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The sale, only the second by Rwanda, at an interest rate of 5.5%, follows lower than expected interest rates on paper issued by B Ghana b and B Benin b in July, and dollar debt sales by B Cameroon, Kenya b and B Senegal b in June. But emerging markets analysts Tellmer say that there is "generally strong investor buy-in to Rwanda's growth and reform story, despite a high and rising debt burden" adding that "we view the issuance as a positive signal for Rwanda's debt management". Rwanda became the latest African sovereign to benefit from money markets issuing US$620m of international bonds on August 2nd. [Extracted from the article]

I (Rwandan franc 1000 = £0.77/$0.96/€0.90) i B The aim is to return growth to pre-pandemic levels. b The government of Rwanda is expected to spend an estimated Rwandan francs 4,658.4bn in the next fiscal year (2022/2023), representing an increase of Rwf217.8bn or 4.7% compared to Rwf4,440.6bn of the revised budget of the current fiscal year. The disclosure was made on May 19th by Uzziel Ndagijimana, minister of finance and economic planning, while presenting the 2022-2023 Budget Framework Paper, and the annual budget estimates to both chambers of parliament. While presenting the proposed financial plan to legislators, Ndagijimana said that the next financial year budget, which will start on July 1st, 2022, will focus on the implementation of government strategies meant to resuscitate the economy from the Covid-19 pandemic so that it reaches the pre-pandemic growth level. [Extracted from the article]