Economy

Growing threats in the global economy

A decade after the collapse of Lehman Brothers, the world economy is back on shaky ground. Tariff wars are making headlines but the underlying problem is a failure to tackle the imbalances and inequities that led to the crisis in the first place. Since 2008, leading central banks have pumped...

Sunday, September 30, 2018 - 1:24am

Rwandan entrepreneur raises Rwf240m through crowdfunding

Henri Nyakarundi, the brain behind African Renewable Energy Development (ARED), has raised €240,100 (about Rwf240 million) on German’s Bettervest—one of the largest crowdfunding debt platforms in Europe. He is almost edging closer to raising €250,000 (Rwf250.9 million), which...

Tuesday, September 25, 2018 - 1:43pm

South Africa president outlines economic rescue measures

South Africa’s president announced a multi-billion-dollar stimulus programme on Friday, earmarking funds for job creation and infrastructure development as he seeks to make good on a pledge to revive the country’s ailing economy. Speaking a day after the central bank disappointed some...

Monday, September 24, 2018 - 11:11pm

Why Rwanda Cooperation Initiative was set up

An extraordinary Cabinet Meeting chaired by President Paul Kagame last week made several appointments including top executives at the newly formed Rwanda Cooperation Initiative. Its Chief Executive Officer is Louis-Antoine Muhire who returned home from Canada about four years ago and started...

Sunday, September 23, 2018 - 1:29am

Good politics, bad economics

LONDON – Bad economics breeds bad politics. The global financial crisis, and the botched recovery thereafter, put wind in the sails of political extremism. Between 2007 and 2016, support for extremist parties in Europe doubled. France’s National Rally (formerly the...

Friday, September 21, 2018 - 11:09pm

Rwanda secures Rwf85bn to finance development effort

The Government of Rwanda on Wednesday signed three separate financing agreements with Japan, Germany and the World Bank to fund some of its development initiatives. The $99.05 million (Rwf85.2 billion) grants will support the country’s agriculture, infrastructure, decentralisation, technical...

Thursday, September 20, 2018 - 12:08am

Agaciro admitted to global sovereign wealth funds’ body

Rwanda’s Agaciro Development Fund has acquired full membership at the International Forum of Sovereign Wealth Funds (IFSWF), officials have said. Jack Kayonga, the Chief Executive of Agaciro Development Fund told The New Times that Rwanda was admitted to the forum on Wednesday in Marrakech,...

Wednesday, September 19, 2018 - 7:17pm

Economy expands by 6.7% in second quarter

Rwanda’s economy grew by 6.7 per cent in the second quarter of 2018, the Ministry of Finance and Economic Planning said yesterday. The performance represents rebound from the 4 per cent growth rate registered in the same period last year In the second quarter of 2018, Gross Domestic Product...

Wednesday, September 19, 2018 - 12:33am

Rwf39 billion Fund set up to support agri-businesses

Access to capital related challenges faced by local agriculture could ease, albeit marginally, following the launch of a Rwf39 billion Fund by U.S. Agency for International Development’s (USAID). The Fund will be launched on Tuesday this week. The funds will be availed under a five year...

Wednesday, September 19, 2018 - 12:29am

The free-market case against tax competition

LONDON – The global race to cut corporate tax rates accelerated in 2018. According to the OECD’s latest annual review of tax policies across developed economies, the average rate of taxation on corporate profits has fallen from 32.5per cent in 2000 to below 24per cent today....

Wednesday, September 19, 2018 - 12:07am

The global trade system could break down

WASHINGTON, DC – Ten years after the failure of Lehman Brothers, we know that multilateral action was crucial in preventing the so-called Great Recession from becoming even worse than it was. Back then, it was the global financial system that was tottering. Today, it is the global trade...

Wednesday, September 19, 2018 - 12:06am

Zimbabwe secures $250m line of credit to fund critical imports

Zimbabwe has secured a $ 250m line of credit from a London based firm for the importation of essential goods, the Reserve Bank of Zimbabwe said Monday. “The Ministry of Finance and Economic Development, the Reserve Bank of Zimbabwe and Gemcorp Group are pleased to announce that they have...

Tuesday, September 18, 2018 - 11:55pm

Experts call for ‘clear, bold’ industrialisation blueprint

Rwanda needs to pursue a clear and bold strategy on industrialisation if it is to achieve its ambitious midterm target of attaining upper middle-income status by 2035, according to business experts. The call comes in the wake of a review of the country’s industrial policy and experts say...

Tuesday, September 18, 2018 - 1:13am

21st Century banking challenges: A Fintech revolution

Due to financial sector liberalisation banks are facing challenges of competition not only from banks but also from non-banking financial entities, online banks and fintech companies. Unfortunately, traditional banks are losing their monopolies and comparative advantages which they have occupied...

Tuesday, September 11, 2018 - 12:43am

Final thoughts on secular stagnation

CAMBRIDGE – Joseph Stiglitz, Roger Farmer, and I are now and have long been in agreement on what are probably the most important points. The “New Keynesian” paradigm that sees business cycles as arising from temporary rigidities in wages and prices is insufficient to account for...

Friday, September 7, 2018 - 10:41pm

For whom the climate bell tolls

BERKELEY – Scarcely had I begun my first lecture of the fall semester here at the University of California, Berkeley, when I realised that I was too hot. I desperately wanted to take off my professorial tweed jacket. A tweed jacket is a wonderful but peculiar costume. If all you have for raw...

Friday, September 7, 2018 - 10:40pm

Africa has no debt crisis: AfDB president

Akinwumi Adesina, president of the African Development Bank (AfDB), denied the alleged debt crisis in African countries during an interview on the sidelines of the Forum on China-Africa Cooperation (FOCAC), Beijing Summit. “Let me be very clear: Africa has absolutely no debt crisis,”...

Friday, September 7, 2018 - 10:20pm

State Capitalism 2.0

GENEVA – The fall of the Berlin Wall almost 30 years ago represented a high-water mark in the retreat of the state from the global economy, signaling a defeat of socialist economics virtually worldwide. From dirigiste France to communist China, countries with widely divergent economic models...

Thursday, September 6, 2018 - 12:19am

Saving capitalism from economics 101

WASHINGTON, DC – All across the United States, students are settling into college – and coming to grips with “Econ 101.” This introductory course is typically taught with a broadly reassuring message: if markets are allowed to work, good outcomes – such as productivity...

Monday, September 3, 2018 - 11:49pm

Rwanda exports rise as trade deficit narrows

Rwanda’s exports accelerated in the first half of this year, driven by Government’s efforts to support the Made-in-Rwanda agenda as well as good performance of non-traditional exports, helping to bridge the country’s trade deficit. National Bank of Rwanda statistics, which were...

Friday, August 31, 2018 - 8:26am