{{The Executive Board of the International Monetary Fund (IMF) completed on May 30, 2014, the first review of Rwanda\u2019s economic performance under the second Policy Support Instrument (PSI), a non-lending program which provides policy advice. }} <\/p>\n
The Executive Board\u2019s decision was taken on a lapse of time basis.<\/p>\n
The Board announced that performance under the PSI has been satisfactory and most assessment criteria and structural benchmarks were met.<\/p>\n
The projected growth may be slowed by delays in Government financed projects and a weak second season for agriculture. <\/p>\n
IMF noted that the country continues to face the challenge of sustaining high inclusive growth while reducing its reliance on aid and preventing the build-up of imbalances.<\/p>\n
The Board advised the implementation of accelerating domestic revenue mobilization and a cautious fiscal stance through maintaining priority spending whilst also creating an enabling environment for private sector credit expansion. <\/p>\n
It acknowledged that National Bank of Rwanda\u2019s prudent monetary policy stance of maintaining exchange rate flexibility and preventing a build-up of pressures in the foreign exchange market are appropriate.<\/p>\n
The Rwandan government, in the Letter of Intent sent to IMF, noted that the economy is expected to grow by 6% in 2014 recovering from the 4.6% growth rate registered in 2013 while Inflation is expected to remain contained in single digits. <\/p>\n
Rwanda has accelerated its domestic revenue mobilization efforts to support the second Economic Development and Poverty Reduction Strategy (EDPRS2). <\/p>\n
Additionally, given the significant scaling up of investment, government has embarked on careful project selection and prioritization in a bid to contain fiscal risks and maintain debt sustainability.<\/p>\n
PSI is an instrument of the IMF designed for low-income countries that have matured stability and may not need balance of payments financial support but seek to maintain a close policy dialogue with the IMF through its endorsement and assessment of their economic and financial policies. <\/p>\n
The PSI, once approved by the IMF’s executive board, signals to donors, multilateral development banks, and markets, the strength of a member’s policies<\/p>\n","protected":false},"excerpt":{"rendered":"
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