Minister Hakuziyaremye on COVID-19 impact on trade & industry in Rwanda

The COVID-19 pandemic has brought about unprecedented challenges globally, affecting almost every sector of the economy. Small and medium enterprises, particularly those in the informal sector, have found themselves among the hardest hit by the crisis. Minister Soraya Hakuziyaremye, Rwanda's Minister of Trade and Industry, recently sat down with CNBC Africa to discuss the extent of the impact on businesses in Rwanda and the government's plans to provide relief. Minister Hakuziyaremye highlighted the importance of prioritizing public health measures while also addressing the economic consequences of the pandemic. She emphasized the need for businesses to adapt to new health protocols and ensure the safety of both employees and customers. When it comes to manufacturing, the Minister acknowledged the significant impact the crisis has had on the industry, with some sectors experiencing up to a 30% decline. Traders across various goods have also faced challenges, from consumer goods to luxury items. The Ministry of Trade and Industry has been actively working on a recovery plan to support businesses affected by the pandemic. Minister Hakuziyaremye outlined the government's efforts to provide financial assistance through funds managed by the Ministry of Finance, Planning, and Economic Development. These funds aim to offer subsidized loans and guarantees to help businesses access the working capital needed to sustain their operations during these difficult times. Additionally, the central bank has implemented measures to support commercial banks in offering flexibility to borrowers, allowing for loan repayment restructuring and deferrals. Minister Hakuziyaremye commended the role of banks in assisting clients during this challenging period. However, she also noted the importance of ensuring that support reaches those sectors most in need, particularly those that were already struggling before the crisis. The Minister addressed the COVID-19 relief fund managed by the Ministry of Finance and Economic Development, explaining that priority industries will be identified based on specific criteria. Sectors such as hospitality and tourism, which have been severely impacted, are likely to receive special attention. Companies seeking support from the relief fund will need to demonstrate significant revenue losses compared to the previous year and show a commitment to maintaining their workforce and sustainability. Minister Hakuziyaremye emphasized the government's focus on helping businesses weather the storm and emerge stronger from the crisis. As Rwanda navigates the economic challenges posed by the pandemic, the Ministry of Trade and Industry remains committed to providing support and fostering resilience within the business community.