{
  "title": "Rwanda: Staff Report for 2019 Article IV Consultation and a Request for a Three-Year Policy Coordination Instrument-Press Release; Staff Report; and Statement by the Executive Director for Rwanda",
  "publication": "IMF Staff Country Reports, July 3, 2019",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2019/07/03/rwanda-staff-report-for-2019-article-iv-consultation-and-a-request-for-a-three-year-policy-47089",
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  "summary": "Rwanda has made considerable progress in sustaining high and inclusive growth and reducing poverty. Despite numerous shocks, macroeconomic management has been strong and debt risks have remained low.",
  "sections": [
    {
      "heading": "Macroeconomic progress and resilience",
      "content": "- Rwanda has made considerable progress in sustaining high and inclusive growth and reducing poverty.\n- Despite numerous shocks, macroeconomic management has been strong and debt risks have remained low."
    },
    {
      "heading": "National Strategy for Transformation (NST) and financing challenges",
      "content": "- The authorities’ National Strategy for Transformation (NST) aims to make progress toward the SDGs.\n- The NST’s financing will be challenging.\n- A more neutral medium-term fiscal policy stance can help support NST objectives.\n- Fiscal strategy should be reinforced with commitments for more domestic revenue mobilization and mitigation of fiscal risks."
    },
    {
      "heading": "Fiscal policy recommendations",
      "content": "- Adopt a more neutral medium-term fiscal policy stance.\n- Commit to more domestic revenue mobilization.\n- Take measures to mitigate fiscal risks."
    },
    {
      "heading": "Monetary policy stance",
      "content": "- The central bank moved to a new interest-rate based monetary policy framework.\n- With inflation below its target range, the central bank eased the policy stance."
    },
    {
      "heading": "IMF support and program request",
      "content": "- To support their policies and NST implementation, the authorities are requesting approval of a 3-year program supported by the Policy Coordination Instrument (PCI)."
    },
    {
      "heading": "Subjects and keywords (as tagged in the report)",
      "content": "- Subject: Debt sustainability analysis, External debt, Public debt, Public financial management (PFM), Revenue administration\n- Keywords: Africa, authorities' fiscal policy, CR, debt, Debt sustainability analysis, financing, Global, ISCR, national bank of Rwanda, NST implementation, Rwanda, Rwanda's National Strategy for Transformation, Rwandan authorities, Sub-Saharan Africa\n\nRwanda: Staff Report for 2019 Article IV Consultation and a Request for a Three-Year Policy Coordination Instrument-Press Release; Staff Report; and Statement by the Executive Director for Rwanda\n\n---\n\n Content in this bundle\n\n- 1rwaea2019001\n  - 1rwaea2019001 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1rwaea2019001 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: July 3, 2019",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781498324410.002",
    "Rwanda has made considerable progress in sustaining high and inclusive growth and reducing poverty.",
    "Despite numerous shocks, macroeconomic management has been strong and debt risks have remained low.",
    "The authorities’ National Strategy for Transformation (NST) aims to make progress toward the SDGs.",
    "The NST’s financing will be challenging.",
    "A more neutral medium-term fiscal policy stance can help support NST objectives.",
    "Fiscal strategy should be reinforced with commitments for more domestic revenue mobilization and mitigation of fiscal risks.",
    "Adopt a more neutral medium-term fiscal policy stance.",
    "Commit to more domestic revenue mobilization.",
    "Take measures to mitigate fiscal risks.",
    "The central bank moved to a new interest-rate based monetary policy framework.",
    "With inflation below its target range, the central bank eased the policy stance.",
    "To support their policies and NST implementation, the authorities are requesting approval of a 3-year program supported by the Policy Coordination Instrument (PCI).",
    "Subject: Debt sustainability analysis, External debt, Public debt, Public financial management (PFM), Revenue administration",
    "Keywords: Africa, authorities' fiscal policy, CR, debt, Debt sustainability analysis, financing, Global, ISCR, national bank of Rwanda, NST implementation, Rwanda, Rwanda's National Strategy for Transformation, Rwandan authorities, Sub-Saharan Africa",
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