IMF Staff Country Reports

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 and Sustainability Facility (RSF), and Request for an Arrangement under the Standby Credit Facility. The Rwandan economy registered strong post-pandemic growth but compounding shocks in recent years resulted in emerging internal and external imbalances, while the country’s development needs remain large. Carefully calibrated fiscal consolidation, proactive and data-driven monetary policy, continued exchange rate flexibility, and sustained progress on development and climate-related reforms are necessary to rebuild buffers, curb inflation, improve debt sustainability, and enhance socioeconomic resilience. Progress on the climate agenda under the RSF remains strong. The agreed acceleration of RSF-supported climate reforms and the addition of new measures demonstrate Rwanda’s dedication to the climate reform agenda.