The RNC hate-monger and prophet of doom, David Himbara is whining again about the Rwandan economic outlook in his latest misleading post, which is sponsored by Uganda’s outgoing dictator Yoweri Museveni.
As always, Himbara’s omissions are the most important aspect one has to keep in mind when reading his ranting posts. For instance, one cannot emphasize the fact that that Rwanda’s near-term economic outlook “remains highly uncertain” according to the IMF and omit to mention that the same institution indicated that the Rwandan economic recovery is projected to start from early 2021, led by the industry sector and a rebound in private investment and consumption. Unless his or her mission is to tarnish the image of the country.
In fact, Rwanda Economic Recovery Fund (ERF) has been set up to support the hotel industry and finance firms with the potential to recover from the pandemic. The fund comprises a debt restructuring window for hotels (US$50 million), working capital financing windows for large corporates, microbusinesses (US$47 million), and a guarantee scheme to SMEs (US$3 million).
ERF funds are lent to banks, Micro Financial Institutions, and Savings and Credit Cooperative Organizations (SACCOs) at zero or low interest rates. These institutions, in turn, use it to provide loan restructuring for businesses deemed viable.
Not to mention that on top of all this, according to African Development Bank, Rwanda’s economic growth is projected at 8.2% in 2021, supported by continuing early large-scale investments such as the Bugesera airport, Hakan Peat plant, and electricity infrastructure.
But Himbara has no interest in providing a complete and accurate information about Rwanda. The misrepresentation has become a standardized exercise for the Museveni Stooge. Even when he talks about Rwanda’s debt status, which is expected to increase to about 66 percent of GDP in 2020 and 71 percent of GDP in 2021, he would rather choke himself than concede that Rwanda’s cautious and smart use of concessional financing will help keep the debt sustainable.
In truth, Himbara has prophesized for years the worst for the Rwandan economy without any of his predictions materializing. On the other hand, he has praised his financier Museveni who currently runs a country where the economic outlook remains extremely precarious due to rampant corruption, weak rule of law, and an increasingly aggressive Uganda Revenue Authority that creates a challenging business environment for the private sector.
Anyone paying attention to facts will connect the dots and clearly see the motivations behind Himbara’s smear campaign.