Optimism for more remittances as Rwanda Day kicks off

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Optimism for more remittances as Rwanda Day kicks off

There is optimism that the Rwanda day2015 that kicks off this Saturday in The Netherlands is likely to see more remittances as well as investments flow into the country.

Remittances are the money Rwandans living in Diaspora send back home and is part of the revenues that are budgeted for in the national budget.

Rwanda  has recorded an increase  in  its remittances  back home in the past  years which  is mainly attributed to the Rwanda day events  that  aim to woe Rwandans  in Diaspora to  participate  in the  development of the  country.

For example, Central bank statistics indicate that   remittances inflow grew to $174 million in 2014 up from $50 million a few years back, showing an increase in the inflow.

This, according to central bank was more than revenues fetched by tea and coffee, the country’s key exports, indicating more growth of the inflows is likely to   trigger economic growth.

Experts believe that  an  increase  in remittances  is likely to  surplus the  aid the  country  gets  from development partners  by 2020, something that  is likely to trigger self-reliance and consequently support economic growth.

With its (aid) unreliability that is characterized by delays and cancellation, Rwanda since 2013 has been looking at other sources to finance its budget, a move that has paid off.

“As Diaspora we want to do more than this and have an active role in the development of our country,” said Norbet Haguma, the vice chair at the Rwanda Diaspora Global Network (RDGN) during a recent   dialogue in Kigali.

Therefore, Rwanda Day 2015 to be held in Netherlands is likely to trigger an increase in remittances inflow as over 33,000 Rwandans living in Diaspora across the world as well as friends of Rwanda are expected to attend.

 

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About the author

Olive Ndaka is the Junior Editor for RwandaEye. An investor and young entrepreneur, she is a quick learner and has contributed many articles for RwandaEye in Kinyarwanda.

More posts by | Visit the site of Ndaka

 

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