{"id":51723,"date":"2024-10-22T19:02:13","date_gmt":"2024-10-22T19:02:13","guid":{"rendered":"https:\/\/new.igihe.com\/rwanda-to-receive-184-9-million-from-imf-in-new-funding\/"},"modified":"2024-10-24T20:57:50","modified_gmt":"2024-10-24T20:57:50","slug":"rwanda-to-receive-184-9-million-from-imf-in-new-funding","status":"publish","type":"post","link":"https:\/\/new.igihe.com\/english\/rwanda-to-receive-184-9-million-from-imf-in-new-funding\/","title":{"rendered":"Rwanda to receive $184.9 million from IMF in new funding"},"content":{"rendered":"<p>The funds will be made available to Rwanda upon the completion of an economic review by the IMF Executive Board in mid-December. <\/p>\n<p>A team from the IMF concluded a two-week mission on Tuesday, October 22, 2024, to assess the country\u2019s economic performance, praising its strong growth momentum despite external shocks. <\/p>\n<p>The IMF team, led by Reuben Atoyan, stated that Rwanda&#8217;s real GDP is projected to grow by 8.3% in 2024. According to the IMF, this growth is driven by strong performances in the services and construction sectors, as well as a recovery in food crop production. <\/p>\n<p>The team observed that despite external challenges, inflation remains under control, staying within the central bank\u2019s target range of 2% to 8% due to favorable food prices and a tight monetary policy. <\/p>\n<p>Atoyan highlighted that the 6.6% depreciation of the Rwandan Franc against the US dollar was a necessary measure for facilitating essential external adjustments, while international reserves stood at 4.5 months of prospective imports by mid-2024, providing a buffer against external shocks. <\/p>\n<p>&#8220;Despite the challenging environment, macroeconomic policy performance through the end of June 2024 remained aligned with program objectives under the PCI\/SCF arrangement. All quantitative targets were met, and reforms aimed at enhancing the transparency of public investments and strengthening foreign exchange market functioning are progressing well,&#8221; Atoyan stated.<\/p>\n<p>The IMF representative emphasized the Rwandan government&#8217;s strong commitment to implementing climate-related reforms under the RSF arrangement, with measures for climate budget tagging, improving the climate resilience of public investments, adopting sustainability disclosure standards, and developing a green taxonomy on track for completion in the coming weeks. <\/p>\n<p>The IMF team acknowledged that recurrent shocks in recent years have complicated the government&#8217;s goal of rebuilding policy buffers. Fiscal consolidation has progressed more slowly than anticipated, resulting in a continued increase in the public debt-to-GDP ratio. <\/p>\n<p>However, the government has reiterated its commitment to fiscal prudence, focusing on concessional financing and advancing a medium-term revenue strategy to stabilize its fiscal position.<\/p>\n<figure class=\"spip-document spip-document-76161 aligncenter\"><img decoding=\"async\" src=\"https:\/\/en-images.igihe.com\/jpg\/img_1787-4-0eb2b.jpg\" alt=\"The Governor of the National Bank of Rwanda, John Rwangombwa, shares insights during discussions between the IMF team and the Rwandan team.\" \/><\/figure>\n<figure class=\"spip-document spip-document-76160 aligncenter\"><img decoding=\"async\" src=\"https:\/\/en-images.igihe.com\/jpg\/img_1789-72bfc.jpg\" alt=\"From left: the Governor of the National Bank of Rwanda, John Rwangombwa; the Minister of Finance and Economic Planning, Yussuf Murangwa; the head of the IMF team that assessed Rwanda&#039;s economic performance, Ruben Atoyan; and the Minister of State in the Ministry of Finance and Economic Planning in charge of investment, Tessi Rusagara, during a press briefing.\" \/><\/figure>\n<figure class=\"spip-document spip-document-76159 aligncenter\"><img decoding=\"async\" src=\"https:\/\/en-images.igihe.com\/jpg\/img_1784-d11b0.jpg\" alt=\"The IMF team, led by Reuben Atoyan, stated that Rwanda&#039;s real GDP is projected to grow by 8.3% in 2024. \" \/><\/figure>\n<figure class=\"spip-document spip-document-76158 aligncenter\"><img decoding=\"async\" src=\"https:\/\/en-images.igihe.com\/jpg\/img_1782-4-988f1.jpg\" alt=\"\" \/><\/figure>\n<figure class=\"spip-document spip-document-76157 aligncenter\"><img decoding=\"async\" src=\"https:\/\/en-images.igihe.com\/jpg\/img_1781-bcfa2.jpg\" alt=\"\" \/><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Rwanda is set to receive $184.9 million (approximately Frw 250 billion) from the International Monetary Fund (IMF) as part of new funding to support its economic recovery and resilience initiatives. The amount includes $95.9 million under the Resilience Sustainability Facility (RSF) and $89 million through the Standby Credit Facility (SCF). <\/p>\n","protected":false},"author":131,"featured_media":2000076156,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47],"tags":[75],"byline":[192],"hashtag":[],"class_list":["post-51723","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-homenews","byline-wycliffe-nyamasege"],"bylines":[{"id":192,"name":"Wycliffe Nyamasege","slug":"wycliffe-nyamasege","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":131}],"contributors":[{"id":192,"name":"Wycliffe Nyamasege","slug":"wycliffe-nyamasege","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":131}],"featured_image":{"id":2000076156,"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/img_1789.jpg","alt":"","caption":"","mime_type":"image\/jpeg","width":0,"height":0,"sizes":{"thumbnail":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/img_1789.jpg","width":1,"height":1},"medium":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/img_1789.jpg","width":1,"height":1},"medium_large":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/img_1789.jpg","width":1,"height":1},"large":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/img_1789.jpg","width":1,"height":1},"full":{"url":"https:\/\/en-images.igihe.com\/IMG\/logo\/img_1789.jpg","width":0,"height":0}}},"_links":{"self":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/51723","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\/131"}],"replies":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/comments?post=51723"}],"version-history":[{"count":0,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/51723\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/media\/2000076156"}],"wp:attachment":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/media?parent=51723"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/categories?post=51723"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/tags?post=51723"},{"taxonomy":"byline","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/byline?post=51723"},{"taxonomy":"hashtag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/hashtag?post=51723"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}