Under the report released on Thursday by World Economic Forum (WEF), Rwanda comes in first positions which are dominated by Western countries.
Meanwhile, Iceland tops the list, Norway is the 2nd, Finland 3rd, Rwanda 4th and the 5th is Sweden.
No country has been able to close gender gap completely in all sectors, but Iceland, Norway, Sweden, Rwanda, Nicaragua and Slovenia have been able to close them to above 80%.
The report was conducted to 144 countries and focused on four sectors, which are gender equality in economic development, education, health and politics.
“Rwanda continues its steady climb since first entering the Index and has now closed 82% of its overall gender gap, scoring narrowly behind Finland” reads the report.
The report says that Rwanda’s progress is mostly due to continued progress on its Economic Participation and Opportunity subindex score, on the back of improved parity in estimated earned income and, particularly, a significant narrowing of its gender gap in the number of women in ministerial positions.
“Combined with being the country with the highest share of female parliamentarians in the World (61%), it advances five spots on the political empowerment sub-index, where it is now ranked third globally” report reads in part.
The report says that Rwanda has also fully closed its health and Survival gender gap for the first time, although its Educational Attainment gender gap remains open.
As Rwanda ranked in the top 10 globally, in Sub-Saharan Africa, they remain gender gap of 32%.
The report says that the Sub-Sahara is characterized by high female labour force participation with nine countries from Sub-Saharan Africa in the global top 20 on this indicator.
Mozambique, Burundi, Malawi and Rwanda demonstrate a higher representation of women in the labour force than men which translates into a high regional average on the Economic Participation and Opportunity subindex.
Report says that Rwanda consolidates its position as the region’s top performer and the only country from the region ranked in the global top ten.
Meanwhile in African countries, Namibia is the 13th, South Africa is 19th, Burundi 22nd, Mozambique 29th, Uganda 45th, Tanzania 68th and Kenya 76th on the global index.
The United States of America was ranked 49th, Russia 71, China 100 while the last on the list is Yemen.
The discussions between the two leaders focused on how to advance and strengthen gender equality.
Premier Ngirente commended the good existing relations, partnership and cooperation between Rwanda and IMF.
Selassie expressed his gratitude to the Government of Rwanda for having accepted to host the Gender Equality Peer Learning Conference (November 2nd – 4th 2017) and described it as a good opportunity to learn what Rwanda has achieved in advancing gender equality.
“I came here to meet the Prime Minister in order to get perspective on how he sees IMF policies and challenges on Rwanda”, IMF’s Abebe said.
In terms of partnership, the Government of Rwanda is currently implementing its second three-year Policy Support Instrument, focusing on private sector development; export promotion; domestic resource mobilization and financial sector development.
Abebe Selassie was appointed Director of the African Department (AFR) at the International Monetary Fund on 19th September 2016.
Shyaka was speaking to both chambers of parliament during the presentation of RGB’s 2016/2017 activities report and 2017/2018 performance contracts.
He said that in their research, people expressed much satisfaction to community health workers’ service among six home grown solution that they scrutinized.
“Though 6% still have some doubts about this service, majority (94%) commend it compared to how they perceive other services. This is a good rate that indicates how this initiative is important. We, leaders also know that it is really important,” he said.
Other home grown initiatives that RGB conducted the research about are health insurance, local mediators, Girinka Programme, Vision 2020 Umurenge Programme (VUP) and Social Categories locally known as Ubudehe
According to Shyaka, 90% of population commends Health Insurance (Mutuelle de Sante) services, but 10% are not satisfied with some services, a reason that Shyaka says they need some improvements.
He said that people commend services of local mediators at above 88%, but 11% still question these services.
He said that one or two people in four criticize bad services in VUP , Girinka Programme and Ubudehe. He said that 26% criticize Girinka, 33% VUP and 47% Ubudehe services.
“We should note that they don’t criticize these initiatives, but they criticize bad services inside them” Shyaka noted.
Kagame was speaking on Thursday in an interview in Dubai
The growth rate is expected to increase by 7% in 2018 from about 6% this year. That compares with 2016’s growth rate of 5.9 percent, which was a three-year low. Output already increased in the second and third quarters after slowing last year after infrastructure projects were completed, he said.
“The driving sectors are services; financial services, tourism, they are all combined to make this high growth. We are seeing mining activity growing very fast. We are seeing agriculture making a very good contribution, construction has picked up again,”Kagame said
{{IMF Estimate}}
The International Monetary Fund estimates growth in Rwanda will reach 7.5% by 2022, compared with a forecast 6.8% in 2018. Expansion this year could be revised downward by a percentage point to 5.2%, Mission Chief Laure Redifer told reporters in Kigali on Wednesday.
Growth is also being supported by stronger domestic demand and improved prices for metals the country produces including tantalum, tin, tungsten and gold, Kagame said.
“We have seen low demand for these commodities, but we see commodities are picking up again. But what is powering and driving growth is mainly the domestic demand,”Kagameadded.
Rwanda has no immediate plans to tap international capital markets. It last raised $400 million in a Eurobond offering in 2013.
There is “nothing on our minds right now because there isn’t as much compelling need as we had that time,” he said.
Moody’s Investors Services rates Rwanda’s debt at B2, five levels below investment grade and cites its “robust institutional framework” as an important credit strength. Economic growth is being buttressed by infrastructure projects including the construction of the $700 million Bugesera international airport in Eastern Rwanda.
One of the risks the economy faces is its dependence on donor funding for about a fifth of government revenue, according to Moody’s. The government is planning to reduce that reliance, which has already been lowered from more than 70%, Kagame said.
“We want to continue to reduce that as we continue to grow our economy,” he said.
Speaking to the delegation yesterday, the Minister of Justice and the Attorney General, Johnston Busingye said that Rwanda’s justice system is independent and uses their independence to serve on one purpose.
He said that in Rwanda, they found it necessary to give free justice to poor people through giving them prosecutors and legal advice.
He said that good environment of Rwanda’s justice system comes from partnership between different all levels.
“In our independence, lawyers and judges serve on common purpose. We take one day a year and sit together to examine every institution’s progress and what they need. Though we are independent, there is no one person or institution providing justice, Justice is the combination of our activities the reason why we all need to explain what we do that result in justice. When one institution is not performing well justice cannot be delivered” he explained.
The Vice-Chief Justice in South Sudan, John Gatwech Lul said that Rwanda and other East African community (EAC) Countries share same history in fighting for colonial independence, a reason why they should advise one another.
“First of all, we consider Rwanda as a part of our country because all EAC countries had partnership during the struggle to colonial independence. That is a pact that we should not forget, so, when we are introducing laws, we should have common understanding” he said.
He said that they will continue to visit EAC countries like Kenya and Tanzania to observe how they could learn from them in terms of law reforming.
According to Police, the Rwf2 billion worth facility will accommodate a total of 1436 police officers and has a female wing.
The hostel has three dining rooms, a duty free canteen, modern kitchen, store, offices, sports facilities and washing area.
Busingye said that the facility was constructed under the government’s programme and RNP’s vision to support welfare of Rwanda’s Police officers.
He said that it is a development activity that will help police officers perform their job well.
“I thank RNP for continued activities that spur welfare of police officers” he said calling upon every individual’s role in having safe and developed country.
At the event, Minister Busingye and other respective guests and police officers planted trees.
The USD16 million plant is a result of discussions of the company and the government of Rwanda.
Speaking at the event, Gatare said that it is a remarkable step since the country started to promote the development of mining sector.
“Today we have made a great step by agreeing with this experienced company to establish a plant in Rwanda, supporting our made in Rwanda programme and value addition for our products,” Gatare said.
The first of its kind to process Tantalum and Niobium in Africa, the plant will be constructed in Bugesera District based Industrial Zone and will have its mining quarries in Ngororero District.
According to the mining board, the plant will also diversify Coltan production excavated in all Rwanda’s mining quarries.
The Chief Executive Officer of PRG Plc, Ray Power
said that construction activities of the plant will be finalized in nine months and first production will commence in twelve months from the signing of the memorandum.
“Rwanda stood out as a clear choice because of its stability and transparency in doing business,” said Ray Power at the event.
RDB’s Clare Akamanzi said that the MoU is another effort in promoting sustainable development through mining sector.
PRG Plcis based in Slovenia and works from different countries in Europe and Africa.
At the closure of the campaign IGIHE talked to Dr. Diane Karusisi, Bank of Kigali (BK)Chief Executive Officer, for insights into the importance of savings week.
Under the same campaign, Bank of Kigali is running a nation-wide savings campaign dubbed Bigereho Na BK. Excerpts below.
{{IGIHE: The annual National Savings Week closed yesterday, how important is the initiative to lenders like Bank of Kigali and how did you get involved, especially in helping spread its awareness to Rwandans?}}
{Karusisi:} We regard savings as the lifeblood of the banking industry that keeps the “heart” of the sector, which is lending, investing. In other words, it is almost impossible to imagine banking without savings. Whenever banks lend with inadequate domestic savings, the cost of credit goes high, hence the unending complaints about high interest rates.
We, therefore, appreciate and support the government’s efforts through the Ministry of Finance which is at the vanguard of the National Savings Week to encourage Rwandans to save. For us, this year’s savings week complemented our ongoing national savings campaign dubbed “Bigereho Na BK” that started in September during the Rwanda International Trade Fair.
During the savings week, we dedicated all our media platforms, including social media to share or re-share messages on the subject. Although the savings week has ended, Bank of Kigali will continue with its savings education and mobilization activities until the end of the year.
{{Give us an update on ‘Bigereho Na BK’ campaign}}
This is the tenth week since we launched the campaign and we are happy because Rwandans are overwhelmingly responding to our “call to action” which is opening a Bank of Kigali savings account, or re-activating dormant accounts and depositing money. We have exciting prizes to be won and dozens of customers have already tasted the experience of winning.
Last week, a woman from Nyagatare won a cow while another client won Rwf1 million. Dozens of others have been won, including bikes, solar systems and electronics. In the same period, almost 15,000 new accounts were opened and, thanks to the campaign, close to Rwf2 billion has been mobilized in personal savings. This is the money that was outside the banking sector. Now that we have it, it means we can lend it to more small-and-medium enterprises to help them expand and create jobs and pay taxes for national development.
Most importantly, the people who deposited this money also earn a good interest on their deposits as borrowers pay interest on the money. Here, we are talking about an entire value chain. When you save in a bank, your deposit is traded, lent to a local investor and the ultimate result is economic growth.
{{How critical is strong savings culture regarding long-term investment?}}
IIt is very critical and like I said at the beginning, we regard savings as the blood that runs in the veins of the banking sector.
Currently, commercial banks can hardly rely on domestic savings to support long-term investment because most savings are short-term in nature. Simply put, if you keep your savings in the bank for just six months, theoretically a bank can’t lend it to an investor for a period of two years unless. This is what is called in our jargon the mismatch between a bank’s assets and its liabilities.
Therefore, as we promote a savings culture, we must also encourage long-term saving to facilitate lending for long-term investment. Today, banks rely on international financial institutions for long term credit to facilitate big and long-term investments in the country.
{{What are some of your products that encourage saving?}}
At Bank of Kigali, we offer a wide range of saving account products that are tailored to meet the varying needs of our customers. ‘BK Kira Kibondo’ is the newest product, targeting parents aiming at saving for their children to build for them a firm financial foundation. At an annual yield of 8 per cent, we are happy to say the product is currently the best deal on the market for parents.
We have other savings products such as the BK Special savings tailored for individuals with surplus funds and would want to save to cover for future cash outlays like home construction, university education or retirement. With this account, depositors earn favourable interest rates that are among the prime in the market.
We also have the fixed deposit account or term deposit where the account holds a specific amount of money for a specified duration at an interest rate pre-agreed with the bank. Others include the student savings account for students interested in saving money for their college upkeep, study materials and personal utilities they would wish to acquire as students.
But we also encourage Rwandans to save by investing on the stock market where Bank of Kigali shares are listed and, currently, earning good yields for shareholders. You buy shares today and any value gained tomorrow is a return on what you invested.
{{The public has often complained of high interest rates and yet commercial banks attribute the high cost of finance from global lenders. How is Bank of Kigali helping to ensure customers access credit at lower rates?}}
High interest rates are an effect not a cause. We believe low interest rates will be among the long-term benefits of an entrenched savings culture. But in the short-run, we are encouraging customers to build strong credit histories and ensure strong corporate governance standards, especially business owners, to be able have an attractive risk profile for banks.
In banking, every client is risky, but the risk varies. In lending terms, high risk customers attract high interest rates while low risk clients enjoy low interest rates. We don’t have a blanket price for all customers. If you need to learn how to improve your risk profile as a borrower, contact us at Bank of Kigali for free credit risk assessment for individuals or businesses.
{{How much should one save from their monthly salary?
}}
Karusisi: I would refer anyone to the 50/30/20 rule of thumb which advises that at least 20 per cent of your income should go towards savings; 50 per cent (maximum) towards necessities while 30% goes towards discretionary items. Now, there’s no criminal charge for breaking this rule, it only requires strict personal financial discipline to follow.
Kagame was speaking today in the ‘Head of State Dialogue at the Africa Global Business Forum’ in Dubai
Moderated by John Defterios, a CNN journalist in the Middle East, the conversation with president Kagame focused on the Imperative of Regional Integration in Africa
“History divided the continent, and this prevented Africa to be as prosperous as it should have been, now people want to cooperate in doing business and we started seeing development” Kagame said.
Speaking about the equilibrium of governance, the head of state said that the balance is about what the people of any country want and feel about the outcome.
He said that even countries with old democracies still face challenges.
“Democracies will always be challenged what matters is looking at the overall level of progress” he said.
Speaking about Rwandans’ role in leadership, Kagame used himself as an example of how country’s leadership is founded on people’s choices.
“The people of Rwanda still call me President because in the end they are the ones who decide” he said.
Kagame was selected to participate in the dialogue as the president who championed for unity on African continent through different activities like opening borders for other foreigners in Rwanda and joining international communities.
The two-day Africa Global Business Forum was organized by the Dubai chamber. It is exploring the potential for leveraging technology to accelerate growth across Africa, discuss the power of the emerging private sector and identify the opportunities for financing and partnering with Africa’s most dynamic businesses.
The move was announced yesterday in the general assembly of RFTC members.
RFTC, started with the investment of Rwf790 million and today the cooperative has over Rwf13 billion. According to members, constructing a Rwf45 billion bus terminal is a sign of good performance of the cooperative.
The RFTC’s Chairperson Col. Dodo Twahirwa said that construction works will start in 2018 and added that more car parks will be constructed after Nyabugogo
“We chose to renovate Nyabugobo Bus Terminal because it is modern and strategic to every city passenger or visitor,” he said.
According to Dodo, after Nyabugogo, Kayonza, Musanze and Nyagatare car parks will also be renovated.
The State Minister in charge of Transport in the Ministry of Infrastructure, Jean de Dieu Uwihanganye said that renovating Nyabugogo Bus Terminal will help sustaining the good infrastructures of the city.
“This is a good project that will help to keep the good image of Kigali City and the country in general. Nyabugogo is the gateway to the city. It should leave good impression to visitors,” he said.
Nyabugogo bus terminal will also have commercial buildings and passengers’ waiting points.
