{
  "title": "Rwanda: Sixth Review Under the Policy Coordination Instrument and Monetary Policy Consultation Clause-Press Release; Staff Report; and Statement by the Executive Director for Rwanda",
  "publication": "IMF Staff Country Reports, June 29, 2022",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2022/06/29/rwanda-sixth-review-under-the-policy-coordination-instrument-and-monetary-policy-520137",
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  "summary": "This paper analyses Rwanda’s Sixth Review under the Policy Coordination Instrument (PCI) and Monetary Policy Consultation Clause. Rwanda continues to implement its Economic Recovery Plan while confronting the lingering effects of the pandemic and the spillovers from the war in Ukraine.",
  "sections": [
    {
      "heading": "Context and macroeconomic environment",
      "content": "- Rwanda continues to implement its Economic Recovery Plan while confronting the lingering effects of the pandemic and the spillovers from the war in Ukraine.\n- Headline inflation has been on the rise since the beginning of the year.\n- Rising inflationary pressures, exacerbated by rising commodity prices, are compounding the policy challenges of balancing economic recovery with maintaining price stability."
    },
    {
      "heading": "Key findings and analysis",
      "content": "- Rising inflationary pressures require monetary policy vigilance to anchor inflation expectations.\n- The policy challenges combine:\n  - lingering pandemic effects;\n  - spillovers from the war in Ukraine; and\n  - rising commodity prices that exacerbate inflation.\n- Policies under the Policy Coordination Instrument (PCI) support:\n  - recovery from the pandemic;\n  - measures to mitigate headwinds from the war in Ukraine;\n  - maintenance of macroeconomic stability; and\n  - implementation of the medium-term fiscal consolidation strategy to preserve debt sustainability.\n- The PCI also supports reform efforts, including:\n  - financial inclusion;\n  - digitization; and\n  - green public financial management (PFM), to deliver more inclusive and sustainable growth."
    },
    {
      "heading": "Policy recommendations",
      "content": "- Monetary policy:\n  - The National Bank of Rwanda should stand ready to tighten monetary policy more aggressively to anchor inflation expectations.\n  - Implementation of the interest-rate-based monetary policy framework should continue.\n  - Greater exchange rate flexibility is recommended to ensure external sustainability.\n- Fiscal and structural policy:\n  - Continue implementing the medium-term fiscal consolidation strategy to preserve debt sustainability.\n  - Advance reforms supported under the PCI (financial inclusion, digitization, green PFM) to foster inclusive and sustainable growth."
    },
    {
      "heading": "Publication and metadata",
      "content": "- Pages: 73\n- Volume: 2022\n- Issue: 200\n- Series: Country Report No. 2022/200\n- DOI: https://doi.org/10.5089/9798400212864.002\n- Stock No: 1RWAEA2022002\n- ISBN: 9798400212864\n- ISSN: 1934-7685\n- Date on page: June 29, 2022\n- Subjects: Financial institutions; Health; International organization; Monetary policy; Prices; Public debt; Public financial management (PFM)\n- Keywords: consultation benchmark; COVID-19; Fiscal risks; Global; headline inflation; Inflation; inflation development; inflation expectation; interest-rate-based monetary policy framework; Loans; management practice\n\nSource: International Monetary Fund — Rwanda: Sixth Review Under the Policy Coordination Instrument and Monetary Policy Consultation Clause; IMF Staff Country Reports 2022, 200.\n\n---\n\n Content in this bundle\n\n- 1rwaea2022002 - Executive Summary\n  - 1rwaea2022002 - Executive Summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1rwaea2022002 - Executive Summary (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: June 29, 2022",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400212864.002",
    "Rwanda continues to implement its Economic Recovery Plan while confronting the lingering effects of the pandemic and the spillovers from the war in Ukraine.",
    "Headline inflation has been on the rise since the beginning of the year.",
    "Rising inflationary pressures, exacerbated by rising commodity prices, are compounding the policy challenges of balancing economic recovery with maintaining price stability.",
    "Rising inflationary pressures require monetary policy vigilance to anchor inflation expectations.",
    "The policy challenges combine:",
    "Policies under the Policy Coordination Instrument (PCI) support:",
    "The PCI also supports reform efforts, including:",
    "Fiscal and structural policy:",
    "Pages: 73",
    "Volume: 2022",
    "Issue: 200",
    "Series: Country Report No. 2022/200",
    "DOI: https://doi.org/10.5089/9798400212864.002",
    "Stock No: 1RWAEA2022002",
    "ISBN: 9798400212864",
    "ISSN: 1934-7685",
    "Date on page: June 29, 2022",
    "Subjects: Financial institutions; Health; International organization; Monetary policy; Prices; Public debt; Public financial management (PFM)",
    "Keywords: consultation benchmark; COVID-19; Fiscal risks; Global; headline inflation; Inflation; inflation development; inflation expectation; interest-rate-based monetary policy framework; Loans; management practice",
    "**1rwaea2022002 - Executive Summary**"
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