Climate Financing, Building Resilient and Inclusive Future the key takeaways as IMF Managing Director concludes visit

Kigali, Rwanda - The International Monetary Fund (IMF) Managing Director, Ms. Kristalina Georgieva, concluded her three-day working visit to Rwanda on Thursday evening, after engagements and constructive discussions with senior government officials, policy makers, entrepreneurs and youths on climate change and building long-term resilience for an inclusive and green future.

Ms Georgina participated in a round table discussion with regional Finance Ministers and Central Bank Governors on current economic challenges caused by the war in Ukraine, rising cost of living and climate change. They also discussed the new IMF Resilience and Sustainability Facility (RSF) and how it can support regional countries address climate change challenges and enhance pandemic preparedness.

“I have had constructive discussions and the opportunity to engage with senior policymakers from the East African Community on how the IMF can be an even more effective partner to help Rwanda and the region emerge from multiple crises and build a more resilient, inclusive, and greener economy,” Ms. Georgieva said.

Ms. Georgieva also interacted with Rwanda’s senior Government officials to discuss climate financing and ongoing climate mitigation and green projects. She held discussions with green entrepreneurs as well as young environmentalists participating and contributing to climate resilience initiatives.

The Minister of Finance and Economic Planning Dr. Uzziel Ndagijimana said the IMF Managing Director’s visit provided the opportunity to share experiences and innovative home-grown solutions on how to tackle climate change and mobilise climate finance with a focus on the RSF.

“On top of challenges such as cost of living and supply chain disruptions caused by the war in Ukraine, climate change poses an existential threat that needs to be dealt with immediately and effectively. Initiatives such as the Resilience Sustainability Facility will play a critical role in contributing to climate change mitigation. We hope that the RSF becomes a catalyst to leverage additional funding from other sources,” Minister Ndagijimana said.

Rwanda became the third country world-wide alongside Costa Rica and Barbados, and the first African country to successfully access funding under the RST. Rwanda secured US$ 319 million highly concessional financing to advance efforts in building resilience against climate change.