Rwanda and IMF reach staff-level agreement on first review of US$250m programme; US$35.7m to follow December board review

Rwanda's government and the International Monetary Fund (IMF) reached a staff-level agreement on 6 October 2026 on the first review of the 38-month Extended Credit Facility arrangement, and Rwanda will have access to about US$35.7 million once the IMF Executive Board completes its review in December, according to a statement the same day from Rwanda's Ministry of Finance and Economic Planning (Minecofin).

The agreement was announced at a press conference on Tuesday 6 October, The New Times reported that day. IMF Mission Chief for Rwanda Albert Touna Mama, Minister of Finance and Economic Planning Yusuf Murangwa and central bank Governor Soraya Hakuziyaremye attended, according to the paper's photo caption.

The IMF Executive Board approved the arrangement on 8 June 2026. According to the IMF's press release that day, access totals SDR 185.031 million (US$250 million), or 115.5 per cent of Rwanda's quota, over 38 months, with an immediate disbursement of SDR 26.433 million, about US$35.7 million.

The IMF said the arrangement is meant to help Rwanda adapt to tighter global financing conditions while sustaining growth, protecting priority social and development spending, and rebuilding policy buffers.

Minecofin said Rwanda met all measurable economic targets set for the end of June 2026. It said the budget deficit fell to 4.8 per cent of GDP in the 2025/26 fiscal year, helped by strong tax collections and responsible spending, and that the economy grew by 9.7 per cent in the first half of 2026, driven by strong remittances and a narrowing current account deficit.

The ministry said foreign exchange reserves stand at about four months of imports and that the depreciation of the Rwandan franc has slowed.

Minecofin said inflation reached 15.7 per cent in August 2026, above the central bank's medium-term target of 5 per cent. It attributed the rise to pre-existing price pressures and higher international oil and fertiliser prices, including spillovers from the war in the Middle East, and said the National Bank of Rwanda has tightened monetary policy in response.

In its June press release the IMF said inflation had risen to 13.2 per cent year-on-year in April 2026, and that real GDP growth in 2025 was 9.4 per cent.

Minecofin said the government will prioritise fiscal consolidation to preserve Rwanda's moderate risk of debt distress and rebuild policy buffers, supported by domestic revenue mobilisation through the second Medium-Term Revenue Strategy.

The ministry projects growth of 7.8 per cent in 2026 and 7.2 per cent in 2027. It listed global commodity price volatility, trade and geopolitical tensions, potential El Niño-related weather shocks and tighter global financing conditions as downside risks.

Minecofin said Touna Mama commended the authorities' cooperation and said programme implementation has been satisfactory.