Rwanda: 2021 Article IV Consultation and Fifth Review Under the Policy Coordination Instrument-Press Release; Staff Report; and Statement by the Executive Director for Rwanda

IMF Staff Country Reports, January 13, 2022

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Canonical URL: Rwanda: 2021 Article IV Consultation and Fifth Review Under the Policy Coordination Instrument-Press Release; Staff Report; and Statement by the Executive Director for Rwanda

Rwanda’s medium-term outlook is positive, supported by the authorities’ large policy package to respond to the evolving COVID-19 pandemic and their continued commitment to the PCI in a challenging environment.
Economic recovery is underway with easing of restrictions supported by faster vaccination rates since July.
GDP growth is projected at 10.2 percent in 2021 and inflation remained subdued.
Pandemic-related setbacks have increased poverty, unemployment, and gender inequalities; these pandemic scars, if not addressed, risk reversing hard-won economic and social gains.
With a large share of the population still unvaccinated and the emergence of new variants, risks to the outlook remain elevated.

GDP growth projection: 10.2 percent in 2021.
Inflation: described as having "remained subdued" (no numeric inflation rate provided in source).
Socioeconomic impacts: increases in poverty, unemployment, and gender inequalities noted as significant setbacks to progress of the last two decades.

Health risk: large share of population still unvaccinated.
Epidemiological risk: emergence of new variants.
Economic/social risk: pandemic scars (poverty, unemployment, gender inequalities) that could reverse prior gains if not addressed.
Overall risk assessment: risks to the outlook remain elevated.

Authorities’ response: implementation of a large policy package to respond to the evolving COVID-19 pandemic.
Policy framework: continued commitment to the Policy Coordination Instrument (PCI) in a challenging environment.
Institutional actors referenced: national bank of Rwanda; Rwandan authorities (as part of keywords/subjects).

Subjects: COVID-19, Debt sustainability analysis, External debt, Fiscal risks, Health, International organization, Monetary policy, Public debt, Public financial management (PFM).
Keywords: Africa, authorities' agenda, COVID-19, Debt sustainability analysis, Fiscal risks, Global, government support, IMF TA mission, national bank of Rwanda, Rwandan authorities.