Rwanda to receive € 12m compensation from COMESA

KIGALI - Rwanda will this week receive the remaining balance of the compensation for projected revenue loss as a result of adopting the Common External Tariff (CET) under EAC customs union.

KIGALI - Rwanda will this week receive the remaining balance of the compensation for projected revenue loss as a result of adopting the Common External Tariff (CET) under EAC customs union.

Two years ago, the country received Euros10.3m (Rwf 8.8billion) for projected loss of revenues.

Finance and Economic Planning Minister, John Rwangombwa, said the government is going to sign for the remaining balance amounting to 12.3m Euros which it will get from the Common Market for Eastern and Southern Africa (COMESA).

“The compensation fund will help us recover lost revenue we incurred after entering into CET and we are getting compensation from COMESA through the fund provided by the EU,” he said.

The Minister added, the government suffered a total revenue loss of about Euros 23 million since Rwanda entered into the CET.

Rwangombwa noted that in future, he expects the country to recover the CET losses through internally generated revenues and increased trade volumes.

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