SOUND MONEY

In his address the Finance Minister's core message was that Rwanda was pursuing sound money underpinned by rigorous economic policies and co-operation with EU and African countries.

Briefly Rwanda's economic policies and strategies include the following:

Taking a long-term view by having a sound development programme and meeting its obligations to the IMF, World Bank and others, building confidence through transparency.

To this is added accountability by those entrusted with public resources. This is a key area which has been boosted by the creation of the office of Auditor General and also the setting up of the Central Tender Board to oversee the award of government contracts.

In addition to these measures the revenue services have been combined and staff are being properly remunerated.

There is no discrimination between internal and external investors and some taxes have been reduced.

A stable exchange rate sustained by direct budgetary support and balance of payments support. The Rwanda currency is currently very strong. Maintaining adequate reserves - currently 6 months worth. A freely convertible currency and no limit on the amount of money which can be transferred from the country.

In addition to the above, Rwanda has also been pursuing a privatisation programme which is already invigorating the private sector. It has all the qualities needed to achieve sound money and to attract quality investment which will lead to sustainable development.