## cr1889

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---

### Mission overview and objectives
- IMF AFRITAC East (AFE) GFS technical assistance (TA) mission carried out by Ismael Ahamdanech Zarco, visited Kigali, Rwanda during February 6-17, 2017. Mike Seiferling joined during the second week for training. Yalenga Nyirenda participated in a mentoring capacity.
- Part of an EAC Secretariat - AFE joint GFS Capacity Development Program to align compilation and dissemination of GFS and PSDS with international standards.
- Main objectives:
  - Assist authorities in compiling annual GFS for the general government for FY 2015/16 and high-frequency GFS for the budgetary central government (BCG) and central government (CG).
  - Assist authorities in extending quarterly public sector debt statistics (PSDS) up to the third quarter of 2016.
  - Provide a one-week GFS training program.
- Mission achievements:
  - Compilation of FY 2015/16 GFS.
  - Compilation of high frequency FY 2015/16 GFS.
  - Updating Central Government PSDS.
  - Analyzing TWG composition, RBM plans and the SDMX file for data transmission to IMF AFR.
  - Providing one week training to Rwandese officials.

### Key timelines and quality targets
- Annual GFS compilation: on track and exceeding expectations (compilation period shorter than nine months).
- Quarterly Central Government data: expected to be compiled within 60 days for FY 2017/18.
- Monthly BCG data: already compiled within 30 days from end of the period.
- Statistical discrepancies remain high; correct recording of capital grants and net acquisition of nonfinancial assets (NANFA) is crucial to improve data quality.

### Technical Working Group (TWG)
- TWG composition: staff of MINECOFIN, RRA, Rwanda Statistical Office and BNR.
- Operational issue: almost all compilation efforts fall under one person who is not exclusively dedicated to GFS compilation.
- Recommendations related to TWG:
  - Send the composition of the updated TWG to AFE and the EAC Secretariat at their earliest convenience.
  - Allocate more human resources to GFS compilation.

### Compilation methodology and source data
- Compilation methodology similar to FYs 2013/14 and 2014/15.
- Source data by subsector and major economic classification include: AAFR (Audited Annual Financial Reports), AGD (Accountant General Department), DMFAS (Debt Management and Financial Analysis System), IFMS (Integrated Financial Management Information System), BNR (National Bank of Rwanda), GPMU (Government Portfolio Management Unit), RB (Rwanda’s Budget), RRA (Rwanda Revenue Authority), and TD (Treasury Department).
- Appendix II shows institutional coverage for General Government subsectors.

### Budgetary Central Government (BCG) — findings and adjustments
- BCG FY 2015/16 data quality:
  - Relatively low statistical discrepancy of billion FRw 17.2, which is 1.2 percent of total revenue.
  - Considered acceptable as initial step, but reducing discrepancy should be a main goal.
- NANFA compilation challenges:
  - Domestically financed NANFA: source data from IFMS.
  - Foreign financed NANFA: obtained as sum of capital loans and capital grants received from foreign governments and international organizations.
  - Lack of timely and accurate data on inflows of capital grants — actual inflows assumed equal to budgeted amounts; this practice contributes to statistical discrepancies.
- Matching accrual-like IFMS expense records with cash-basis revenue, NAFA, NANFA:
  - A float was recorded under Other accounts payable representing the difference between expense recorded on a cash basis and expense recorded on “commitment basis” (accrual-like) in IFMS.

### Discrepancies arising from foreign capital grants and loans (Box 1)
- External capital grants and loans disbursements occur as:
  - Cash transfers: cash disbursements into project accounts at BNR, traceable in government deposits (BNR’s DCS).
  - Direct payments: creditors pay contractors directly; timing and amounts depend on creditors’ disclosure.
- Compilation practice due to incomplete/timely information:
  - Assume actual disbursements equal budgeted amounts and revise when actuals become available.
- Timing mismatches (cash disbursements relating to previous fiscal years or drawdowns on deposits) create discrepancies between Expenditure and Net Financing for foreign financed capital grants and loans.
- Adjustment practice: when known, changes in government’s deposits in BNR’s DCS relating to previous fiscal years’ foreign capital grants and loans are subtracted from, or added to, foreign financed NANFA to alleviate timing mismatch — helps but does not eliminate discrepancies, especially in monthly data.

### Extra‑budgetary Units (EBUs)
- Data sources: IFMS, AGD reports and AAFR (for RURA).
- Aggregation: GFS compiled from AAFR, AGD and IFMS were aggregated for total EBUs GFS.
- Statistical discrepancies:
  - EBUs (before consolidation adjustments): FRw 918 billion, which is 0.9 percent of total revenue (excluding RURA).
  - RURA bridging from AAFR to GFS produced discrepancy of FRw 39 million, which is 0.04 percent of total revenue.
- Recommendation: analyze EBUs reports received by AGD to fine-tune methodology and reduce discrepancies; task not completed due to lack of time.

### Social Security Funds
- Sources: AAFR used to compile GFS for RSSB and MMI.
- Improvements:
  - RSSB AAFR available within 6 months from end of period (previously 12 months); includes preliminary figures and now includes CBHI, increasing coverage.
  - RSSB statistical discrepancy low (less than 0.1 percent of total revenue).
  - MMI AAFR now produced on a fiscal year basis (previously calendar year), improving comparability and timeliness.

### Mission recommendations (selected and prioritized)
- Inform AFE and the EAC Secretariat of the composition of the updated TWG at earliest convenience.
- Allocate more human resources to GFS compilation.
- Accelerate tracking and recording in IFMS by Single Project Implementation Units (SPIUs) of disbursements and subsequent NANFA in the context of Capital Grants for each project.
- Fine-tune methodology used to compile data on EBUs and LGs by sharing and analyzing reports received by AGD to reduce discrepancies.
- Transmit AAFR for RSSB and MMI in Excel to save time and detect possible mistakes in GFS compilation.
- Continue exploring ways to encourage external donors to provide timely information on direct payments to suppliers.
- Finalize streamlining of monthly data aggregation for EBUs.
- Continue working with UNCTAD so that accrued interest on T‑Bills can be calculated.
- Discuss final RBM Plan with the TWG for approval.
- Finalize the SDMX file, introduce splits signaled by AFR, and transmit SDMX to AFR to confirm it meets needs.

### Local Governments — findings and statistics
- The IFMS is the data source for local governments.
- A compilation issue in calculation of grants (an amount received from RRA was deducted) increased the statistical discrepancy; once fixed, the statistical discrepancy was reduced to FRw 7 million, which is less than 0.02 percent of total revenue of LGs.
- Appendix IV consolidated GFS dataset for general government for the FY 2015/16 shows:
  - Total revenue (line 1) is FRw 1,845.1 billion.
  - Total expense (line 2) is FRw 1,259.9 billion.
  - Net operating surplus (line 3) is FRw 585.2 billion.
  - NANFA (line 4) is FRw 725.1 billion.
  - Net borrowing (line 5) is FRw 139.9 billion.
  - Considering the last column of the second page of the Table:
    - Net financing (line 3) is FRw 157.5 billion.
    - This results from FRw 193.3 billion in NAFA (line 4) less FRw 350.7 billion in NIL (line5).
    - Statistical discrepancy (line 2) is FRw 17.6 billion, or less than 0.3 percent of GDP.
- The size of the statistical discrepancies indicates a very good quality of the GFS dataset.

### Local Governments — recommendations
- Accelerate the tracking and recording in IFMS by Single Project Implementation Units (SPIUs) of disbursements and subsequent NANFA in the context of capital grants for each project.
- Fine-tune the methodology used to compile EBUs and LG GFS to reduce discrepancies; this could be done (by next mission) by sharing and analyzing the reports received by the AGD.
- The AAFR both for RSSB and MMI should be transmitted in excel to economize time and reduce possible mistakes in the GFS compilation process.

### High-frequency general government finance statistics — Monthly GFS for BCG (FY 2015/16) — findings
- Monthly GFS for BCG were compiled for FY 2015/16 using the same methodology as annual GFS for BCG.
- Appendix V shows results are far from satisfactory in quality terms; statistical discrepancies are too high for the data to comply with a minimum quality standard.
- Problem source: capital grants, capital loans and externally financed NANFA — timing differences exacerbate issues in monthly data.
- Improvement expected once SPIUs track all disbursements related to projects and subsequent foreign financed NANFA and record both flows in IFMS; expected reduction in discrepancy though monthly data remain vulnerable.
- Footnote: Most capital grants come from international organizations.

### High-frequency — Quarterly GFS for Central Government (findings)
- AGD is streamlining aggregation and consolidation of monthly financial statements of EBUs; information will be available for GFS compilers within forty-five days from end of the period, so quarterly GFS for central government will be compiled within 60 days following the close of the quarter.
- RURA financial statements are only compiled on an annual basis; until quarterly information is available, RURA activity may need to be estimated and introduced into quarterly GFS for EBUs.
- High statistical discrepancies of monthly data will affect quality of quarterly data; without correct tracking of capital grants and capital loans, quarterly data quality will also be low.

### High-frequency — recommendations
- Continue exploring new and innovative ways for encourage external donors to provide timely information on their direct payments to suppliers.
- Finalize the streamlining of monthly data aggregation/consolidation for EBUs.

### Extending compilation of Central Government public sector debt statistics — findings and recommendations
- The mission extended compilation of quarterly debt statistics for BCG to last quarter of 2016; debt data follow World Bank - IMF Quarterly Public Sector Debt Database classifications.
- Debt data are compiled on a face value basis. For loans and bonds accrual of interest can be calculated, but this is not the case for T-Bills; this prevents calculation of debt at nominal value.
- Authorities are in contact with UNCTAD to solve this problem.
- Recommendation: Continue working with UNCTAD so accrued interest on T-Bills can be calculated.

### Finalizing the RBM Plan
- Rwandan delegation developed a RBM Plan for GFS, Balance Sheets and PSDS during a workshop held in Zanzibar in July 2016.
- The mission revised and finalized the RBM Plan, included additional items (e.g., extension of PSDS compilation coverage to General Government) and adjusted deadlines to be more realistic; items already achieved were indicated.
- The updated RBM Plan can be found in Appendix VII.
- Recommendation: Discuss the final RBM Plan with the TWG for approval.

### Filling the SDMX file — findings and recommendations
- In 2016, previous missions developed an Excel file with SDMX codes that fulfills data needs of the African Department of the IMF (AFR); AFR participated in its design.
- The mission filled the table for both monthly and annual data; however, data for some item splits that AFR signaled as necessary have not been made available to the mission. Authorities indicated these splits will be introduced in the SDMX Excel file in the coming weeks.
- Next steps: submit the table to AFR for checking and introduce SDMX codes with support of the technical division at the IMF.
- Recommendations:
  - Finalize the SDMX file, and specially introduce the splits that AFR signaled as necessary for its analysis.
  - Transmit the SDMX file to AFR for it to check if it meets AFR’s needs.

### Training course
- During the second week of the mission (13-17 February), a GFS training was delivered to fifteen Rwandan officials.
- The training combined theoretical lectures with practical examples using Rwandá data and compilation methods; participants scored the training with an average of 4.6 out of 5.
- The agenda included lectures on GFSM 2014 overview, institutional units and sectorization, flows and stocks, revenue, expense, balance sheets, and a review discussion of current GFS and PSDS compilation situation.

### Conclusion — accomplishments and outstanding issues
- Accomplishments:
  - Compiled consolidated general government finance statistics for FY 2015/16 with substantial improvement of timeliness.
  - Compiled monthly GFS for BCG for FY 2015/16.
  - Compiled debt statistics for Central Government for first three quarters of 2016.
  - Reviewed TWG; finalized RBM Plan; revised and pre-filled SDMX file; delivered one week training.
- Outstanding key issue:
  - Treatment of capital grants and capital loans and subsequent NANFA remains an important issue challenging quality of high-frequency data (and to a lesser extent annual figures); solving this problem is crucial for obtaining high-quality data.
- Human resources:
  - More human resources should be allocated to compilation of GFS and PSDS.
- Next mission:
  - The mission team looks forward to returning to Kigali to continue this work in May 2018.

### Box 2. Recommendations (consolidated)
- Send the composition of the updated TWG to AFE and the EAC Secretariat at their earliest convenience.
- Allocate more human resources to GFS compilation.
- Accelerate the tracking and recording in IFMS by Single Project Implementation Units (SPIUs) of disbursements and subsequent NANFA in the context of Capital Grants for each project.
- Fine-tune the methodology used to compile EBUs and LG GFS to reduce discrepancies; this could be done by sharing and analyzing the reports received by the AGD with the next mission.
- The AAFR both for RSSB and MMI should be transmitted in Excel to economize time and possible mistakes in the GFS compilation process.
- Continue exploring new and innovative ways for incentivizing external donors to provide timely information on direct payments to suppliers.
- Finalize the streamlining of monthly data aggregation for EBUs.
- Continue working with UNCTAD so accrued interest on T-Bills can be calculated.
- Discuss the final RBM Plan inside the TWG for approval.
- Finalize the filling of the SDMX file, specially introducing the splits that AFR signaled as necessary for their analysis.
- Transmit the SDMX file to AFR for them to check that it meets their needs.

*Source: cr1889*

### 1. FY 2014/15 GFS Source Data by General Government Subsector and Major .................... 9

### 1. FY 2014/15 GFS Source Data by General Government Subsector and Major .................... 9

### Mission overview and objectives
- IMF AFRITAC East (AFE) GFS technical assistance (TA) mission carried out by Ismael Ahamdanech Zarco, visited Kigali, Rwanda during February 6-17, 2017. Mike Seiferling joined during the second week for training. Yalenga Nyirenda participated in a mentoring capacity.
- Mission was part of an EAC Secretariat - AFE joint GFS Capacity Development Program to align compilation and dissemination of GFS and PSDS with international standards.
- Main objectives:
  - Assist authorities in compiling annual GFS for the general government for FY 2015/16 and high-frequency GFS for the budgetary central government (BCG) and central government (CG).
  - Assist authorities in extending quarterly public sector debt statistics (PSDS) up to the third quarter of 2016.
  - Provide a one-week GFS training program.
- Mission achievements:
  - Compilation of FY 2015/16 GFS.
  - Compilation of high frequency FY 2015/16 GFS.
  - Updating Central Government PSDS.
  - Analyzing TWG composition, RBM plans and the SDMX file for data transmission to IMF AFR.
  - Providing one week training to Rwandese officials.

### Key timelines and quality targets
- Annual GFS compilation: on track and exceeding expectations (compilation period shorter than nine months).
- Quarterly Central Government data: expected to be compiled within 60 days for FY 2017/18.
- Monthly BCG data: already compiled within 30 days from end of the period.
- Statistical discrepancies remain high; correct recording of capital grants and net acquisition of nonfinancial assets (NANFA) is crucial to improve data quality.

### Technical Working Group (TWG)
- TWG composition: staff of MINECOFIN, RRA, Rwanda Statistical Office and BNR.
- Operational issue: almost all compilation efforts fall under one person who is not exclusively dedicated to GFS compilation.
- Recommendations related to TWG:
  - Send the composition of the updated TWG to AFE and the EAC Secretariat at their earliest convenience.
  - Allocate more human resources to GFS compilation.

### Compilation of FY 2015/16 general government GFS — methodology and sources
- Compilation methodology similar to FYs 2013/14 and 2014/15.
- Table of source data by subsector and major economic classification (as described in source):
  - Sources include: AAFR (Audited Annual Financial Reports), AGD (Accountant General Department), DMFAS (Debt Management and Financial Analysis System), IFMS (Integrated Financial Management Information System), BNR (National Bank of Rwanda), GPMU (Government Portfolio Management Unit), RB (Rwanda’s Budget), RRA (Rwanda Revenue Authority), and TD (Treasury Department).
- Appendix II shows institutional coverage for General Government subsectors.

### Budgetary Central Government (BCG) — findings and adjustments
- BCG FY 2015/16 data quality:
  - Relatively low statistical discrepancy of billion FRw 17.2, which is 1.2 percent of total revenue.
  - Considered acceptable as initial step, but reducing discrepancy should be a main goal.
- NANFA compilation challenges:
  - Domestically financed NANFA: source data from IFMS.
  - Foreign financed NANFA: obtained as sum of capital loans and capital grants received from foreign governments and international organizations.
  - Lack of timely and accurate data on inflows of capital grants — actual inflows assumed equal to budgeted amounts; this practice contributes to statistical discrepancies (see Box 1).
- Matching accrual-like IFMS expense records with cash-basis revenue, NAFA, NANFA:
  - A float was recorded under Other accounts payable representing the difference between expense recorded on a cash basis and expense recorded on “commitment basis” (accrual-like) in IFMS.

### Discrepancies arising from foreign capital grants and loans (Box 1)
- External capital grants and loans disbursements occur as:
  - Cash transfers: cash disbursements into project accounts at BNR, traceable in government deposits (BNR’s DCS).
  - Direct payments: creditors pay contractors directly; timing and amounts depend on creditors’ disclosure.
- Because information on capital grants and loans is incomplete/timely, compilations assume actual disbursements equal budgeted amounts and revise when actuals become available.
- Timing mismatches (cash disbursements relating to previous fiscal years or drawdowns on deposits) create discrepancies between Expenditure and Net Financing for foreign financed capital grants and loans.
- Adjustment practice: when known, changes in government’s deposits in BNR’s DCS relating to previous fiscal years’ foreign capital grants and loans are subtracted from, or added to, foreign financed NANFA to alleviate timing mismatch — helps but does not eliminate discrepancies, especially in monthly data.

### Extra‑budgetary Units (EBUs)
- Data sources: IFMS, AGD reports and AAFR (for RURA).
- Aggregation: GFS compiled from AAFR, AGD and IFMS were aggregated for total EBUs GFS.
- Statistical discrepancies:
  - EBUs (before consolidation adjustments): FRw 918 billion, which is 0.9 percent of total revenue (excluding RURA).
  - RURA bridging from AAFR to GFS produced discrepancy of FRw 39 million, which is 0.04 percent of total revenue.
- Recommendation: analyze EBUs reports received by AGD to fine-tune methodology and reduce discrepancies; task not completed due to lack of time.

### Social Security Funds
- Sources: AAFR used to compile GFS for RSSB and MMI.
- Improvements:
  - RSSB AAFR available within 6 months from end of period (previously 12 months); includes preliminary figures and now includes CBHI, increasing coverage.
  - RSSB statistical discrepancy low (less than 0.1 percent of total revenue).
  - MMI AAFR now produced on a fiscal year basis (previously calendar year), improving comparability and timeliness.

### Mission recommendations (selected and prioritized)
- Inform AFE and the EAC Secretariat of the composition of the updated TWG at earliest convenience.
- Allocate more human resources to GFS compilation.
- Accelerate tracking and recording in IFMS by Single Project Implementation Units (SPIUs) of disbursements and subsequent NANFA in the context of Capital Grants for each project.
- Fine-tune methodology used to compile data on EBUs and LGs by sharing and analyzing reports received by AGD to reduce discrepancies.
- Transmit AAFR for RSSB and MMI in Excel to save time and detect possible mistakes in GFS compilation.
- Continue exploring ways to encourage external donors to provide timely information on direct payments to suppliers.
- Finalize streamlining of monthly data aggregation for EBUs.
- Continue working with UNCTAD so that accrued interest on T‑Bills can be calculated.
- Discuss final RBM Plan with the TWG for approval.
- Finalize the SDMX file, introduce splits signaled by AFR, and transmit SDMX to AFR to confirm it meets needs.

*Source: Mission team report, IMF AFRITAC East GFS TA mission, February 6-17, 2017.*

### 19.      However, as the mission could verify and typing the figures of the AAFR from

### 19.      However, as the mission could verify and typing the figures of the AAFR from

### D. Local Governments — findings and statistics
- The IFMS is the data source for local governments.
- A compilation issue in calculation of grants (an amount received from RRA was deducted) increased the statistical discrepancy; once fixed, the statistical discrepancy was reduced to FRw 7 million, which is less than 0.02 percent of total revenue of LGs.
- Appendix IV consolidated GFS dataset for general government for the FY 2015/16 shows:
  - Total revenue (line 1) is FRw 1,845.1 billion.
  - Total expense (line 2) is FRw 1,259.9 billion.
  - Net operating surplus (line 3) is FRw 585.2 billion.
  - NANFA (line 4) is FRw 725.1 billion.
  - Net borrowing (line 5) is FRw 139.9 billion.
  - Considering the last column of the second page of the Table:
    - Net financing (line 3) is FRw 157.5 billion.
    - This results from FRw 193.3 billion in NAFA (line 4) less FRw 350.7 billion in NIL (line5).
    - Statistical discrepancy (line 2) is FRw 17.6 billion, or less than 0.3 percent of GDP.
- The size of the statistical discrepancies indicates a very good quality of the GFS dataset.

### D. Local Governments — recommendations
- Accelerate the tracking and recording in IFMS by Single Project Implementation Units (SPIUs) of disbursements and subsequent NANFA in the context of capital grants for each project.
- Fine-tune the methodology used to compile EBUs and LG GFS to reduce discrepancies; this could be done (by next mission) by sharing and analyzing the reports received by the AGD.
- The AAFR both for RSSB and MMI should be transmitted in excel to economize time and reduce possible mistakes in the GFS compilation process.

### V. High-frequency general government finance statistics for BCG for FY 2015/16 — monthly GFS for BCG (findings)
- Monthly GFS for BCG were compiled for FY 2015/16 using the same methodology as annual GFS for BCG.
- Appendix V shows results are far from satisfactory in quality terms; statistical discrepancies are too high for the data to comply with a minimum quality standard.
- The problem is related with capital grants, capital loans and externally financed NANFA — same problem faced in annual compilation of GFS for BCG. This problem is partially attenuated in annual data but exacerbated for monthly data because timing differences cannot be compensated across months.
- Improvement expected once SPIUs track all disbursements related to projects and subsequent foreign financed NANFA and record both flows in IFMS; although recording will be performed only for disbursements from international organizations, it is expected the discrepancy will be reduced significantly.
- Footnote: Most capital grants come from international organizations.

### V. High-frequency — quarterly GFS for Central Government (findings)
- AGD is streamlining aggregation and consolidation of monthly financial statements of EBUs; information will be available for GFS compilers within forty-five days from end of the period, so quarterly GFS for central government will be compiled within 60 days following the close of the quarter, meeting international standard requirements.
- RURA financial statements are only compiled on an annual basis; until quarterly information is available, RURA activity may need to be estimated and introduced into quarterly GFS for EBUs.
- High statistical discrepancies of monthly data will affect quality of quarterly data; without correct tracking of capital grants and capital loans, quarterly data quality will also be low due to high statistical discrepancies.

### V. High-frequency — recommendations
- Continue exploring new and innovative ways for encourage external donors to provide timely information on their direct payments to suppliers.
- Finalize the streamlining of monthly data aggregation/consolidation for EBUs.

### VI. Extending compilation of Central Government public sector debt statistics — findings and recommendations
- The mission extended compilation of quarterly debt statistics for BCG to last quarter of 2016; debt data follow World Bank - IMF Quarterly Public Sector Debt Database classifications.
- Debt data are compiled on a face value basis. For loans and bonds accrual of interest can be calculated, but this is not the case for T-Bills; this prevents calculation of debt at nominal value.
- Authorities are in contact with UNCTAD to solve this problem.
- Recommendation: Continue working with UNCTAD so accrued interest on T-Bills can be calculated.

### VII. Finalizing the RBM Plan
- The Rwandan delegation developed a RBM Plan for GFS, Balance Sheets and PSDS during a workshop held in Zanzibar in July 2016.
- The mission revised and finalized the RBM Plan, included additional items (e.g., extension of PSDS compilation coverage to General Government) and adjusted deadlines to be more realistic; items already achieved were indicated.
- The updated RBM Plan can be found in Appendix VII.
- Recommendation: Discuss the final RBM Plan with the TWG for approval.

### VIII. Filling the SDMX file — findings and recommendations
- In 2016, previous missions developed an Excel file with SDMX codes (see Appendix VII) that fulfills data needs of the African Department of the IMF (AFR); AFR participated in its design.
- The mission filled the table for both monthly and annual data; however, data for some item splits that AFR signaled as necessary have not been made available to the mission. Authorities indicated these splits will be introduced in the SDMX Excel file in the coming weeks.
- Next steps: submit the table to AFR for checking and introduce SDMX codes with support of the technical division at the IMF.
- Recommendations:
  - Finalize the SDMX file, and specially introduce the splits that AFR signaled as necessary for its analysis.
  - Transmit the SDMX file to AFR for it to check if it meets AFR’s needs.

### IX. Training course — findings
- During the second week of the mission (13-17 February), a GFS training was delivered to fifteen Rwandan officials.
- The training combined theoretical lectures with practical examples using Rwandá data and compilation methods; participants scored the training with an average of 4.6 out of 5.
- The agenda of the training can be found in Appendix VIII.

### X. Conclusion — accomplishments and outstanding issues
- The mission successfully compiled consolidated general government finance statistics for FY 2015/16 with a substantial improvement of timeliness; monthly GFS for BCG for FY 2015/16 were also compiled.
- The mission compiled debt statistics for Central Government for first three quarters of 2016, improving timeliness.
- Other accomplishments included: (i) review of the TWG; (ii) finalization of the RBM Plan for GFS, Balance Sheet and PSDS compilation; (iii) revision and pre-filling of the SDMX file to be transmitted to AFR; and (iv) delivery of a one week training to Rwandan officials.
- The mission confirmed authorities’ engagement in compilation, improvement and dissemination of GFS and PSDS as verified by improved timeliness and implementation (or process of implementation) of most previous recommendations.
- Outstanding key issue: treatment of capital grants and capital loans and subsequent NANFA remains an important issue challenging quality of high-frequency data (and to a lesser extent annual figures); solving this problem is crucial for obtaining high-quality data.
- The mission acknowledged more human resources should be allocated to compilation of GFS and PSDS.
- The mission team looks forward to returning to Kigali to continue this work in May 2018.

### Box 2. Recommendations (consolidated)
- Send the composition of the updated TWG to AFE and the EAC Secretariat at their earliest convenience.
- Allocate more human resources to GFS compilation.
- Accelerate the tracking and recording in IFMS by Single Project Implementation Units (SPIUs) of disbursements and subsequent NANFA in the context of Capital Grants for each project.
- Fine-tune the methodology used to compile EBUs and LG GFS to reduce discrepancies; this could be done by sharing and analyzing the reports received by the AGD with the next mission.
- The AAFR both for RSSB and MMI should be transmitted in Excel to economize time and possible mistakes in the GFS compilation process.
- Continue exploring new and innovative ways for incentivizing external donors to provide timely information on direct payments to suppliers.
- Finalize the streamlining of monthly data aggregation for EBUs.
- Continue working with UNCTAD so accrued interest on T-Bills can be calculated.
- Discuss the final RBM Plan inside the TWG for approval.
- Finalize the filling of the SDMX file, specially introducing the splits that AFR signaled as necessary for their analysis.
- Transmit the SDMX file to AFR for them to check that it meets their needs.

*Source: cr1889*

### 1.107 GENDER MONITORING OFFICE (GMO)

### 1.107 GENDER MONITORING OFFICE (GMO)

### Public sector entities and organizational listing
- Central Government Entities (selected entries from list):
  - 1.107 GENDER MONITORING OFFICE (GMO)
  - 1.108 NATIONAL COMMISSION FOR CHILDREN (NCC)
  - 1.109 NATIONAL COMMISSION OF SCIENCE AND TECHNOLOGY (NCST)
  - 1.110 NATIONAL INDUSTRIAL RESEARCH AND DEVELOPMENT AGENCY (NIRDA)
- Central Government Extra budgetary Units (selected entries):
  - 2.01 CENTRAL UNIVERSITY HOSPITAL OF BUTARE (CHUB)
  - 2.02 CENTRAL UNIVERSITY HOSPITAL OF KIGALI (CHUK)
  - 2.03 INSTITUTE OF LEGAL PRACTICE AND DEVELOPMENT (ILPD)
  - 2.04 KACYIRU POLICE HOSPITAL (KPH)
  - 2.05 KAVUMU NATIONAL COLLEGE OF EDUCATION
  - 2.06 UNIVERSITY OF RWANDA (NUR)
  - 2.07 NEURO PSYCHIATRIC HOSPITAL OF NDERA (HNN)
  - 2.08 RWANDA BROADCASTING AGENCY
  - 2.09 WORK DEVELOPMENT AGENCY
  - 2.10 RWANDA MILITARY HOSPITAL (RMH)
  - 2.11 RWANDA UTLITIIES REGULATORY AUTHORITY
- Social Security Funds:
  - 3.01 MILITARY MEDICAL INSURANCE
  - 3.02 RWANDA SOCIAL SECURITY BOARD
- Local Governments (selected district and city entries):
  - 5.01 NGOMA DISTRICT through 5.30 GASABO DISTRICT; 5.31 KIGALI CITY (complete list includes 30 districts and Kigali City)
- Nonfinancial Public Corporations (selected entries):
  - 7.01 NGALI HOLDINGS
  - 7.02 HORIZON GROUP LTD
  - 7.03 RWANDA CIVIL AVIATION AUTHORITY
  - 7.04 RWANDA ENERGY GROUP (REG)
  - 7.05 WATER AND SANITATION CORPORATION LTD
  - 7.06 RWANDAIR
  - 7.07 NATIONAL POST OFFICE (NPO)
  - 7.08 RWANDA PRINTERY COMPANY LTD
  - 7.09 KING FAISAL HOSPITAL
  - 7.10 MUHABURA MULTICHOICE LTD
  - 7.11 PRIME HOLDINGS
  - 7.12 RWANDA GRAIN AND CEREALS CORPORATION (RGCC)
  - 7.13 KINAZI CASSAVA PLANT
  - 7.14 RWANDA INTER-LINK TRANSPORT COMPANY LIMITED (RITCO)
  - 7.15 RUTONGO MINING CONCESSION (being privatized)
- Financial Public Corporations:
  - 6.01 NATIONAL BANK OF RWANDA (NBR)
  - 6.02 SPECIAL GUARANTEE FUND
  - 6.03 RWANDA NATIONAL INVESTMENT TRUST LTD
  - 6.04 AGACIRO DEVELOPMENT FUND LTD
  - 6.05 BUSINESS DEVELOPMENT FUND (BDF)

### FY 2015/16 Consolidated General Government Finance Statistics Dataset (Billions of FRw) — key aggregates
- Consolidation and totals headings shown: Central Government, SSFs, Local Government, BCG EBUs Consolidation, Total Central Government, Total General Government.
- 1. Revenue (row components):
  - Total central government revenue components:
    - 1. Revenue: 1.501,4 ; 111,3 ; (42,8) ; 1.569,9
    - Taxes: 986,8 ; 0,0 ; 986,8 ; 0,0 ; 35,0 ; 1.021,9
    - Social contributions: 0,0 ; 0,0 ; 0,0 ; 143,9 ; 0,0 ; 143,9
    - Grants: 373,7 ; 52,5 ; (42,8) ; 383,5 ; 0,0 ; 318,3 ; (282,1) ; 419,6
    - Other revenue: 140,8 ; 58,7 ; 199,6 ; 40,5 ; 19,7 ; 259,8
- 2. Expenses (row components):
  - Expenses totals and components:
    - 2. Expenses: 1.106,7 ; 104,2 ; (42,8) ; 1.168,1 ; 95,5 ; 278,4 ; (282,1) ; 1.259,9
    - Compensation of employees: 214,8 ; 48,4 ; 263,2 ; 9,7 ; 158,0 ; 430,9
    - Use of goods and services: 329,8 ; 49,9 ; 379,7 ; 6,9 ; 46,7 ; 433,3
    - Consumption of fixed capital: 0,0 ; 0,5 ; 0,5 ; 1,8 ; 0,0 ; 2,3
    - Interest: 56,8 ; 0,2 ; 57,0 ; 0,0 ; 0,3 ; 57,3
    - Subsidies: 84,4 ; 0,0 ; 84,4 ; 0,0 ; 0,1 ; 84,5
    - Grants: 324,9 ; 0,0 ; (42,8) ; 282,1 ; 0,0 ; 0,0 ; (282,1) ; 0,0
    - Social benefits: 24,6 ; 0,1 ; 24,7 ; 72,7 ; 23,8 ; 121,2
    - Other expense: 71,4 ; 5,1 ; 76,5 ; 4,3 ; 49,6 ; 130,4
- 3. Net operating balance (1-2):
  - 394,7 ; 7,0 ; 0,0 ; 401,8 ; 88,8 ; 94,6 ; 0,0 ; 585,2
- 4. Net acquisition of nonfinancial assets:
  - 617,4 ; 16,8 ; 634,2 ; (1,8) ; 92,7 ; 725,1
- 5. Net lending (+) / borrowing (-) (3-4):
  - (222,7) ; (9,7) ; 0,0 ; (232,5) ; 90,6 ; 2,0 ; 0,0 ; (139,9)

### Consolidated financing and financial positions (selected rows, Billions of FRw)
- Net lending (+)/borrowing (-) repeated:
  - (222,7) ; (9,7) ; 0,0 ; (232,5) ; 90,6 ; 2,0 ; 0,0 ; (139,9)
- STATISTICAL DISCREPANCY (1-3):
  - 17,2 ; 0,4 ; 0,0 ; 17,6 ; 0,1 ; (0,1) ; 0,0 ; 17,6
- Net Financing (4-5):
  - (239,9) ; (10,2) ; 0,0 ; (250,0) ; 90,5 ; 2,1 ; 0,0 ; (157,5)
- Net acquisition of financial assets:
  - 79,4 ; (1,7) ; 0,0 ; 77,6 ; 113,0 ; 2,7 ; 0,0 ; 193,3
  - Currency and deposits: 29,0 ; 1,4 ; 30,4 ; 35,0 ; 3,7 ; 69,1
  - Loans: 50,3 ; 0,0 ; 50,3 ; (4,6) ; 0,0 ; 45,7
  - Other accounts receivable: 0,0 ; (3,1) ; (3,1) ; 2,5 ; (1,1) ; (1,6)
- Net incurrence of liabilities:
  - 319,2 ; 8,4 ; 0,0 ; 327,7 ; 22,5 ; 0,6 ; 0,0 ; 350,7
  - Debt securities: 91,7 ; 0,0 ; 91,7 ; 0,0 ; 0,0 ; 91,7
  - Loans: 209,4 ; 3,0 ; 212,4 ; 0,0 ; 0,0 ; 212,4
  - Other accounts payable: 18,2 ; 5,4 ; 23,6 ; 22,5 ; 0,6 ; 46,6

### Budgetary Central Government — FY 2015/16 Consolidated Monthly Budgetary Central Government Finance Statistics Dataset (Billions of FRw)
- Monthly revenue (total) by month:
  - Jul 99,9 ; Aug 94,2 ; Sep 136,3 ; Oct 112,7 ; Nov 113,7 ; Dec 171,0 ; Jan 88,8 ; Feb 89,6 ; Mar 154,7 ; Apr 146,2 ; May 101,3 ; Jun 192,9
- Monthly revenue components — Taxes:
  - Taxes: Jul 66,6 ; Aug 68,1 ; Sep 86,7 ; Oct 77,7 ; Nov 70,2 ; Dec 94,3 ; Jan 76,6 ; Feb 71,8 ; Mar 104,2 ; Apr 77,1 ; May 78,1 ; Jun 115,3
- Monthly revenue components — Grants:
  - Grants: Jul 32,0 ; Aug 25,2 ; Sep 37,7 ; Oct 10,6 ; Nov 42,2 ; Dec 51,9 ; Jan 10,1 ; Feb 14,6 ; Mar 15,3 ; Apr 65,3 ; May 19,5 ; Jun 49,4
- Monthly expenses (total) by month:
  - Expenses: Jul 112,9 ; Aug 87,1 ; Sep 73,5 ; Oct 150,6 ; Nov 81,4 ; Dec 72,5 ; Jan 121,7 ; Feb 75,7 ; Mar 77,0 ; Apr 122,1 ; May 72,6 ; Jun 59,5
- Selected monthly expense components:
  - Compensation of employees: Jul 21,0 ; Aug 17,1 ; Sep 12,5 ; Oct 26,6 ; Nov 12,6 ; Dec 13,0 ; Jan 24,6 ; Feb 14,1 ; Mar 18,0 ; Apr 25,0 ; May 14,3 ; Jun 15,9
  - Use of goods and services: Jul 38,1 ; Aug 23,6 ; Sep 30,6 ; Oct 49,6 ; Nov 20,7 ; Dec 22,4 ; Jan 42,3 ; Feb 21,6 ; Mar 23,8 ; Apr 14,7 ; May 27,2 ; Jun 15,1
  - Grants (row): Jul 38,8 ; Aug 26,7 ; Sep 16,1 ; Oct 43,6 ; Nov 23,9 ; Dec 12,7 ; Jan 41,0 ; Feb 22,8 ; Mar 13,5 ; Apr 52,2 ; May 16,5 ; Jun 17,2
- Net operating balance (1-2) by month:
  - Jul (13,0) ; Aug 7,1 ; Sep 62,8 ; Oct (37,9) ; Nov 32,2 ; Dec 98,5 ; Jan (32,9) ; Feb 13,9 ; Mar 77,7 ; Apr 24,0 ; May 28,7 ; Jun 133,4
- Net acquisition of nonfinancial assets by month:
  - Jul 21,6 ; Aug 39,2 ; Sep 63,2 ; Oct 55,4 ; Nov 30,2 ; Dec 62,3 ; Jan 63,0 ; Feb 42,4 ; Mar 52,0 ; Apr 64,8 ; May 85,4 ; Jun 37,9
- Net lending (+) / borrowing (-) (3-4) by month:
  - Jul (34,6) ; Aug (32,1) ; Sep (0,4) ; Oct (93,3) ; Nov 2,0 ; Dec 36,2 ; Jan (96,0) ; Feb (28,5) ; Mar 25,8 ; Apr (40,8) ; May (56,6) ; Jun 95,5
- Monthly net financing, acquisitions and incurrence highlights (selected):
  - STATISTICAL DISCREPANCY (1-3): Jul (9,3) ; Aug (43,6) ; Sep 14,6 ; Oct (7,3) ; Nov (3,3) ; Dec 25,2 ; Jan (27,2) ; Feb (19,3) ; Mar 50,3 ; Apr (55,7) ; May 10,2 ; Jun 82,4
  - Net acquisition of financial assets (currency and deposits and loans): examples:
    - Currency and deposits: Jul 13,9 ; Aug 16,2 ; Sep 32,2 ; Oct (45,0) ; Nov 14,1 ; Dec 71,1 ; Jan (49,9) ; Feb 14,7 ; Mar 13,1 ; Apr 2,6 ; May (5,2) ; Jun (48,9)
    - Loans: Jul 2,0 ; Aug 10,0 ; Sep 6,3 ; Oct 0,2 ; Nov 0,4 ; Dec 0,0 ; Jan 17,9 ; Feb 7,6 ; Mar 0,2 ; Apr 0,4 ; May 0,0 ; Jun 5,3
  - Net incurrence of liabilities (selected components):
    - Debt securities: Jul 4,9 ; Aug 15,0 ; Sep (10,2) ; Oct 6,9 ; Nov 14,8 ; Dec 5,2 ; Jan 2,6 ; Feb 15,5 ; Mar 11,5 ; Apr (18,6) ; May 23,8 ; Jun 20,4
    - Loans: Jul (1,3) ; Aug 3,5 ; Sep 55,3 ; Oct 12,8 ; Nov (6,4) ; Dec 89,7 ; Jan 4,8 ; Feb 21,5 ; Mar 11,4 ; Apr 9,4 ; May 4,9 ; Jun 3,7
    - Other accounts payable: Jul 37,6 ; Aug (3,8) ; Sep 8,4 ; Oct 21,5 ; Nov 0,8 ; Dec (34,7) ; Jan 29,3 ; Feb (5,5) ; Mar 14,9 ; Apr (2,7) ; May 33,0 ; Jun (80,7)

### 2016 High Frequency Public Sector Debt Statistics (Millions of US Dollars) — selected quarters and breakdowns
- Short-term by original maturity (Q1–Q3):
  - Short-term total: 415,3 ; 417,7 ; 390,6
  - Debt securities (short-term): 308,6 ; 322,6 ; 296,7
  - Loans (short-term): 106,8 ; 95,1 ; 93,9
- Long-term by original maturity (Q1–Q3):
  - Long-term total: 2.429,0 ; 2.450,8 ; 2.511,4
  - With payment due in one year or less (long-term instruments): 19,8 ; 19,4 ; 15,6
    - Debt securities: 19,5 ; 19,2 ; 15,4
    - Loans: 0,3 ; 0,3 ; 0,1
  - With payment due in more than one year: 2.409,2 ; 2.431,4 ; 2.495,8
    - Debt securities: 549,7 ; 559,6 ; 572,8
    - Loans: 1.859,6 ; 1.871,8 ; 1.923,0
- Total gross debt (Q1–Q3):
  - Total gross debt: 2.844,3 ; 2.868,5 ; 2.902,0
  - Debt securities (total): 877,8 ; 901,3 ; 884,9
  - Loans (total): 1.966,6 ; 1.967,2 ; 2.017,1
- By currency of denomination (Q1–Q3):
  - Domestic currency: 716,3 ; 724,0 ; 697,9
  - Foreign currency: 2.128,1 ; 2.144,5 ; 2.204,1
- By residence of the creditor (Q1–Q3):
  - Domestic creditors: 708,3 ; 715,8 ; 690,0
  - External creditors: 2.136,1 ; 2.152,6 ; 2.212,1

### Data splits and GFSM 2014 code mapping requested by AFR
- GFSM 2014 Code series titles and split items (examples listed as requested):
  - 1111 Payable by individuals — Pay-as-you-earn (PAYE) — Other individuals
  - 1112 Payable by corporations and other enterprises — Large companies — Small enterprises
  - 11411 Value-added taxes — VAT levied on domestic goods and services — VAT levied on imports
  - 1142 Excises — Beer ; Wines & Liquors ; Petrol ; Cigarettes ; Lemonade ; Vehicles ; Powdered milk ; Air time
  - 1146 Other taxes on goods and services — Fuel levy for Road Maintenance Fund (BCG 1077) ; Other
  - 1321 Current — of which: from the Global Fund
  - 1424 Imputed sales of goods and services — Payments for peacekeeping operations abroad (PKO)
  - 211 Wages and salaries — of which: Exceptional expenditure (Genocide Victims (FARG); RDRC; and Peacekeeping Operations) — of which: Priority spending as identified in the EDPRS2 (monitored by IFMIS)
  - 212 Employers' social contributions — of which: Exceptional expenditure (Genocide Victims (FARG); RDRC; and Peacekeeping Operations) — of which: Priority spending as identified in the EDPRS2 (monitored by IFMIS)
  - 22 Use of goods and services — of which: Exceptional expenditure (Genocide Victims (FARG); RDRC; and Peacekeeping Operations) — of which: Priority spending as identified in the EDPRS2 (monitored by IFMIS)
  - 25 Subsidies — of which: Exceptional expenditure (Genocide Victims (FARG); RDRC; and Peacekeeping Operations) — of which: Priority spending as identified in the EDPRS2 (monitored by IFMIS)
  - 26 Grants — of which: Priority spending as identified in the EDPRS2 (monitored by IFMIS)
  - 28 Other expense — of which (if any): Priority spending as identified in the EDPRS2 (monitored by IFMIS)
  - 282 Transfers not elsewhere classified — of which (if any): Priority spending as identified in the EDPRS2 (monitored by IFMIS)
  - 31 Net/gross investment in nonfinancial assets — of which: Priority spending as identified in the EDPRS2 (monitored by IFMIS)
  - 3111 Buildings and structures — Domestically financed ; Externally financed
  - 3112 Machinery and equipment — Domestically financed ; Externally financed
  - 3113 Other fixed assets — Domestically financed ; Externally financed
  - 3114 Weapons systems — Domestically financed ; Externally financed
  - 312 Inventories — Domestically financed ; Externally financed
  - 313 Valuables — Domestically financed ; Externally financed
  - 314 Nonproduced assets and subcomponents (3141 Land; 3142 Mineral and energy resources; 3143 Other naturally occurring assets; 3144 Intangible nonproduced assets) — Domestically financed ; Externally financed
  - 3203 Debt securities [3213+3223] — of which: acquired for policy lending purposes
  - 3204 Loans [3214+3224] — of which: acquired for policy lending purposes
  - 3205 Equity and investment fund shares [3215+3225] — of which: acquired for policy lending purposes
  - 3213 Debt securities — of which: acquired for policy lending purposes
  - 3214 Loans — of which: acquired for policy lending purposes
  - 3215 Equity and investment fund shares — of which: acquired for policy lending purposes
  - 3223 Debt securities — of which: acquired for policy lending purposes
  - 3224 Loans — of which: acquired for policy lending purposes
  - 3225 Equity and investment fund shares — of which: acquired for policy lending purposes
  - 331 Domestic creditors — of which: net accumulation of domestic arrears of more than 90 days past due

*IMF Country Report: dataset excerpts and public sector listings for FY 2015/16 and 2016 (as presented in the source).*

### Appendix VIII. RBM Plan for GFS, Financial Balance Sheets and PSDS

### Appendix VIII. RBM Plan for GFS, Financial Balance Sheets and PSDS

### General Objective
- Strengthen the compilation and dissemination of fiscal and debt data according to the GFSM 2014 and PSDG 2013, including developing/improving statistical infrastructure, source data, serviceability and metadata.
- Objective Indicator:
  - The Government of Rwanda compiles, disseminates, and publishes government finance statistics (GFS) for the general government sector annually; monthly GFS for BCG; and GFS for central government quarterly. In addition, public sector debt statistics (PSDS) are disseminated and published quarterly.
- Target Date: 2019
- Assumptions:
  - The Government of Rwanda, including the Ministry of Finance, Rwanda Revenue Authority, the National Institute of Statistics and the Central Bank fully support the GFS Capacity Building Program and provides sufficient resources and support for it.

### Work Plan — Capacity building and institutional arrangements
- Outcome 1: GFS-TWG and PSDS compilers’ capacity is increased through training.
  - Indicator: The number of staff trained to compile and disseminate these statistics is adequate.
  - Baseline: The TWG exists and is operating but need to be strengthened.
  - Target Dates / Milestones:
    - End September 2016: Reconstitute GFS TWG and communicate the composition of the new TWG to EAC. (Reconstitution carried out; to be communicated to the EAC.)
    - End March 2017: Prepare the training and workshop plan for new incoming team. (Task carried out in February 2017.)
    - End May 2017: Compilation of Q2 2016/2017 CG data.

- Outcome 14: Staff capacity increased on developing source data on accrual basis.
  - Indicator: The number of staff trained to compile and meeting reports.
  - Baseline: The AATWG does not exist, hence need to be created.
  - Target Date: End December 2018
  - Milestones:
    - Constitute AATWG
    - Prepare the training and workshop plan for the AATWG

### Work Plan — Source data and coverage
- Outcome 2: Source data are adequate for the compilation of fiscal and debt statistics.
  - Indicators and Baselines:
    - Source data enable the compilation of GFS for BCG. Baseline: The BCG data are extracted from IFMIS.
      - Target Date: End August 2017
      - Milestone: The data will be generated from IFMIS to compile monthly GFS for BCG in a GFSM 2014 framework.
    - Source data enable the compilation of GFS for central government. Baseline: All EBU’s data are not in IFMIS but are available from AG office on quarterly basis.
      - Target Date: End December 2016
      - Milestone: EBU’s data from AG’s office for compilation of Q1 2016/2017. (Achieved. EBUs data are reported quarterly to AǴ s office and tabulated in Excel.)
    - Source data are comprehensive to enable the compilation of GFS for general government and its subsectors. Baseline: Not all LG’s and EBU’s data are in IFMIS but are available from AG office on annual basis, BCG data are available from IFMIS on annual basis and SSFs are available on annual basis from GPMU.
      - Target Date: End March 2017
      - Milestone: Compilation of GFS annual data 2015/2016. (Completed; annual GFS2015/16 compiled by February 2017.)
    - Institutional unit table published and is the basis for compilation of GFS, balance sheet and Public Sector Debt Statistics.
      - Target Date: End September 2016
      - Milestone: Table available. (Achieved)
    - Debt instrument coverage of General Government: Currency and Deposits are not included as debt instrument of General Government.
      - Target Date: End March 2017
      - Milestone: Currency and Deposits will be included as debt instrument of General Government.

- Outcome 5: Expand PSDS coverage to General Government (Include EBUs and LGs).
  - Baseline: Currently only CG data is reported.
  - Target Date: End December 2017
  - Milestone: Reported data refer to General Government.

### Work Plan — PSDS specifics and residency
- Outcome 3: PSDS compiled and reported on nominal value.
  - Indicator: Report on Nominal value.
  - Baseline: Data are reported in face value.
  - Target Date: End December 2017
  - Milestones:
    - Availability of accrued interest data for t-bills.
    - Request UNCTAD to develop a module in DMFAS to calculate the Nominal Value.

- Outcome 4: PSDS reported as per residency of creditor.
  - Indicator: PSDS report by residency of creditor.
  - Baseline: All debt issued in local currency considered as domestic debt.
  - Target Date: End September 2016
  - Milestones:
    - Collect data from creditors and compile PSDS report by residency of creditor. (OK)

### Work Plan — Financial balance sheets and valuation
- Outcome 6: Financial balance sheet data are compiled for General Government.
  - Indicator: The institutional scope for the Financial balance sheet includes all significant general government institutional units.
  - Baseline: The institutional scope currently covers only the BCG and does not cover the EBU, LG, and SSFs.
  - Target Dates / Milestones:
    - End March 2017
    - End May 2018
    - Financial balance sheet for the SSFs will be available.
    - Preparation of Financial balance sheet for the General Government will be produced.

- Outcome 7: Financial balance sheet data are compiled using GFSM 2014 and PSDG 2013 concepts and definitions; stock positions recorded at market value.
  - Indicator: Stock positions in the Financial balance sheet are recorded at market value, according to GFSM 2014 guidelines.
  - Baseline: Stock positions are not recorded at market value (currently reported at Face value).
  - Target Dates / Milestones:
    - End June 2019: Stock positions in the Financial balance sheet for the central government are recorded at market value.
    - End June 2019: Stock positions in the Financial balance sheet for the SSF are recorded at market value.
    - End September 2019: Stock positions in the Financial balance sheet for the local government are recorded at market value.
    - End December 2019: Stock positions in the Financial balance sheet for the general government are recorded at market value.

### Work Plan — Timeliness, periodicity, and data availability
- Outcome 8: Source data are adequate and reliable for compilation of macroeconomic statistics.
  - Indicator: Source data on stocks of financial assets and liabilities for annual and semi-annual GFS and PSDS are available on a timely basis for general government and its subsectors.
  - Baseline: Source data for annual and semi-annual GFS for general government are available on quarterly basis with a lag of one month (for EBUs, LG and BCG) except for external liabilities available with three months’ lag and SSF only available on annually basis with a 6 months’ lag.
  - Target Date: End June 2018
  - Milestone: Regular monitoring the availability of data for compilation and setting up internal deadlines for the reports from data sources.

- Outcome 9: Improved timeliness of data made available internally and/or to the public (shorter delays).
  - Indicators and Targets:
    - Timely dissemination of Quarterly Central Government (lag of 60 days) and General Government data (9 months lag). Annual GFS data compilation.
      - Target Date: End March 2018
      - Milestone: FY2016/17 General Government data produced.
    - Timely dissemination of quarterly and annual PSDS for Central Government (60 days lag) and annual PSDS for General Government (9 months lag). Quarterly debt statistics compiled for Budgetary Central Government and Public Financial Corporations.
      - Target Date: End March 2018
      - Milestone: FY2016/17 PSDS produced.
    - Timely dissemination of quarterly stock data for financial assets and liabilities (60 days lag) and annual stock data for financial assets and liabilities (9 months lag). Annual balance sheet data compiled for GG and produced within 9 months.
      - Target Date: March 2018
      - Milestone: FY 2016/17 financial assets and liabilities data produced.

### Work Plan — Data consistency, recording basis, and accrual transition
- Outcome 10: Internal consistency within a macroeconomic or financial dataset improved.
  - Indicator: Discrepancies between flows and stocks are reduced.
  - Baseline: There were discrepancies due to inconsistency in report compilation.
  - Target Date: End June 2018
  - Milestone: Discrepancies between flows and stocks will be regularly investigated, identified, and corrected for all financial assets and liabilities at General Government level.

- Outcome 11: Cash GFS data basis of recording.
  - Indicator: Data compiled on cash basis.
  - Baseline: The modified cash basis is used basing on law. Revenue data on cash basis while expenditure data is payment order basis "Ordonnancement".
  - Target Date: End May 2018
  - Milestone: Data on a cash basis are compiled and reported.

- Outcome 13: The legal and institutional environment to transit to accrual basis of recording.
  - Indicator: In place.
  - Baseline: The laws, regulations, manual and policies and infrastructure for accrual exists. The law and financial regulation are available and the manual is on way to be published.
  - Target Date: End September 2016
  - Milestone: Preparation for transition.

- Outcome 15: Data are compiled using appropriate basis of recording consistent with GFSM2014/PSDS 2013.
  - Indicator: Data compiled consistently with GFSM2014 and PSDS 2013 frameworks.
  - Baseline: Recording is currently done on modified cash basis.
  - Target Dates / Milestones:
    - End December 2018 / End June 2019 / End December 2019
    - Training of staffs and compilation of flows, stock receivables, employees benefits and state pension plan on accrual basis of recording.
    - Inventories and PPE compiled on accrual basis of recording.
    - Adequate infrastructure for accrual basis of recording available.
    - Data compiled using accrual IPSAS basis of recording.

### Work Plan — Metadata, documentation, and revision policy
- Outcome 12: Compilation of COFOG data.
  - Indicator: Timely dissemination of annual data GG and annual (9 months lag). Annual balance sheet data compiled for GG and produced within 9 months.
  - Target Date: End December 2018
  - Milestone: FY 2016/17 General Government data produced.

- Outcome 16: Metadata released internally and/or to the public have been strengthened consistent with the dataset to enhance interpretation and analysis.
  - Indicator: Periodicity, consistency and revision policy and practice in place.
  - Baseline: The timely monitoring of the metadata is not laborious.
  - Target Date: End December 2019
  - Milestone: Regular monitoring and the evaluation of the process proposed.

- Outcome 17: Business processes documentation for compilation and/or dissemination of macroeconomic and financial statistics is stored, accessed and regularly updated.
  - Indicator: Business process manual in place.
  - Baseline: Partial documentation on 2013/2014 general Government data compilation exists.
  - Target Date: End December 2019
  - Milestone: Regular updates on the existing 2013/2014 GG documentation.

- Outcome 18: Revision studies and revision policy and practices in place, released internally and/or to the public.
  - Indicator: Data revisions done in line with revision policy.
  - Baseline: Revision policy does not exists, needs to be put in place and should include balance sheet and PSDS.
  - Target Date: End December 2019
  - Milestone: Preparation of revision policy for discussion and publication.

### Appendix IX — One-week Training Agenda (Kigali, Rwanda February 13-17, 2017)
- Day 1: Monday February 13, 2017
  - 8.00 - 8.30 a.m.: Registration
  - 8.30 - 10.30 a.m.: Lecture 1: Why GFS and an overview of the GFSM 2014 integrated system (Ismael Ahamdanech Zarco)
  - 10.30 - 11.00 a.m.: Coffee/tea break
  - 11.00 - 13.00 p.m.: Lecture 2: Institutional units, coverage, and sectorization of the public sector (Mike Seiferling)

- Day 2: Tuesday February 14, 2017
  - 8.00 – 9.30 a.m.: Lecture 3: Flows, stocks, and accounting rules (Ismael Ahamdanech Zarco)
  - 9.30 – 10.30 a.m.: Lecture 4: Revenue (Mike Seiferling)
  - 10.30 - 11.00 a.m.: Coffee/tea Break
  - 11.00 - 13.00 p.m.: Lecture 4 (cont’d): Revenue (Mike Seiferling)

- Day 3: Wednesday February 15, 2017
  - 8.00 - 10.30 a.m.: Lecture 5: Expense (Ismael Ahamdanech Zarco)
  - 10.30 - 11.00 a.m.: Coffee/tea break
  - 11.00 - 13.00 p.m.: Lecture 6: Balance sheets, transactions, and other economic flows in assets and liabilities (Mike Seiferling)

- Day 4: Thursday February 16, 2017
  - 8.00 - 10.30 a.m.: Lecture 6 (continued): Balance sheets, transactions, and other economic flows in assets and liabilities (Mike Seiferling)
  - 10.30 - 11.00 a.m.: Coffee/tea break
  - 11.00 - 13.00 p.m.: Lecture 7: Integrated GFSM framework system: Recap (Ismael Ahamdanech Zarco)

- Day 5: Friday February 17, 2017
  - 8.00 - 10.30 a.m.: Discussion: Review of the current GFS and PSDS compilation situation in Rwanda (Ismael Ahamdanech Zarco and Abel Ntegano)
  - 10.30 - 11.00 a.m.: Coffee Break
  - 11.00 – 12.30 p.m.: Discussion: Review of the current GFS and PSDS compilation situation in Rwanda (Ismael Ahamdanech Zarco and Abel Ntegano)
  - 12.30 - 13.00 p.m.: Training course evaluation

*Appendix VIII. RBM Plan for GFS, Financial Balance Sheets and PSDS — Government of Rwanda and International Monetary Fund*

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_Source: https://www.imf.org/-/media/files/publications/cr/2018/cr1889.pdf_