{
  "title": "Rwanda: Tenth Review Under the Policy Support Instrument-Press Release; Staff Report; and Statement by the Executive Director for Rwanda",
  "publication": "IMF Staff Country Reports, November 30, 2018",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2018/11/30/rwanda-tenth-review-under-the-policy-support-instrument-press-release-staff-report-and-46407",
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  "summary": "This is the tenth and final review of Rwanda’s PSI-program, approved by the Executive Board on December 2, 2013. A concurrent 18-month SCF arrangement was approved on June 8, 2016 to support adjustment policies to eliminate external imbalances.",
  "sections": [
    {
      "heading": "Program background",
      "content": "- This is the tenth and final review of Rwanda’s PSI-program, approved by the Executive Board on December 2, 2013.\n- A concurrent 18-month SCF arrangement was approved on June 8, 2016 to support adjustment policies to eliminate external imbalances.\n- The PSI-supported program was extended three times: on June 8, 2016; November 19, 2017; and January 12, 2018.\n- The program expires on December 1, 2018, at which point it will have reached its maximum 5-year limit."
    },
    {
      "heading": "Recent macroeconomic developments",
      "content": "- Real GDP growth:\n  - After a dip in 2016–17, real GDP growth has been recovering over the past four quarters.\n  - Growth averaged 8.6 percent in the first half of 2018.\n  - Growth remains in line with projections for 7.2 percent for the year, despite a temporary deceleration in Q2.\n- Medium-term growth prospects:\n  - Growth in the medium term should remain at or higher than historical averages.\n  - Supporting factors cited: a strong pipeline of tourism and business tourism, new mining operations, more resilient agriculture, new and more diversified exports, and construction of a new airport.\n- Inflation and expectations:\n  - Inflation remains low, and expectations are within targeted ranges.\n- External sector and reserves:\n  - External balances and reserve buffers continued to improve.\n- Financial sector:\n  - The financial sector remains healthy."
    },
    {
      "heading": "Key monitored policy areas and subjects",
      "content": "- Balance of payments\n- Current account balance\n- Inflation\n- Monetary policy; Monetary policy frameworks; Monetary policy stance; interest rate\n- Prices\n- Public debt\n- Revenue administration; revenue mobilization effort\n\nSource: Rwanda: Tenth Review Under the Policy Support Instrument-Press Release; Staff Report; and Statement by the Executive Director for Rwanda (November 30, 2018).\n\n---\n\n Content in this bundle\n\n- Country Report\n  - Country Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Country Report (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: November 30, 2018",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484387238.002",
    "This is the tenth and final review of Rwanda’s PSI-program, approved by the Executive Board on December 2, 2013.",
    "A concurrent 18-month SCF arrangement was approved on June 8, 2016 to support adjustment policies to eliminate external imbalances.",
    "The PSI-supported program was extended three times: on June 8, 2016; November 19, 2017; and January 12, 2018.",
    "The program expires on December 1, 2018, at which point it will have reached its maximum 5-year limit.",
    "Real GDP growth:",
    "Medium-term growth prospects:",
    "External sector and reserves:",
    "Financial sector:",
    "**Country Report**"
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