## 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

**Canonical URL:** [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](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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## Bibliographic details
- Published: June 10, 2025
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798229013918.002

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### 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.

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_Source: https://www.imf.org/en/publications/cr/issues/2025/06/10/rwanda-fifth-review-under-the-policy-coordination-instrument-and-request-for-the-567582_