Rwanda: 2025 Article IV Consultation and Sixth Review Under the Policy Coordination Instrument-Press Release; and Staff Report
IMF Staff Country Reports, December 4, 2025
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- Rwanda: 2025 Article IV Consultation and Sixth Review Under the Policy Coordination Instrument-Press Release; and Staff Report
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Bibliographic details
- Published: December 4, 2025
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798229031325.002
Key findings and country assessment
- Rwanda’s economy "has remained strong and resilient" despite "repeated shocks."
- The policy coordination instrument (PCI) "has supported Rwanda’s reform agenda aimed to safeguard macroeconomic stability, promote sustainable and inclusive growth, and advance climate-resilient development."
- "Higher fiscal and external pressures have challenged authorities’ effort to rebuild policy buffers."
- Program performance under the PCI "has been strong, with all quantitative targets met and reforms implemented."
- As the PCI concludes, the policy focus is on implementing priorities under the Second National Strategy for Transformation, including advancing "inclusive, climate-resilient growth and major infrastructure projects."
- Structural reforms should "continue to aim at unlocking inclusive and durable growth."
- "Reforms to support external balance can facilitate the development of a competitive and dynamic export sector."
Macroeconomic framework and stability considerations
- Credible fiscal consolidation is essential and should be "anchored in stronger domestic revenue mobilization, and spending efficiency."
- Monetary policy should be "data-driven."
- Continued exchange rate flexibility is recommended to "safeguard macroeconomic stability and debt sustainability."
Program performance and implementation
- Under the PCI: "all quantitative targets met and reforms implemented."
- The PCI has "come to a successful completion."
Policy priorities and reform agenda
- Fiscal policy:
- Implement credible fiscal consolidation.
- Strengthen domestic revenue mobilization.
- Improve spending efficiency.
- Monetary and exchange rate policy:
- Maintain data-driven monetary policy.
- Continue exchange rate flexibility.
- Structural reforms:
- Advance reforms to unlock inclusive and durable growth.
- Support external balance and develop a competitive and dynamic export sector.
- Development strategy:
- Implement priorities under the Second National Strategy for Transformation.
- Advance inclusive, climate-resilient growth and major infrastructure projects.
International Monetary Fund. "Rwanda: 2025 Article IV Consultation and Sixth Review Under the Policy Coordination Instrument-Press Release; and Staff Report", December 4, 2025.
Content in this bundle
- 1rwaea2025002-source-pdf