IMF Staff Country Reports

Rwanda : First Review of the Standby Credit Facility Arrangement and Sixth Review Under the Policy Support Instrument, Request for Waiver and Modification of Performance and Assessment Criteria-Press Release; and Staff Report

Author/Editor:

International Monetary Fund. African Dept.

Publication Date:

January 10, 2017

Electronic Access:

Free Download. Use the free Adobe Acrobat Reader to view this PDF file

Summary:

The authorities’ policy adjustment program is producing early results. By end-October, the exchange rate had depreciated more than expected for the year, and fiscal and monetary policies were tightened in line with the agreed program. During the first 10 months of the year, import volumes contracted, despite large public investment projects, and export volumes improved, despite continued difficulties in the mining sector. Growth began decelerating in Q2, in line with expectations. Inflation has picked up, mainly as a result of food shortages stemming from drought, and to a lesser extent exchange rate pass—through. The 2016 current account balance will improve slightly less than envisaged with a higher services deficit, but medium term improvement is in line with the program.

Series:

Country Report No. 17/8

Subject:

Current account balances Economic conditions Economic indicators Fiscal policy Flexible exchange rate policy Inflation targeting Letters of Intent Monetary policy Policy Support Instrument Press releases Rwanda Staff reports Standby Credit Facility