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Kagame sworn in as president of Rwanda for fourth term

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Kagame sworn in as president of Rwanda for fourth term

2024-08-12 16:01 Last Updated At:17:37

President of Rwanda Paul Kagame on Sunday was sworn in for his fourth term, in a ceremony marked by pomp and color at the fully packed Amahoro Stadium in Kigali, the capital city.

The oath was administered by Chief Justice Faustin Ntezilyayo at an inauguration ceremony attended by thousands of Rwandans, as well as heads of state and government from countries, including the Central African Republic, Mozambique, Kenya, Ethiopia, Angola, South Sudan, the Republic of the Congo, Togo, Ghana, Guinea-Bissau, Guinea, Somalia, Gabon, Zimbabwe, Djibouti, Sudan, Tanzania, Botswana, Madagascar, Lesotho, Sao Tome and Principe, Senegal, Seychelles, and the Kingdom of Eswatini.

The event was also graced by heads of international and regional organizations, along with dozens of senior government officials from across Africa.

In his inaugural speech, Kagame described the ceremony as a day of renewal and gratitude. Reflecting on Rwanda's progress over the past three decades, Kagame noted that the achievements have surpassed expectations.

Kagame emphasized that the focus now shifts to the future, stating that the past 30 years have been a work in progress. He called the new mandate the beginning of even more hard work.

He pointed to ongoing efforts in areas such as security, health, infrastructure, and youth employment as evidence of Africa taking responsibility for its challenges and offering solutions. This mindset, he noted, is fostering unity and creating positive change across the continent.

About 9 million Rwandans cast their ballots in the presidential election held on July 15. Kagame, representing the ruling Rwanda Patriotic Front (RPF), won the election with 99.18 percent of the vote, according to the final results released at the end of last month by the National Electoral Commission (NEC).

His challengers, Frank Habineza of the opposition Democratic Green Party of Rwanda, and Philippe Mpayimana, an independent candidate, garnered 0.50 percent and 0.32 percent of the vote, respectively.

Kagame, who also serves as the chairman of the RPF, has been president since 2000, following his election as the president of the transitional government by ministers and members of parliament after the resignation of then-President Pasteur Bizimungu.

He was re-elected in the 2003, 2010, and 2017 presidential elections.

Kagame sworn in as president of Rwanda for fourth term

Kagame sworn in as president of Rwanda for fourth term

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ECB cuts interest rates by 25 basis points

2025-03-07 03:04 Last Updated At:03:17

The European Central Bank (ECB) announced on Thursday that it would slash key interest rates by 25 basis points in a bid to wind down the restrictive monetary policy.

Effective from March 12, the interest rates on the deposit facility, the main refinancing operations and the marginal lending facility will be decreased to 2.50 percent, 2.65 percent and 2.90 percent respectively, said the central bank in a statement.

The disinflation process is well on track, with headline inflation averaging 2.3 percent in 2025, 1.9 percent in 2026 and 2.0 percent in 2027, the ECB said.

The decision to keep on cutting rates came at a time when the economy in the eurozone is facing increasing uncertainties.

In its latest edition of the staff projections on Thursday, the ECB lowered its forecast for economic growth in the eurozone to 0.9 percent for 2025, 1.2 percent for 2026 and 1.3 percent for 2027.

This marks a downward revision from the ECB's forecast in December last year, which had projected 1.1 percent growth in 2025 and 1.4 percent in 2026, while the 2027 outlook remains unchanged.

The ECB attributed the weaker growth outlook for 2025 and 2026 to declining exports and sluggish investment, citing high trade policy uncertainty and broader economic instability as key factors.

ECB cuts interest rates by 25 basis points

ECB cuts interest rates by 25 basis points

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