The Minister for Finance and Economic Planning, Claver Gatete, has called on the private sector to increase its participation in the country’s economic development, saying the current levels of private investments are still wanting.
Gatete was speaking during a panel discussion dubbed; “Africa: Sharing Economic growth broadly,” organised by the World Bank and International Monetary Fund, during the two agencies’ Annual Meetings in Washington, USA, on Thursday.
The event focused on avenues African policy makers can pursue to increase the benefits of economic growth.
“One of the critical areas that we have to focus on is the role of the private sector in bridging inequality. We have to use the government resources to leverage private sector participation,” Minister Gatete said.
He highlighted that the government had promoted universal education and health coverage as the foundation for inclusive growth, on top of providing social protection to vulnerable groups, among other initiatives.
He, however, said public resources alone are not enough hence the need for the private sector to fill the gap required to attain the country’s economic goals.
“It is through these pro-poor initiatives that we have managed to lift one million people out of poverty (in five years). The private sector has done well, however, a lot still needs to be done in order for the country to progress much faster,” Gatete pointed out.
Currently, Rwanda is implementing a five-year second Economic Development and Poverty Reduction Strategy (EDPRS2).
The strategy aims at driving the country toward middle income status by 2018.
Rwanda has also undertaken several regional infrastructural projects as a catalyst for faster development.