IMF Staff Country Reports

This paper presents Rwanda’s Fifth Review under the Policy Coordination Instrument (PCI) and Request for the Modification of End-June 2025 Quantitative Target. The PCI continues to support Rwanda’s reform agenda aimed at maintaining macroeconomic stability, promoting sustainable and inclusive growth, and advancing climate-resilient development. Rwanda’s economic growth remains among the strongest in sub-Saharan Africa, despite rising fiscal and external pressures linked to large investment projects and reduced concessional financing. Continued fiscal consolidation, supported by stronger domestic revenue mobilization and spending efficiency, is essential to safeguard macroeconomic stability and debt sustainability. Program performance under the PCI has been strong. All quantitative targets were met, and most reform commitments were implemented, including in state-owned enterprises governance, monetary statistics, and digital public financial management. The approval of the comprehensive tax policy package and the rollout of the Global Master Repurchase Agreement were implemented with a delay. Rwanda continues to demonstrate leadership in integrating climate considerations into macroeconomic policy and leveraging institutional reforms to mobilize climate finance.