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Senate News

Parliament briefed on economic recovery with a focus on industrialisation

|   Chamber Of Deputies

 

This March 25, 2021, the joint Plenary session of the Parliament was presented by Prime Minister Dr Edouard Ngirente the Government's economic recovery efforts with a focus on industrial development.

The Prime Minister told Members of both chambers of Parliament about two key programs that the Government has put in place to address the impact of COVID-19 on the national economy; namely the Economic Recovery Fund and the National Industrial Development Program to increase productivity and contribute to the Economic Recovery (Manufacture and Build to Recover Program).

Prime Minister Ngirente said that the Economic Recovery Fund has been set up to help businesses that have been severely hit by the covid-19 pandemic to resume their operations and safeguard jobs. He said that the fund was initially launched with FRW 100 billion and is to be expanded to FRW 350 billion by the end of 2021.

The Manufacture and Build to Recover Program consist mainly of tax exemption on imported construction materials not available in the East African Community.

 “Businesses negatively impacted by the restrictions put in place to prevent the spread of the virus, or exposed to consumer discretionary spending, and those with global supply chains that have been disrupted, are eligible to apply for the support provided by the Economic Recovery Fund.” Said Prime Minister Ngirente

Dr Eduard Ngirente also briefed MPs that the Manufacture and Build to Recover Program aims to fast track private sector investments in manufacturing and construction.

Parliamentarians thanked the Government for its economic recovery, recommending it to take small and medium enterprises into consideration and to see how Made in Rwanda products are not expensive than the imported products. They also called on the Government to increase investment in industrial education in order to reduce the use of large numbers of foreign experts in the industry, thus making it more efficient for Rwandans to provide them with jobs.