Rwanda: Fifth Review Under the Policy Coordination Instrument and Request for the Modification of End-June 2025 Quantitative Target-Press Release; Staff Report; and Statement by the Executive Director for Rwanda
IMF Staff Country Reports, June 10, 2025
Source details
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- Rwanda: Fifth Review Under the Policy Coordination Instrument and Request for the Modification of End-June 2025 Quantitative Target-Press Release; Staff Report; and Statement by the Executive Director for Rwanda
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Bibliographic details
- Published: June 10, 2025
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798229013918.002
Overview
- Presents Rwanda’s Fifth Review under the Policy Coordination Instrument (PCI) and Request for the Modification of End-June 2025 Quantitative Target.
- The PCI supports Rwanda’s reform agenda to:
- maintain macroeconomic stability,
- promote sustainable and inclusive growth,
- advance climate-resilient development.
- Rwanda’s economic growth remains among the strongest in sub-Saharan Africa despite rising fiscal and external pressures linked to large investment projects and reduced concessional financing.
Program performance and quantitative targets
- Program performance under the PCI has been strong.
- All quantitative targets were met.
- Most reform commitments were implemented, including in:
- state-owned enterprises governance,
- monetary statistics,
- digital public financial management.
- Noted implementation delays:
- approval of the comprehensive tax policy package (implemented with a delay),
- rollout of the Global Master Repurchase Agreement (implemented with a delay).
Fiscal and external pressures; debt sustainability
- Rising fiscal and external pressures are linked to:
- large investment projects,
- reduced concessional financing.
- Continued fiscal consolidation is essential to safeguard macroeconomic stability and debt sustainability.
- Fiscal consolidation should be supported by:
- stronger domestic revenue mobilization,
- spending efficiency improvements.
Climate integration and institutional reforms
- Rwanda continues to demonstrate leadership in integrating climate considerations into macroeconomic policy.
- Institutional reforms are being leveraged to mobilize climate finance.
Content in this bundle
- 1rwaea2025001-print-pdf