KIGALI, Oct. 6 (Xinhua) — Rwanda and the International Monetary Fund (IMF) have reached a staff-level agreement on the first review of the country’s Extended Credit Facility (ECF) arrangement, following discussions on the implementation of the economic program.
The agreement recognizes Rwanda’s performance under the program and its continued commitment to sound economic policies, the Rwandan Ministry of Finance and Economic Planning said in a press statement on Tuesday.
Upon completion of the IMF Executive Board review expected in December, Rwanda will have access to about 35.7 million U.S. dollars, according to the statement.
According to Yusuf Murangwa, Rwanda’s Minister of Finance and Economic Planning, the ECF program will cushion the impact of the Middle East conflict and declining budget support while sustaining Rwanda’s growth, investment ambitions and structural transformation.
He added that Rwanda remains committed to implementing reforms under the program to protect the country from external shocks while strengthening economic self-reliance.
Rwanda met all measurable economic targets set for the end of June 2026, reflecting what the ministry described as disciplined management of public finances and monetary policy. Reforms aimed at strengthening the investment framework and deepening domestic securities and foreign exchange markets are also underway.
The budget deficit in Rwanda declined to 4.8 percent of GDP in the 2025/26 fiscal year, supported by strong tax collections and controlled government spending. Its economy grew by 9.7 percent in the first half of 2026, while the pace of depreciation of the Rwandan franc slowed.
IMF Mission Chief for Rwanda Albert Touna Mama commended the authorities for their cooperation and said program implementation had been satisfactory, according to the ministry.
The government said IMF support will continue to help Rwanda preserve macroeconomic stability, reduce inflation and advance priority structural reforms.
Economic growth is projected at 7.8 percent in 2026 and 7.2 percent in 2027, said the statement. However, the government continues to face risks from global commodity price volatility, trade and geopolitical tensions, potential El Nino-related weather shocks and tighter global financing conditions. ■