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The funding, approved on Thursday under the new Standby Credit Facility, will also be used to boost balance of payments, the ministry said on social media platform X, formerly known as Twitter. A statement by the IMF said Rwanda’s commitment to building a resilient and greener economy is commendable and required to be sustained. “Enhancing social protection programs, improving human capital accumulation, and promoting private sector-led economic diversification will be critical to navigate challenging times and advance living standards,” the statement said. “Maintaining the momentum on Resilience and Sustainability Facility-supported climate-related reforms including green taxonomy will help close adaptation gaps and increase resilience to climate-induced shocks,” it added. The IMF noted that Rwanda demonstrated its ability to catalyze additional climate finance and promote collaborations between the public and private sectors during the recent 28th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change in Dubai, the United Arab Emirates. It said that despite the challenging environment, Rwanda’s progress on the climate agenda “remains https://www.capitalfm.co.ke/business/2023/12/rwanda-gets-268-mln-u-s-dollars-in-imf-funding-to-respond-to-climate-shocks/?utm_source=dlvr.it&utm_medium=twitter&utm_campaign=rwanda-gets-268-mln-u-s-dollars-in-imf-funding-to-respond-to-climate-shocks
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The support of IMF is key towards acheive sustainable environment
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Seeing our neighbor shining all through is uplifting news
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The International Monetary Fund's (IMF) approval of additional funding for Rwanda, acknowledging the country's efforts in building a resilient and greener economy, underscores the importance of sustainable development in the face of climate change. The financial support, granted under the new Standby Credit Facility, not only aims to address climate shocks but also boost the country's balance of payments. The IMF commends Rwanda's commitment to sustainability and emphasizes the need to sustain efforts in social protection, human capital accumulation, and private sector-led economic diversification. The recognition of Rwanda's ability to catalyze climate finance and foster collaborations at international climate conferences further highlights the importance placed on climate-related reforms and resilience-building initiatives.
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Encouraging
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@Johannes_Luiga True! This is inspiring!
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This assistance can be a valuable catalyst for Rwanda's continued journey towards a sustainable and resilient future.
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Such financial backing can play a crucial role in building resilience and fostering sustainable development.
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Funds are very crucial in pushing for climate agenda and Rwanda now benefiting from imf is great milestone
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@johnte_ndeto Yes.. with resources Rwanda is sure to change their narrative when it comes to climate change. for the better
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Great to see international support for Rwanda's efforts to address climate shocks. This kind of collaboration is crucial for building resilience in the face of climate change.
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This is a positive step towards building climate resilience in vulnerable areas.
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This is a big win for Rwanda!
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@winnie_nguru And of course a win for our planet!
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@winnie_nguru Sure