## Rwanda: Third Review Under the Policy Support Instrument: Staff Report; Staff Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Rwanda

_IMF Staff Country Reports, January 26, 2012_

## Source details

**Canonical URL:** [Rwanda: Third Review Under the Policy Support Instrument: Staff Report; Staff Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Rwanda](https://www.imf.org/en/publications/cr/issues/2016/12/31/rwanda-third-review-under-the-policy-support-instrument-staff-report-staff-supplement-press-25678)

## Other formats

- [Markdown version](/en/publications/cr/issues/2016/12/31/rwanda-third-review-under-the-policy-support-instrument-staff-report-staff-supplement-press-25678/index.md)
- [Structured JSON version](/en/publications/cr/issues/2016/12/31/rwanda-third-review-under-the-policy-support-instrument-staff-report-staff-supplement-press-25678/index.json)
- [Bundle manifest](/en/publications/cr/issues/2016/12/31/rwanda-third-review-under-the-policy-support-instrument-staff-report-staff-supplement-press-25678/bundle-manifest.json)

## Bibliographic details
- Published: January 26, 2012
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781463934514.002

---

### Key findings and overall assessment
- This paper presents key findings of the Third Review under the Policy Support Instrument (PSI) in Rwanda.
- Program performance was broadly satisfactory.
- All end-June quantitative assessment criteria were met.
- Structural benchmarks were partially met as the pace of implementation of structural benchmarks has slowed somewhat either owing to technical difficulties or capacity bottlenecks.
- Fiscal consolidation in FY2011/12 and FY2012/13 remains on track and is expected to further anchor macroeconomic stability.
- The authorities have introduced additional revenue measures for FY2012/13 to preserve the revenue objective of the PSI.

### Program performance and implementation
- All end-June quantitative assessment criteria were met.
- Structural benchmarks: partially met.
  - Implementation pace slowed due to technical difficulties or capacity bottlenecks.

### Fiscal policy and revenue measures
- Fiscal consolidation status:
  - Fiscal consolidation in FY2011/12 and FY2012/13 remains on track.
  - Expected effect: further anchoring of macroeconomic stability.
- Revenue measures:
  - The authorities have introduced additional revenue measures for FY2012/13 to preserve the revenue objective of the PSI.

### Thematic coverage and keywords
- Subject: Currencies, Exchange rate arrangements, External position, Foreign assets, Foreign exchange, Inflation, Monetary base, Money, Prices
- Keywords: authority, CR, Currencies, East Africa, Exchange rate arrangements, Foreign assets, Global, government, Inflation, inflation driver, ISCR, MEFP, Monetary base, objective of PSI, PFM reform strategy, policy mix, PSI-supported program, results in nonobservance

---

## Content in this bundle

- **_cr1215**
  - [_cr1215 (Markdown version)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2012/_cr1215.pdf.md){rel="alternate" type="text/markdown"}
  - [_cr1215 (PDF)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2012/_cr1215.pdf){rel="external" type="application/pdf"}

---

_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/rwanda-third-review-under-the-policy-support-instrument-staff-report-staff-supplement-press-25678_