions said Wednesday that the...

Thursday, March 26, 2020, 12:27 AM

Tropical Brewery starts hand sanitizer production amid coronavirus pandemic

Local brewer Tropical Brewery and Winery has ventured into the production of natural hand sanitisers for the domestic market as demand for the product increases, amid the spread of the new coronavirus.   A local entrepreneur, Nelly Aline Uwineza, who is also the founder of the brewery, told...

Wednesday, March 25, 2020, 12:06 PM

COVID-19 driven global recession likely in 2020

As the novel coronavirus continues to spread across the world, most economic activities are being halted, increasingly raising the prospects of a global economic recession in 2020, analysts have predicted. According to the latest forecast by the International Monetary Fund (IMF), the recession...

Wednesday, March 25, 2020, 12:47 AM

Rwandan nationals stranded abroad airlifted

The first batch of Rwandans who were stranded abroad amid the novel coronavirus outbreak arrived in the country on Sunday, thanks to the Government’s partnership and KLM airline. Most governments placed their countries into lockdown with no flights allowed to fly in as a measure to contain...

Tuesday, March 24, 2020, 1:04 AM

Rwanda, KLM partner to evacuate nationals stranded abroad

The first batch of Rwandans who were stranded abroad amid the novel coronavirus outbreak arrived in Rwanda Sunday, thanks to the Government’s partnership with Dutch airline KLM. Most governments placed their countries into lockdown with no flights allowed to fly in as a...

Monday, March 23, 2020, 5:42 PM

Traders warned against price hikes

The Ministry of Trade and Industry has once again reiterated the call cautioning retailers and wholesalers against taking advantage of the novel coronavirus outbreak to increase prices of products. Fresh announcement made on Sunday, March 22, as the government moves to protect...

Sunday, March 22, 2020, 2:24 PM