Rwanda: Tenth Review Under the Policy Support Instrument-Press Release; Staff Report; and Statement by the Executive Director for Rwanda

International Monetary Fund

No 2018/335, IMF Staff Country Reports from International Monetary Fund

Abstract: This is the tenth and final review of Rwanda’s PSI-program, approved by the Executive Board on December 2, 2013. A concurrent 18-month SCF arrangement was approved on June 8, 2016 to support adjustment policies to eliminate external imbalances. The PSI-supported program was extended three times, on: June 8, 2016; November 19, 2017; and January 12, 2018. When it expires on December 1, 2018, the program will have reached its maximum 5-year limit. Recent Developments. After a dip in 2016–17, real GDP growth has been recovering over the past four quarters. Growth averaged 8.6 percent in the first half of 2018 and, despite a temporary deceleration in Q2, remains in line with projections for 7.2 percent for the year. Growth in the medium term should remain at or higher than historical averages, based on a strong pipeline of tourism and business tourism, new mining operations, more resilient agriculture, new and more diversified exports, and construction of a new airport. Inflation remains low, and expectations within targeted ranges. External balances and reserve buffers continued to improve, while the financial sector remains healthy.

Keywords: ISCR; CR; monetary policy stance; revenue mobilization effort; IMF staff estimate; interest rate; inflation expectation; headline inflation; Monetary policy frameworks; Current account balance; Inflation; Global (search for similar items in EconPapers)
Pages: 46
Date: 2018-11-30
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