卢旺达：根据政策协调工具进行的第五次审查和修改2025年6月底定量目标新闻稿的请求；员工报告；卢旺达执行主任的发言

Washington, D.C. IMF Executive Board Concludes the Fifth Review under thePolicy Coordination Instrument for RwandaFOR IMMEDIATE RELEASE•The IMF Executive Board today concluded the fifth review under the Policy CoordinationInstrument (PCI). The PCIcontinues to support Rwanda’s reform agenda aimed atmaintaining macroeconomic stability, promoting sustainable and inclusive growth, andadvancing climate-resilient development.•Rwanda’s economic growth remains among the strongest in sub-Saharan Africa, despiterising fiscal and external pressures linked to large investment projects and reducedconcessional financing. Continued fiscal consolidation, supported by stronger domesticrevenue mobilization and spending efficiency, is essential to safeguard macroeconomicstability and debt sustainability.•Program performance under the PCI has been strong. All quantitative targets were met, andmost reform commitments were implemented, including in SOE governance, monetarystatistics, and digital public financial management.Theapproval of thecomprehensive taxpolicy package and therollout of theGlobal Master Repurchase Agreementwereimplementedwithadelay.Rwanda continues to demonstrate leadership in integratingclimate considerations into macroeconomic policy and leveraging institutional reforms tomobilize climate finance.Washington, DC–June 4, 2025:The Executive Board of the International Monetary Fund(IMF) concluded the fifth review under the Policy Coordination Instrument (PCI) for Rwanda.1Rwanda’s economy expanded by 8.9 percent in 2024, driven by a rebound in agriculture andcontinued strength in the services and construction sectors. Inflation remained within theNational Bank of Rwanda’s 2–8 percent target band, reflecting tight monetarypolicy andimproveddomesticfood supply. The current account deficit widened in 2024 due to strongconsumer and capital goods imports, but reserves remained adequate at 4.7 months ofimports as of end-year.Going forward, the fiscal position will be under pressure from the large infrastructureinvestment in the New Kigali International Airport and the expansion of RwandAir, as well asthe recent pension reform. Public debt is expected to peak in FY2025/26, with the PCI debtanchor now projected to be reached in 2033. Accelerating domestic revenue mobilization andmaintaining a credible fiscal consolidation path are crucial to restoring policy space andensuring long-term fiscal sustainability. Continued vigilance is also needed to manage risksfrom SOEs, rising debt service costs, and constrained access to concessional financing.1The PCI arrangement wasapprovedon December 12, 2022. Monetary policy should remain data-driven to contain inflation and support externaladjustment. Exchange rate flexibility will be essential to absorb shocks, while reforms tostrengthen FX market functioning should continue. Close oversight of credit expansion—includingin the microfinance sector—and improved monitoring of large exposures areimportant to safeguard financial stability.Program implementation under the PCI remains strong. All quantitative targets were met andmost structural benchmarks for this review were completed, including those on SOEgovernance, PFM digitalization, and monetary statistics expansion.Theremainingtwostructural benchmarks on theCabinet approval of thecomprehensive tax policy packageandtherollout of theGlobal Master Repurchase Agreementwere implemented with a delay.Theauthorities continue to build on the strong foundation established under the now-completedRSF. Progress on climate-related reforms has remained strong, including efforts to implementa climate budget tagging system, develop green taxonomies, and advance the climate financeagenda. Developing a pipeline of viable, bankable greenprojects will be essential to fullyleverage available resources and sustain momentum.At the conclusion of the Executive Board’s discussion, Mr. Bo Li, Deputy Managing Director,and Acting Chair, made the following statement:“Rwanda’s economy hasdemonstrated impressive resilience, recording strong growthsupported by robust activity in the services, construction, and agriculture sectors. Inflation hasremained within the NBR target range, aided by prudent monetary policy and improveddomestic foodsupply. However, the macroeconomic environment has become more complexdue to a need to implement difficult reforms against the background of worsening externalconditions, including aid withdrawals and regional tensions.“Sustaining fiscal consolidation remains vital to preserving macroeconomic stability andensuring debt sustainability. The recently adopted tax reform package is a welcome steptoward broadening the tax base and enhancing equity and efficiency. Continued expenditurerationalization and close monitoring of fiscal risks, particularly from SOEs and the ambitiouspriority investment project, are essential. The fiscal implications of pension reform and thefinancing needs for the priority infrastructure projectmust be caref