{
  "title": "Rwanda: 2023 Article IV Consultation, Second Reviews Under the Policy Coordination Instrument and the Arrangement Under the Resilience and Sustainability Facility, Requests for the Modification of End December 2023 Quantitative Targets, Rephasing of Access Under the Resilience and Sustainability Facility, and Request for an Arrangement Under the Standby Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Rwanda",
  "publication": "IMF Staff Country Reports, December 18, 2023",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2023/12/18/rwanda-2023-article-iv-consultation-second-reviews-under-the-policy-coordination-instrument-542581",
  "canonical": "https://www.imf.org/en/publications/cr/issues/2023/12/18/rwanda-2023-article-iv-consultation-second-reviews-under-the-policy-coordination-instrument-542581",
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  "summary": "This paper presents Rwanda’s 2023 Article IV Consultation, Second Reviews under the Policy Coordination Instrument and the Arrangement under the Resilience and Sustainability Facility, Requests for the Modification of End December 2023 Quantitative Targets, Rephasing of Access under the Resilience a",
  "sections": [
    {
      "heading": "Key findings",
      "content": "- The Rwandan economy registered strong post-pandemic growth but compounding shocks in recent years resulted in emerging internal and external imbalances.\n- The country’s development needs remain large, requiring sustained policy attention and resources.\n- Progress on the climate agenda under the Resilience and Sustainability Facility (RSF) remains strong, with agreed acceleration of RSF-supported climate reforms and the addition of new measures demonstrating Rwanda’s dedication to the climate reform agenda."
    },
    {
      "heading": "Macroeconomic policy guidance and priorities",
      "content": "- Carefully calibrated fiscal consolidation is necessary to rebuild buffers, curb inflation, improve debt sustainability, and enhance socioeconomic resilience.\n- Proactive and data-driven monetary policy is required to address inflationary pressures and support macroeconomic stability.\n- Continued exchange rate flexibility is recommended to help absorb external shocks and support external adjustment."
    },
    {
      "heading": "Climate, resilience, and reform agenda under the RSF",
      "content": "- RSF-supported climate reforms have been accelerated, and new RSF reform measures have been added.\n- Continued progress on development and climate-related reforms is emphasized as essential for long-term resilience and sustainability."
    },
    {
      "heading": "Institutional and programmatic elements",
      "content": "- The paper presents:\n  - Rwanda’s 2023 Article IV Consultation.\n  - Second Reviews under the Policy Coordination Instrument (PCI).\n  - The Arrangement under the Resilience and Sustainability Facility (RSF).\n  - Requests for the modification of end December 2023 quantitative targets.\n  - Requests for rephasing of access under the RSF.\n  - A request for an arrangement under the Standby Credit Facility."
    },
    {
      "heading": "Key statistics and publication identifiers",
      "content": "- Publication date: December 18, 2023\n- Pages: 140\n- Volume: 2023\n- Issue: 422\n- Series: Country Report No. 2023/422\n- DOI: https://doi.org/10.5089/9798400260995.002\n- Stock No: 1RWAEA2023003\n- ISBN: 9798400260995\n- ISSN: 1934-7685\n\nSource: IMF Staff Country Reports — \"Rwanda: 2023 Article IV Consultation, Second Reviews Under the Policy Coordination Instrument and the Arrangement Under the Resilience and Sustainability Facility, Requests for the Modification of End December 2023 Quantitative Targets, Rephasing of Access Under the Resilience and Sustainability Facility, and Request for an Arrangement Under the Standby Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Rwanda\", December 18, 2023, Country Report No. 2023/422.\n\n---\n\n Content in this bundle\n\n- 1rwaea2023003 — Executive Summary\n  - 1rwaea2023003 — Executive Summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1rwaea2023003 — Executive Summary (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
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    "Published: December 18, 2023",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400260995.002",
    "The Rwandan economy registered strong post-pandemic growth but compounding shocks in recent years resulted in emerging internal and external imbalances.",
    "The country’s development needs remain large, requiring sustained policy attention and resources.",
    "Progress on the climate agenda under the Resilience and Sustainability Facility (RSF) remains strong, with agreed acceleration of RSF-supported climate reforms and the addition of new measures demonstrating Rwanda’s dedication to the climate reform agenda.",
    "Carefully calibrated fiscal consolidation is necessary to rebuild buffers, curb inflation, improve debt sustainability, and enhance socioeconomic resilience.",
    "Proactive and data-driven monetary policy is required to address inflationary pressures and support macroeconomic stability.",
    "Continued exchange rate flexibility is recommended to help absorb external shocks and support external adjustment.",
    "RSF-supported climate reforms have been accelerated, and new RSF reform measures have been added.",
    "Continued progress on development and climate-related reforms is emphasized as essential for long-term resilience and sustainability.",
    "The paper presents:",
    "Publication date: December 18, 2023",
    "Pages: 140",
    "Volume: 2023",
    "Issue: 422",
    "Series: Country Report No. 2023/422",
    "DOI: https://doi.org/10.5089/9798400260995.002",
    "Stock No: 1RWAEA2023003",
    "ISBN: 9798400260995",
    "ISSN: 1934-7685",
    "**1rwaea2023003 — Executive Summary**"
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