{
  "title": "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",
  "publication": "IMF Staff Country Reports, June 10, 2025",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2025/06/10/rwanda-fifth-review-under-the-policy-coordination-instrument-and-request-for-the-567582",
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  "summary": "This paper presents Rwanda’s Fifth Review under the Policy Coordination Instrument (PCI) and Request for the Modification of End-June 2025 Quantitative Target.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Presents Rwanda’s Fifth Review under the Policy Coordination Instrument (PCI) and Request for the Modification of End-June 2025 Quantitative Target.\n- The PCI supports Rwanda’s reform agenda to:\n  - maintain macroeconomic stability,\n  - promote sustainable and inclusive growth,\n  - advance climate-resilient development.\n- 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."
    },
    {
      "heading": "Program performance and quantitative targets",
      "content": "- Program performance under the PCI has been strong.\n- All quantitative targets were met.\n- Most reform commitments were implemented, including in:\n  - state-owned enterprises governance,\n  - monetary statistics,\n  - digital public financial management.\n- Noted implementation delays:\n  - approval of the comprehensive tax policy package (implemented with a delay),\n  - rollout of the Global Master Repurchase Agreement (implemented with a delay)."
    },
    {
      "heading": "Fiscal and external pressures; debt sustainability",
      "content": "- Rising fiscal and external pressures are linked to:\n  - large investment projects,\n  - reduced concessional financing.\n- Continued fiscal consolidation is essential to safeguard macroeconomic stability and debt sustainability.\n- Fiscal consolidation should be supported by:\n  - stronger domestic revenue mobilization,\n  - spending efficiency improvements."
    },
    {
      "heading": "Climate integration and institutional reforms",
      "content": "- Rwanda continues to demonstrate leadership in integrating climate considerations into macroeconomic policy.\n- Institutional reforms are being leveraged to mobilize climate finance.\n\n---\n\n Content in this bundle\n\n- 1rwaea2025001-print-pdf\n  - 1rwaea2025001-print-pdf (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1rwaea2025001-print-pdf (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: June 10, 2025",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798229013918.002",
    "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:",
    "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 under the PCI has been strong.",
    "All quantitative targets were met.",
    "Most reform commitments were implemented, including in:",
    "Noted implementation delays:",
    "Rising fiscal and external pressures are linked to:",
    "Continued fiscal consolidation is essential to safeguard macroeconomic stability and debt sustainability.",
    "Rwanda continues to demonstrate leadership in integrating climate considerations into macroeconomic policy.",
    "Institutional reforms are being leveraged to mobilize climate finance.",
    "**1rwaea2025001-print-pdf**"
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