Rwanda is set to receive about $35.7 million from the International Monetary Fund (IMF) after completing the first review of its current financing program, subject to approval by the IMF Executive Board.
The funds will be released under Rwanda’s 38-month Extended Credit Facility (ECF) arrangement, which was approved in June and provides about $250 million in total financing.
The IMF Executive Board is expected to consider the review in December.
According to the IMF, Rwanda met all the program’s quantitative targets for the end of June 2026, paving the way for the first disbursement under the arrangement.
“The staff-level agreement reflects strong performance under the Extended Credit Facility program and the authorities’ continued commitment to prudent policies that safeguard macroeconomic stability and debt sustainability while advancing their development agenda,” Albert Touna Mama, the IMF Mission Chief for Rwanda, said on Tuesday, October 6, in Kigali.
The financing comes as Rwanda continues to manage strong economic growth alongside elevated inflation.
The economy expanded by 9.7 percent during the first half of 2026, while annual inflation stood at 15.7 percent in August, well above the National Bank of Rwanda’s medium-term target of 5 percent.
Mama attributed the elevated inflation to ongoing domestic price pressures as well as increases in international oil and fertilizer prices.
He said monetary policy would need to remain tight enough to bring inflation back towards the central bank’s target.
Despite the inflationary pressures and external shocks, Mama said the economy had remained resilient, supported by strong export performance and remittance inflows.
These factors also helped reduce pressure on the country’s current account, he said.
Rwanda also recorded a lower budget deficit in the 2025/26 financial year, which declined to 4.8 percent of GDP.
The improvement was supported by stronger tax collections and measures to manage public spending.
Finance Minister Yusuf Murangwa said the government’s reforms under the IMF program are focused on improving public finance management, raising domestic revenues and strengthening debt management.
He said the IMF program is reviewed twice a year to assess progress against agreed targets and reforms.
“When we agree with the IMF on a program, in most cases it’s a three-year program, which we review twice a year,” Murangwa said.
The government is also implementing measures to increase domestic revenue progressively through 2030, to expand the resources available to finance public programs.
On borrowing, Murangwa said Rwanda remains committed to keeping debt within agreed limits and maintaining a moderate risk level.
“We borrow, but we are in a specific set of borrowing that we are not supposed to exceed, so that we are not in high risk,” he said.
He added that the government would continue working to maintain debt at moderate levels while meeting its financing needs.
Mama said authorities would also need to respond to economic shocks while ensuring that measures taken to maintain stability do not undermine the welfare of the population.
