## 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

_IMF Staff Country Reports, July 3, 2019_

## Source details

**Canonical URL:** [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](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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## Bibliographic details
- Published: July 3, 2019
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781498324410.002

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### Macroeconomic progress and resilience
- 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.

### National Strategy for Transformation (NST) and financing challenges
- 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.

### Fiscal policy recommendations
- Adopt a more neutral medium-term fiscal policy stance.
- Commit to more domestic revenue mobilization.
- Take measures to mitigate fiscal risks.

### Monetary policy stance
- 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.

### IMF support and program request
- To support their policies and NST implementation, the authorities are requesting approval of a 3-year program supported by the Policy Coordination Instrument (PCI).

### Subjects and keywords (as tagged in the report)
- 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

*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*

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_Source: 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_