The NRM celebrates their Voter Tourism and their “Double Victory” at Kololo today!

NRM Bus Company Limited

Don Museveni and his loyal capos, his underbosses and his Crime Preventers filled the Kololo Independence Grounds, with the quality of voter tourism and the staged affairs. With a 140 cakes with the giant Yellow Bus; as a proof of the ushering in the NRM Bus Company and it’s Steady Progress. “The total cost is 30 million and the who gross cost at Kololo is 2.2 billions” (Breaking News Uganda, 09.04.2016). The 30 million is the value of the 140 cakes, the rest of the NRM celebration at Kololo independence grounds! “Today’s NRM election victory party at Kololo Ceremonial Grounds cost Shs 1.5 billion according to the party’s Secretary General Kasule Lumumba” (The Observer, 09.04.2016). No matter if it 2,2 Billion or the 1,5 billion on a victory celebration. That is just too much and waste of government funds while the State House and Defense Ministry needed grand amounts of shillings for the event.

NRM Oyee! 09.04.2016

People from Kampala is not attending the Celebration as the villagers are ferried in, just as the NRM Bus Company is famous for, even when they offer money and food for the attendance at the Celebration of the Election Victory. For Boda-Boda and Taxis they are offering free fuel for the ones who are driving people the Kololo.

Kololo 09.04.2016

They have even used government school buses to get people to come to Kololo like this, the Kigezi High School bus have been used to get people there.

The NRM is celebrating winning the election and the Supreme Court verdict, still the way they did it should be celebrated as they have controlled the whole election and celebrating that is just pissing on the democratic values and the truth accountability for justice for the ordinary Ugandans, and instead they are all now respecting Don Museveni.

Kololo 09.04.2016 P3. Entertainer

Jose Chameleone is having yet another concert for the Don and proving his loyalty to him and the crowds before the Don arrives on stage to say that he deserved 80% of the votes and that the country should have been better sanitized for the message of the movement. The values of the racket and that he is alone the kingpin of the country.

What the NRM Party said this:

“A very beautiful morning to you all. We thank you for voting and supporting NRM in the just concluded elections. Join us today and be part of the national celebration for the victory of our candidate Yoweri Kaguta Museveni at Kololo Ceremonial Grounds. Lets celebrate together.. The victory is ours”. (NRM, 09.04.2016).

Kampala Kololo 09.04.2016

The NRM enjoys celebrating themselves and their ability to use their buses to get people to listen to their paid entertainers and the Don Museveni. So the NRM finish the General Election the same way they started. Ferrying Voter Tourists to the Kololo Independence Grounds as they also did in November 2015. Peace.

Malusi Gigaba lashes out at ANC veterans (Youtube-Clip)

JOHANNESBURG, 8 April 2016Home Affairs Minister Malusi Gigaba has lashed out at ANC stalwarts who called for President Jacob Zuma’s resignation.This comes in the wake of last week’s Constitutional Court ruling on Nkandla. He was speaking at an ANC Heroes lecture in Gugulethu” (eNCA, 2016).

DNB Nor plan of setting up a Carlson Funds as a “Societe Anonyme” (S.A.) to initially save taxes and write of their subsidiary in Luxemburg; they might claim differently to save face, but the agreement with Luxemburg Authorities says otherwise!

Biathlon Ad Vital DNB

The Company in Scandinavia famous for getting George Clooney to be parts of their commercials and being synonymous with the Norwegian National Team of biathlon, making Ole Einar Bjørndalen wearing a Vital hat to the races and competition as a display of one of the main sponsors of the National Team. That is ordinary in sports, and is ordinary in the time we live in. So that a big bank is supporting a National Team is everyday event, but that is not what I will write about and discuss. As I got to read one of the papers in the Panama Papers leak. Here it is and hope you can see how DNB Nor ASA used the opportunities for meager taxation and higher earning for their subsidiary.

Before you continue her is a classy ad from the company:

Now we will see how the Norwegian Company can also be a little greedy and trying to avoid taxes in Norway, but still earning the profits and having accounts, but using the PriceWaterCoopers (PWC) offer for a Shell Company in Luxemburg to save taxes and still keep the funds in safety in Luxemburg. That is the grand DNB Nor who is the largest bank group in Norway.

Here is how they do it, and it is epic ways of using the shell-companies to avoid Norwegian tax regime and use a Corporate Fund that is a S.A. “Societe Anonyme” as financial company in Luxemburg to simply benefit from the specific tax status for a company in Luxemburg instead of the Norwegian one. Let me take you for a ride!

What is the Carlson Fund Management Company S.A.:

“Carlson is a Luxembourg resident company incorporated on August 14, 1990 as a limited company (“Societe Anonyme”) in order to develop the German and other European markets” (…) “Carlson is a company of DnB Nor group (hereafter the “Group”). The Group is Norway’s largest financial services group with total combined assets of NOK 1,834 billion. It includes strong brands such as DnB NOR, Vital, Nordlandsbanken, Cresco, Postbank.en, DnB NORD and Carlson” (…)”Carlson is part of the life and asset management branch of activities of the Group, DnB NOR Asset Management. It is Norway’s largest fund manager and has a leading position within discretionary asset management for institutional clients in Norway and Sweden” (…)”Until July 28, 2006, the purpose of Carlson was the creation, management and administration of a unique fund, Carlson Fund, created in Luxembourg on August 31, 1990. In this respect, based on the Luxembourg law on UCis, Carlson benefited from a specific tax status exempting the company from Luxembourg corporate income tax, municipal business tax and net wealth tax”.

You think that is saga in the making just see what more they did to secure lesser tax in Norway and close to none in Luxemburg, because corporate greed is what makes the world run like Ussain Bolt!

“By resolution of the Extraordinary General Meeting (“EGM”) held on July 28, 2006, Carlson has amended its by-laws in order to comply with the law of December 20, 2002 transposing the UCITS III Directive 85/611/EEC into Luxembourg law. Since the EGM, Carlson has been responsible for the management and administration of several investment funds. Carlson currently manages a portfolio of funds under 3 fund umbrellas: Carlson Fund, DnB NOR Fund and more recently DnB NOR Part II Fund since February l, 2008 (hereafter the “Funds”)” (…) “As from the date of the EGM (i.e. July 28, 2006), Carlson became subject to an unlimited tax liability and is considered as a newly incorporated entity for tax purposes”.

DNB Bankkort

You think that is bad and telling how the Carlson entity of Luxemburg, which funds and fueling money from the DNB Nor and their subsidies and banks in Norway. As he Tax is high here for any profitable business, this kind of transaction and order clears lots of funds from the Company and banks, which gives higher profits, because of less tax as they follows through consultation to follow the exemptions laws in the tax-haven. Here we go!

How do they secure the tax-exemption with the laws in Luxemburg?  

“Based on article 35 (4) of the Luxembourg Income Tax Law (“LITL”), when a company becomes taxable, all its assets and liabilities have to be valuated, at the time of the conversion, at their fair market value The assets and liabilities concerned are those “contributed” to the fully taxable entity, including intangible assets (article 59 (2) LITL)” (…)”the tax balance sheet has to take into account all the assets and liabilities of Carlson (i.e. the whole assets and liabilities whose, by nature, intend to serve the activity of the company2) including the valuation of the management contract. The administrative doctrine precises that is assimilated as an asset all the potential assets that can be exploited in the context of the activity of the company and with an individual economic value” (…)”Carlson has to revalue its capital in its opening tax balance sheet. The revalued capital includes the share capital of the formerly tax exempt company, the reserves accumulated by Carlson until the moment of the conversion, as well as the revaluation reserves resulting from the step-up at the moment of the conversion. The revalued capital is treated as “fiscal capital” in the hands of Carlson from a tax point of view. Any repayment (of part) of this “capital” to Carlson’s shareholders will therefore not be subject to withholding tax in line with the provisions of article 97 (3) b LITL”.

Now we have seen how the DNB Nord have put a S.A. Society Anonyme with the Carlson Funds to drop money into the Tax-Haven of Luxemburg as the DNB thinks the suits of Luxemburg to perfection and wondered if Barney Stinson bought suits made for Luxemburg.

DNB set up the Society Anonyme is set up with a new “EMG” to get unlimited tax-liability in Luxemburg. So the advice made the funds from the company under the Carlson from the time of the board-meeting by law of the 28. July 2006. The continued thing they did was to take their assets and monies fueled into the Carlson Funds, so the liabilities together with all of contracted value and management in the tax-balance sheet. So there fueling of moneys into the Fund is also fiscal capital and because of the status of the S.A. hide more in the secret company there.

DNB Nor

Then the control of Carlson Funds is by all means controlled by DNB Nord as written here:

“As an example, a major part of the support activities (e.g. accounting) is done in close collaboration with the members of the Group located in Sweden/Norway. Moreover, the members of the team managing Carlson in Luxembourg are all senior officers originated from the Group. Consequently, the distribution of the Funds in Luxembourg is mainly performed thanks to the support of the Group”.

Here is what the group is supposed to pay in tax:

“Taking into account the total 2006 and 2007 value of the business compared to the total 2006 and 2007 annual profit before tax, Carlson will pay an annual and arm’s length remuneration in accordance with articles 56 and 164 (3) LITL to the Group for its support representing 65,92% of its annual profit before tax” (…) “Carlson will benefit from such retrocession of fees over a period of 10 years. As the taxable activity of the Company started in 2006, we propose to recognize such retrocession as from August I, 2006 until the financial year 2016” (…)”The computation of the percentage of notional retrocession of fees will be subject to a supervision period of 4 years (2006-2010). In case of significant/major changes in the business in Luxembourg, Carlson commits itself to inform the Luxembourg tax authorities of any significant changes that would modify its business and/or its tax position in order to agree on the more appropriate tax treatment”.

If you wonder what retrocession means that is planned underwritings of the earnings of the company. Underwritings or retrocession is usually a volunteer act of a company to return property or ceding property, though usually by request and not by forced transaction. Also the underwriting is also done to diversifying assets by consolidating them amongst the stakeholders. That means the last one the percentage of the company which is 65 % of the profits of DNB NORD’s Carlson Funds will dived 65% of the funds to the stakeholders of the company. Initially meaning that the Stakeholders or the Owners  of the DNB NORD and that before any tax in Luxemburg, which is beautiful business model for the Stakeholders and for the ones owning DNB, and by literal controlling Carlos Funds.

The Company found another way to dodge a little more tax:

Net Wealth Tax: As no intangible asset is recognized in the tax balance sheet of the Company, there is no increase of the unitary value of Carlson for net wealth tax purposes”.

This is initially saying that since they have not written any assets of value when they started to operate, therefore they does not have assets or monies worth to be classified for the Wealth Tax Purposes in Luxemburg. Here was yet another way of using the loopholes in Luxemburg to get even less taxation and a favorable way of using the tax-system there.

This article in the middle of the charter of Carlson Funds says the truth of the company:

The purpose of the corporation is the creation, administration and management of one or several Luxembourg and/or foreign collective investment funds in transferable securities authorized according to the Directive 85/611/EEC, as amended (”UCITS”) and of other Luxembourg and foreign collective investment funds not covered by trus Directive (“UCI”) (all together the “Funds”) on behalf of their unitholders or shareholders in accordance with the provisions of chapter 13 of the Luxembow-g law of December 20, 2002 on undertakings for collective investment, as it may be amended from time to time (the “2002 Law”) , and the issue of certificates or statements of confirmation evidencing undivided co-ownership interests in such Funds. The corporation shall manage any activities connected with the management, administration and promotion of the Funds. It may on behalf of the Funds, enter into any contracts, proceed to any registrations and transfers in its nam~ or jn third parties’ names in the register of shares or debentures of any Luxembourg or foreign companies, and exercise on behalf of the Funds and the holders of certificates of the Funds, all rights and privileges, especially all voting rights attached to the securities constituting assets of the Funds. The foregoing powers shall not be considered as exhaustive, but only as declaratory”.

EuroOK

This here says enough of the practices of the Norwegian Banking group of DNB Nor or DNB Nord ASA had a subsidiary for recess their tax-operation and use the lucrative opportunities for keeping the profit without having issues with the Tax-regime in Norway. As the Norwegian rules and tax-regulation without studying them is stricter and has to be stricter than this. Because the end of the Tax contract with Luxemburg disclose the information where they are planning not to pay for their “Net Wealth Tax Due”. So even if the funds grow massively and the monies invested in the Carlson Funds, the opportunity to underwrite 65 % before the tax on its profit and that is possible with the “underwriting” method. In that sense the taxation of the will always is 10% on very little part of the funds, as the stakeholders can theatrically take 65 Euros on the 100 euros. Leave behind 35 Euros of it profit and pay 3, 5 Euro on the 100 Euros of Profit, that is a beautiful operations. If it wasn’t for the underwriting of the revenue then the company would have by the standard tax of Luxemburg paid 10 Euros of tax. 10 Euros is not much of a profit of 100 Euros, but still vastly more than 3, 5 Euros, the difference by quick calculation is 6, 5 euros. That is nearly a price of a Big-Mac Combo-menu that cost around 8 Euros in Luxemburg.

That is because of the technic of underwriting and sharing that with the shareholders and stakeholders of the Carlos Funds S.A. in Luxemburg which is their subsidiary. As written so nicely to the Luxemburg Department of Tax Collection in 2nd July 2008:

“on behalf of our client Carlson Fund Management Company S.A. (hereafter also referred to as “Carlson”), we respectfully request you to confirm, in writing, the content of this letter as to the Luxembourg tax treatment applicable to the situation described herein”.

That the Carlson was supposed to get the reasonable Tax Treatment for the company so there was a hashed plan from the get-go together with the Company of PriceWaterCooper. The plan was made an acted upon. This would not been possible if the DNB Nor did not use the guidance and setting up the charter after the laws there and follow the guidelines of the company setting it up for making sure of having less tax.

As explained with the 100 Euros scenario. The certainty is not any excuse from the DNB Nor can tell away.  As they explained in 2016 to the Norwegian Press:

“No, DNB Luxemburg does not help the costumers to avoid tax. The Advisors function as discussion and talking-partners when it comes to financial questions, which offers legal and legitimate tax-plan for the costumers who live abroad. It could for example be about advice about financial-solution, cross-border transactions, complicated inheritance-regulation and other taxing environment that would be different from the ones who are living in Norway” (…)”DNB does not operate in Luxemburg because of taxation (Foss, 2016).

Well, I have already explained there operation and how they get to pay as little tax as possible through their operation. So DNB Nor had or still have the Carlson Fund Management Company S.A. in Luxemburg to save taxes and earn more monies in their operation and company there. Something they would be able to do in Norway or under Norwegian taxing regulation. Peace.

Reference:

MF I/ECCi/ AEGN/C21108001 M-PEWR – “Carlson Fund Management Company S.A. – Identification tax number: 2006 2240 378- Recognition of a license fee for tax purposes” (02.07.2008) – PriceWaterCooper (PWC)

Foss, Andres Bakke – ‘DNB i redegjørelse i 2014: DNB Luxembourg hjelper ikke kundene med å unndra skatt’ (08.04.2016) link: http://www.aftenposten.no/okonomi/DNB-i-redegjorelse-i-2014-DNB-Luxembourg-hjelper-ikke-kundene-med-a-unndra-skatt-8422413.html#xtor=RSS-3

Press release from Kenyan National Police on bankers and accusing others of ‘misuse of social media’ to spread lies (08.04.2016)

KNPS PR 08.04.2016 P1KNPS PR 08.04.2016 P2

ANC wants its members to stop anti-Zuma rhetoric in public (Youtube-Clip)

JOHANNESBURG, 8 April 2016ANC branches are calling for action to be taken against Zuma, following the Constitutional Court Nkandla judgment. Yet the governing party wants members to voice their concerns within the organisation, not in public” (eNCA, 2016).

Open Letter from MP Bantu Holomisa to the Speaker of Parliament Ms. Baleka Mbete: “Request for Disiplinary Enquiry against President Zuma” (07.04.2016)

baleka

Ms Baleka Mbete

Speaker to the National Assembly

Republic of South Africa

Private Bag X15
Cape Town
8000

Dear Honourable Speaker

REQUEST FOR A DISCIPLINARY ENQUIRY AGAINST PRESIDENT ZUMA.

The above matter has reference.

Following the scathing Constitutional Court judgment delivered on the 31st of March instant, and found amongst others: “

“Consistent with this constitutional injunction, an order will thus be made that the President’s failure to comply with the remedial action taken against him by the Public Protector is inconsistent with his obligation to uphold, defend and respect the Constitution as the supreme law of the Republic; to comply with the remedial action taken by the Public Protector; and the duty to assist and protect the office of the Public Protector to ensure its independence, impartiality, dignity and effectiveness”.

A barrage of vicious attacks was meted against the office of the Public Protector and the Public Protector, by amongst others, members of the National Assembly; to a point of accusing her of misleading the nation. This grave misconduct has adversely affected the operations, performance and effectiveness of the Public Protector. Notwithstanding the clarity given by the Constitutional Court, the President, in his public half-hearted apology, failed to express himself on this matter of national interest.

In July, justice portfolio committee chairperson Dr. Mathole Motshekga told the Nkandla ad hoc committee: “We should not, and cannot, apologise when we say the report of the public protector is misleading and has misled the nation.”

The National Assembly Portfolio Committee on Justice and Correctional Services, led by the chairperson, Dr. Mathole Motshekga and Ms Thandiswa Mahambehlala brutally attacked the person of the public protector. This may have led to the economic embargo against the office of the Public Protector.

News 24 reported on the 3rd of April 2016; attribute the following to the Speaker of the National Assembly, Ms Baleka Mbete; “Now I don’t know who owes the public protector an apology about what because as far as Parliament is concerned, the situation has been explained,” she said.

It is my considered view, that the National Assembly has a Constitutional obligation to hold the President accountable on this matter. He has the duty to assist and protect the office of the Public Protector to ensure its independence, impartiality, dignity and effectiveness.

ZAPIRO Public Protector

Further, the Constitutional Court found, against the President: “Consistent with this constitutional injunction, an order will thus be made that the President’s failure to comply with the remedial action taken against him by the Public Protector is inconsistent with his obligation to uphold, defend and respect the Constitution as the supreme law of the Republic; to comply with the remedial action taken by the Public Protector; and the duty to assist and protect the office of the Public Protector to ensure its independence, impartiality, dignity and effectiveness”.

Schedule 2 of the Constitution under Oath or solemn affirmation of President and Acting President provides: “The President of Acting President, before the Chief Justice, or another judge designated by the Chief Justice, must swear/affirm as follows: In the presence of everyone assembled here, and in full realisation of the high calling I assume as President/Acting President of the Republic of South Africa, I, A, B., swear/solemnly affirm that I will be faithful to the Republic of South Africa, and will obey, observe, uphold and maintain the Constitution and all other law of the Republic; and I solemnly and sincerely promise that I will always –

  • promote all that will advance the Republic, and oppose all that may harm it;
  • protect and promote the rights of all South Africans;
  • discharge my duties with all my strength and talents to the best of my knowledge and ability and true to the dictates of my conscience;
  • do justice to all; and
  • devote myself to the well-being of the Republic and all of its people”.

The President has on numerous occasions, and with regard to the report of the Public Protector and the security upgrades at his private homestead; made statements in the National Assembly, which were not accurate and may be bordering on perjury.

To date, the nation as has not seen, the size and colour of a piece of paper purporting to be a bond that the President told the National Assembly funded his private home. Access to this document was never granted to the Public Protector as reported.

Jacob+Zuma+March+17+2016

Above all, the President had the audacity to come to the National Assembly and made mockery on a matter affecting the whole nation. We can all remember him infamously saying “…Nkandla – Nkandla! Owu Thixo – wa-se – George – Goch!”

Accordingly, it is my considered view that the National Assembly is enjoined to institute a disciplinary enquiry against the President, in order to ascertain the gravity and the seriousness of the conduct of the President, as determined by the highest court of the land.

In this regard, I propose:

That a disciplinary enquiry be instituted against the President to:

1.1.        Investigate whether the President has not misled the National Assembly with regard to his pronouncement on the security upgrades in his private homestead as well as the report of the Public Protector; and

1.2.        Investigate the gravity and seriousness of the conduct of the President as determined by Constitutional Court on the 31st of March 2016, and in line with section 89 (1) of the Constitution.

That the composition of the disciplinary enquiry be made up of three retired judges given that the National Assembly is conflicted, and that its findings should only be subjected to a review by a court of law where necessary.

That a Multi-Party Committee be established to conduct a review of the current legislation governing security upgrades for public representatives in order to avoid further occurrence.

That the National Assembly, set up a process that will immediately address the economic embargo meted against the office of the Public Protector and ensure that it is sufficiently resourced to be able to discharge its Constitutional obligations independently, impartially, effective and with dignity.

Finally, the National Assembly has no choice but to hold the President accountable. Failure to do so, will send an unfortunate message to many other entities, that since the President was never held accountable, no one will have consequences for misleading the National Assembly under oath.

Kind regards

Mr. Bantu Holomisa, MP

President of the United Democratic Movement

Press Release: Chase Bank Limited Kenya into recievership by the Central Bank of Kenya (07.04.2016) & Chase Bank Appoints new Board Chair (06.04.2016)

Chase Bank Kenya PR 07-04

Chase Bank Kenya Chairmen

Message to Donald Trump: “Department Of Environmental, You’re Fired” (Youtube-Clip)

“If he becomes president, Donald Trump will definitely get rid of the Department of Environmental, which is a thing that does not exist. Good job, President Trump!” (the Late Night Show with Stephen Colbert, 2016).

Two People Arrested for Passport Fraud at Entebbe Airport (Youtube-Clip)

The directorate of citizenship and immigration control together with police have arrested two people in connection with passport related fraud at Entebbe International airport. The two, one a Nigerian national and another Ugandan were intercepted during a crackdown carried out yesterday at Entebbe airport” (Dennis Duke, 2016).

Press Release: IMF Staff Completes Review Mission to Rwanda (05.04.2016)

Rwanda Francs

WASHINGTON D.C., United States of America, April 5, 2016 –  An International Monetary Fund (IMF) team, led by Laure Redifer, visited Kigali from March 22–April 5, 2016 to carry out discussions with the Rwandan authorities on the fifth review of their economic and financial program supported by the IMF’s Policy Support Instrument (PSI)[1], and to reach understandings on economic policies that could be supported under the IMF’s Stand-by Credit Facility (SCF).[2]
Ms. Redifer issued the following statement at the end of the visit:

“The IMF team reached staff-level agreement with the authorities, subject to approval by IMF Management and the Executive Board, on policies that could support completion of the fifth review of Rwanda’s PSI-supported program, as well as a new agreement on an 18-month arrangement under the Fund’s SCF. The Executive Board meeting is tentatively scheduled for May 2016.

Rwanda’s economic performance in 2015 remained robust, with GDP growth of 6.9 percent. Growth in 2015 was buoyed by strong construction and services activity, with agriculture and manufacturing also performing well. Consumer price inflation remained contained, averaging 2.5 percent for the year, though it increased in the second half of 2015 due to higher food prices and administrative price increases. In February 2016, prices were 4.4 percent higher than a year before.

“However, new challenges emerged over the course of 2015 as a result of global developments. Lower prices and demand for Rwanda’s minerals almost halved the country’s mineral exports, leading to a significant loss of export revenue. This was exacerbated by lower-than-projected inflows of private capital and remittances, which together led to downward pressure on the Rwandan franc and foreign exchange reserves.
“Despite these developments, macroeconomic policy performance through end-December 2015 remained in line with program objectives. Most quantitative targets were met, and were supported by structural reforms, notably changes to boost domestic revenue collection, reduce liquidity overhangs, strengthen financial market supervision and functioning, and improve domestic revenue collection. Planned measures to revise the law for property taxes and improve the timeliness of public reporting on budget execution are taking somewhat longer than originally anticipated.  

“Over the medium term, growth prospects remain in line with Rwanda’s high potential, and the mission welcomes ongoing initiatives to promote export diversification and encourage local production of what Rwanda currently imports, in order to improve Rwanda’s resilience to external shocks. These policies will, however, take time.  In the near term, more immediate measures are needed to deflate external pressures and stem the drop in foreign exchange reserves. The mission welcomes, therefore, the authorities’ commitment to implement more cautious monetary policy and postpone some non-priority public spending to help dampen still-strong demand for imports. Allowing the exchange rate to continue to adjust as necessary will be critical in this regard. The mission expects that successful implementation of these policies will maintain economic growth at around 6 percent, while keeping inflation below 5 percent.

“The mission commends the authorities for decisive economic policies aimed at safeguarding external sustainability and reinforcing Rwanda’s long-term development potential. The mission also welcomes the authorities’ ambitious program of supporting forward-looking policy reforms aimed at strengthening the efficiency of public spending; and improving tax compliance.

“The mission met with Minister of Finance and Economic Planning Honorable Ambassador Claver Gatete, Governor of the National Bank of Rwanda Honorable John Rwangombwa, Minister of Trade and Industry Honorable François Kanimba, and other senior government officials, private sector representatives, and development partners. The mission thanks the authorities and other interlocutors for the open, fruitful and collaborative discussions.”

[1] Rwanda’s PSI was approved by the IMF Executive Board on December 2, 2013 (see Press Release No.13/483). The PSI is an instrument of the IMF designed for countries that do not need balance of payments financial support. The PSI helps countries design effective economic programs that, once approved by the IMF’s Executive Board, signal to donors, multilateral development banks, and markets the Fund’s endorsement of a member’s policies. Details of Rwanda’s current PSI are available atimf.org/rwanda.

[2] The SCF supports low-income countries that have reached broadly sustainable macroeconomic positions, but may experience short-term financing needs, including those caused by shocks. The SCF supports countries’ economic programs aimed at restoring a sustainable macroeconomic position consistent with strong and durable growth and poverty reduction. (see imf.org/external/np/exr/facts/scf.htm).