ADVERTISEMENT
  • Privacy Policy
  • Terms
  • About us
  • Contact Us
Sunday, October 1, 2023
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

Despite cash pressure, Rwanda repays $400m Eurobond

Rwanda

The Matters Press by The Matters Press
May 4, 2023
Reading Time: 2 mins read
0
Nigeria floats $4bn Eurobonds

Rwanda has successfully repaid its $400 million Eurobond despite pressure on the country’s coffers that have come under intense pressure due to ongoing global shocks linked to the prolonged impact of the Covid-19 pandemic, the war in Ukraine and the appreciation of the US dollar.

RELATED POSTS

Nigeria, ALAT move to provide 3m digital jobs, spur economy

UNGA mull idea to spur Africa as business frontier

FirstBank, Lafarge meet with cement distributors on financial services

The EastAfrican has learned that the full payment, which was due this week, was successfully made.

Officials from Rwanda’s Ministry of Finance and Economic Planning say the repayment was made possible partly due to the availability of financing from the International Monetary Fund (IMF) that allowed the government to make savings.

“The government has set aside $63 million as part of the International Monetary Fund’s Special Drawing Rights (SDR) allocation that it received in 2021 as support to fight against the impact of Covid-19 on the economy,” the finance ministry told The EastAfrican.

“This foresight and proactive measure by the government have significantly reduced the risk of default and allowed a successful repayment of the remaining 15.1 percent of the 2013 Eurobond,” the ministry added.

However, Rwanda successfully managed to reduce its debt burden during the pandemic when it took advantage of the low-interest rate environment and issued the second $620 million Eurobond, using part of its proceeds to repay part of the $400 million.

The 10-year Eurobond ($620 million) issued in April 2021 attracted a coupon rate of 5.5 percent, lower than the 2013 rate of 6.625 percent.

The lower yield led to a reduction in its annual interest payments over the next 10 years, which has helped to make its debt sustainable.

While the government has aggressively borrowed in recent years to finance economic recovery and development projects with public and publicly guaranteed debt rising sharply to 78.3 percent of GDP in 2021 up from a pre-pandemic figure of 60.7 percent of GDP in 2019.

However, approximately 80 percent of this debt is concessional with development finance institutions with low-interest rates and long maturity.

Published by The EastAfrican

Tags: Rwanda
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Embrace entrepreneurship in place of white-collar jobs- Minister
Economy/Technology

Nigeria, ALAT move to provide 3m digital jobs, spur economy

September 29, 2023
Economy/Technology

UNGA mull idea to spur Africa as business frontier

September 29, 2023
Mangal, Sinoma in deal for $600m cement factory
Economy/Technology

FirstBank, Lafarge meet with cement distributors on financial services

September 29, 2023
Jaiz Bank expands with new branches
Economy/Technology

Federal, states, Councils in bumper share, split N1.1trn for August

September 29, 2023
Veritas Kapital’s total assets hit N21.4bn
Economy/Technology

AIICO introduces Flexure to distribute insurance products

September 29, 2023
NSIA, Agency in deal on solar power
Economy/Technology

Companies inaugurate 100MW solar panel assembly factory in Lagos

September 29, 2023
Next Post
Experts seek implementation of economic development plans

What is happening to Kenya’s economy

Ajay Banga Selected 14th President of the World Bank

Ajay Banga Selected 14th President of the World Bank

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended Stories

Nigeria declares Wednesday, Thursday public holidays

Nigeria declares Sept. 27 as public holiday for Eidel-Maulud:

September 26, 2023
IMF raises alarm over Nigeria’s economy, but supports reform efforts

Nigeria safe, trusted business hub – Lai Mohammed

November 15, 2022
Nigerian firms to handle $4b gas project

African countries engage DFIs to fund oil, gas projects

March 7, 2022

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • The Penis, its global culture

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Nigeria, ALAT move to provide 3m digital jobs, spur economy
  • UNGA mull idea to spur Africa as business frontier
  • FirstBank, Lafarge meet with cement distributors on financial services

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2022 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2022 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us