Rwanda receives $164.6M in financing from IMF

By James Tasamba

KIGALI, Rwanda (AA) - The International Monetary Fund (IMF) said Wednesday that it has approved $164.6 million for Rwanda as the East African country makes efforts to mitigate the impact of last year’s deadly flooding.

About $76.2 million of the funds will be disbursed under the Resilience and Sustainability Facility (RSF) while $88.4 million will be made available under the Standby Credit Facility (SCF) arrangement, the IMF said in a statement.

“Despite challenging external conditions and ongoing fiscal consolidation, Rwanda's economy maintains robust growth. Going forward, the policy mix should prioritize macroeconomic and financial stability, fiscal sustainability, and the restoration of buffers,” the Fund said.

Maintaining the strong reform momentum under the RSF will help bolster the country’s economic resilience to future climate shocks, according to the IMF.

Rwanda’s real GDP growth surpassed expectations in 2023 at 8.2%, the IMF said, with services, construction and post-flood recovery in food crop production key contributors.

Rwandan Finance Minister Uzziel Ndagijimana has pledged his government’s continuous close collaboration with the Fund to ensure prudent management of the country’s economy.