卢旺达：2025年政策协调工具下的第四条协商和第六次审查新闻稿；员工报告

2025 ARTICLE IV CONSULTATIONANDSIXTHREVIEWUNDERTHEPOLICY COORDINATION INSTRUMENT—PRESS RELEASE;ANDSTAFF REPORT In the contextunder the2025Article IV Consultationwith RwandaandtheSixthReviewUnder thePolicy Coordination Instrument,the following documents have beenreleased and are included in this package: •APress Release. •TheStaff Reportprepared by a staff team of the IMF for the Executive Board’sconsideration ona lapse-of-timebasis,following discussions that ended onOctober 10, 2025, with the officials ofRwandaon economic developments andpolicies underpinning the IMFarrangement under thePolicy CoordinationInstrumentprogram.Based on information available at the time of thesediscussions, the Staff Report was completed onNovember 14, 2025. •AnInformational Annexprepared by IMF staff. •ADebt Sustainability Analysisprepared by staffs of the World Bank and the IMF. TheIMF’s transparency policy allows for the deletion of market-sensitive informationand premature disclosure of the authorities’ policy intentions in published staff reportsand other documents. Copies of this report are available to the public fromInternational Monetary Fund•Publication ServicesPO Box 92780•Washington, D.C. 20090Telephone: (202) 623-7430•Fax: (202) 623-7201E-mail:publications@imf.org Web:http://www.imf.orgPrice: $18.00per printed copy International Monetary FundWashington, D.C. IMF Executive Board Concludes the 2025 Article IVConsultation and Completes the Sixth Review Under thePolicy Coordination Instrument with Rwanda FOR IMMEDIATE RELEASE •The IMF Executive Board today concluded the 2025 Article IV consultation andcompleted the sixth and final review of Rwanda’s Policy Coordination Instrument (PCI).The PCI has supported Rwanda’s reform agenda aimed to safeguard macroeconomicstability, promote sustainable and inclusive growth, and advance climate-resilientdevelopment. •Rwanda’s economy remains strong and resilient, though higher fiscal and externalpressures have challenged authorities’ effort to rebuild policy buffers. Credible fiscalconsolidation—anchored in stronger domestic revenue mobilization, and spendingefficiency—together with data-driven monetary policy and continued exchange rateflexibility are essential to safeguard macroeconomic stability and debt sustainability. •Program performance under the PCI has been strong, with all quantitative targets metand reforms implemented. As the PCI comes to a successful completion, the policyfocus remains on implementing priorities under the Second National Strategy forTransformation, including advancing inclusive, climate-resilient growth and majorinfrastructure projects. Washington, DC:On December 4, 2025, the Executive Board of the International MonetaryFund (IMF) concluded the 2025 Article IV consultation with Rwanda and completed the sixthreview of Rwanda’s performance under the Policy Coordination Instrument1and consideredand endorsed the staff appraisal without a meeting on a lapse-of-time basis.2The authoritieshave consented to the publication of the Staff Report prepared for the consultation and thereview. Despite repeated shocks, Rwanda's economy has remained strong and resilient. Real GDPgrew by 7.2 percent in 2024 and the first half of 2025—based on rebased GDP series—drivenby robust activity in the services and construction sectors, and coffee exports. Inflationremained within the National Bank of Rwanda’s 2–8 percent target band, despite pressuresfrom recently implemented tax measures. The current account deficit widened in the first halfof 2025 due to strong consumer and capital goods imports, but international reservesremained adequate at 4.8 months of imports as of end-June 2025. Going forward, Rwanda’s policy agenda should focus on sustaining macroeconomic stabilityand rebuilding buffers. Continued fiscal consolidation—supported by stronger revenuemobilization, spending efficiency, and improved SOE risk management—is essential tomaintain debt sustainability and fund priority investments. A proactive, data-driven monetarypolicy and greater exchange rate flexibility will be critical to contain inflation and better absorbexternal shocks. Program performance has been strong, with all quantitative targets met and reformsimplemented. Since 2022, the PCI has supported Rwanda’s post-COVID recovery byanchoring the fiscal framework, advancing the forward-looking monetary policy, andpreserving space for development priorities. Complemented by RSF and SCF financing, itstrengthened resilience and helped safeguard macroeconomic stability. However, successiveshocks and subsequent reconstruction needs, along with the financing of priority projects,have raised borrowing and kept pressure on external balances and buffers. Executive Board Assessment In concluding the 2025 Article IV Consultation with Rwanda, Executive Directors endorsedstaff’s appraisal, as follows: Rwanda is moving forward with its ambitious development plans, supported by a robusteconomy, despite cons