{"id":36808,"date":"2018-01-17T11:01:15","date_gmt":"2018-01-17T11:01:15","guid":{"rendered":"https:\/\/new.igihe.com\/imf-completes-rwanda-s-psi-review-approves-final\/"},"modified":"2018-01-20T15:53:25","modified_gmt":"2018-01-20T15:53:25","slug":"imf-completes-rwanda-s-psi-review-approves-final","status":"publish","type":"post","link":"https:\/\/new.igihe.com\/english\/imf-completes-rwanda-s-psi-review-approves-final\/","title":{"rendered":"IMF Completes Rwanda\u2019s PSI Review, approves final disbursement of Standby Credit Facility"},"content":{"rendered":"<p>In a statement released after the executive board\u2019s decision, the IMF\u2019s Deputy Managing Director and acting chair Mr. Tao Zhang said,\u201cRwanda\u2019s Performance under the SCF arrangement and PSI-supported program has been strong and the country has made notable progress in reducing external imbalances which has helped safeguard macroeconomic stability and improved prospects for long term growth.\u201d<\/p>\n<p>In June 2016, in the face of external shocks to the economy, the IMF executive board approved an 18 months Standby Credit Facility worth $204 million to offset the impact of low commodity prices by boosting Rwanda\u2019s foreign reserves.<\/p>\n<p>Reacting to the adoption of Rwanda\u2019s reviews by the IMF Executive Board, the Minister of Finance and Economic Planning, Amb.Claver Gatete said, \u201cGovernment appreciates the support of the IMF, as the Special Credit Facility and agreed policies under the PSI have allowed building reserves. Over the last 18 months, the government has been implementing policies towards reducing the trade deficit, including greater exchange rate flexibility, public spending restraint, prudent monetary policy and the \u201cMade in Rwanda\u201d policy to encourage domestic production of certain goods.\u201d<\/p>\n<p>The external account has registered an increase in coverage of reserves to above four months of imports, from 3.6 percent in 2015, following a strong improvement in exports of goods and a modest reduction in imports. <\/p>\n<p>Under the Policy Support Instrument, Rwanda has been pursuing four pillars which are Private sector development, Exports promotion, Domestic resource mobilization and Financial sector development.<\/p>\n<p>The PSI is an instrument of the IMF designed for countries that do not need balance of payments financial support. The PSI helps countries design effective economic programs that, once approved by the IMF&#8217;s Executive Board, signal to donors, multilateral development banks, and markets the Fund&#8217;s endorsement of a member&#8217;s policies<\/p>\n<figure class=\"spip-document spip-document-23766 aligncenter\"><img decoding=\"async\" src=\"https:\/\/en-images.igihe.com\/jpg\/gatete-3.jpg\" alt=\"Minister of Finance and Economic Planning, Amb. Claver Gatete \" \/><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The International Monetary Fund (IMF) Executive Committee on Friday last week approved the extension of the eighth Policy Support Instrument (PSI) review and third and final disbursement of Special Credit Facility (SCF)worth $25.8 million (Approximately Rwf22 billion).<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[72],"byline":[170],"hashtag":[],"class_list":["post-36808","post","type-post","status-publish","format-standard","hentry","category-news","tag-featured-news-home","byline-igihe"],"bylines":[{"id":170,"name":"IGIHE","slug":"igihe","description":"","image":{"id":0,"url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&f=y&r=g","alt":"Default avatar","title":"Default avatar","caption":"","mime_type":"image\/jpeg","sizes":[]},"user_id":8}],"contributors":[{"id":170,"name":"IGIHE","slug":"igihe","description":"","image":{"id":0,"url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&f=y&r=g","alt":"Default avatar","title":"Default avatar","caption":"","mime_type":"image\/jpeg","sizes":[]},"user_id":8}],"featured_image":null,"_links":{"self":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/36808","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/comments?post=36808"}],"version-history":[{"count":0,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/36808\/revisions"}],"wp:attachment":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/media?parent=36808"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/categories?post=36808"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/tags?post=36808"},{"taxonomy":"byline","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/byline?post=36808"},{"taxonomy":"hashtag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/hashtag?post=36808"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}