IMF Staff Country Reports

Rwanda: Fifth Review Under the Policy Coordination Instrument and Request for the Modification of End-June 2025 Quantitative Target-Press Release; Staff Report; and Statement by the Executive Director for Rwanda

June 10, 2025

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Format: Chicago

International Monetary Fund. African Dept. "Rwanda: Fifth Review Under the Policy Coordination Instrument and Request for the Modification of End-June 2025 Quantitative Target-Press Release; Staff Report; and Statement by the Executive Director for Rwanda", IMF Staff Country Reports 2025, 127 (2025), accessed July 19, 2025, https://doi.org/10.5089/9798229013918.002

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Summary

Despite a challenging external environment, Rwanda's economy grew by 8.9 percent in 2024, driven by robust performances in services, construction, and food crop production. Inflation stabilized within the central bank’s target range, underpinned by a combination of tight monetary policy and favorable food prices. Looking ahead, implementing priorities under the Government’s Second National Transformation Strategy will require significant financing, including for key investment projects such as the second phase of construction of the New Kigali International Airport and the expansion of RwandAir. The authorities remain firmly committed to advancing their ambitious structural reform agenda, supported by the Policy Coordination Instrument (PCI).

Subject: Debt sustainability, Debt sustainability analysis, External debt, Fiscal consolidation, Fiscal policy, Public debt

Keywords: Debt sustainability, Debt sustainability analysis, East Africa, Fiscal consolidation, Fiscal consolidation program, FX market functioning, Global, Implementation framework, Monetary policy transmission, PCI debt anchor, Policy recommendation, Rwandan authorities, Southern Africa, Sub-Saharan Africa

Publication Details

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