## Rwanda: Tenth Review Under the Policy Support Instrument-Press Release; Staff Report; and Statement by the Executive Director for Rwanda

_IMF Staff Country Reports, November 30, 2018_

## Source details

**Canonical URL:** [Rwanda: Tenth Review Under the Policy Support Instrument-Press Release; Staff Report; and Statement by the Executive Director for Rwanda](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)

## Other formats

- [Markdown version](/en/publications/cr/issues/2018/11/30/rwanda-tenth-review-under-the-policy-support-instrument-press-release-staff-report-and-46407/index.md)
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## Bibliographic details
- Published: November 30, 2018
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484387238.002

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### Program background
- 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.

### Recent macroeconomic developments
- Real GDP growth:
  - After a dip in 2016–17, real GDP growth has been recovering over the past four quarters.
  - Growth averaged 8.6 percent in the first half of 2018.
  - Growth remains in line with projections for 7.2 percent for the year, despite a temporary deceleration in Q2.
- Medium-term growth prospects:
  - Growth in the medium term should remain at or higher than historical averages.
  - 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.
- Inflation and expectations:
  - Inflation remains low, and expectations are within targeted ranges.
- External sector and reserves:
  - External balances and reserve buffers continued to improve.
- Financial sector:
  - The financial sector remains healthy.

### Key monitored policy areas and subjects
- Balance of payments
- Current account balance
- Inflation
- Monetary policy; Monetary policy frameworks; Monetary policy stance; interest rate
- Prices
- Public debt
- Revenue administration; revenue mobilization effort

*Source: Rwanda: Tenth Review Under the Policy Support Instrument-Press Release; Staff Report; and Statement by the Executive Director for Rwanda (November 30, 2018).*

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## Content in this bundle

- **Country Report**
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  - [Country Report (PDF)](/-/media/files/publications/cr/2018/cr18335.pdf){rel="external" type="application/pdf"}

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_Source: 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_