Rwanda’s real GDP to grow by 8.3% this year: IMF
Rwanda’s real gross domestic product (GDP) is to grow by 8.3%t in 2024 driven by strong performances in the services and construction sectors, along with a recovery in food crop production, the International Monetary Fund (IMF) said Tuesday.
A statement issued at the conclusion of the IMF team two-week mission in the country, said Rwanda’s economic growth momentum continues to show resilience despite a challenging external environment.
It said inflation remains stable within the central bank’s target range due to appropriately tight monetary policy and favorable food price developments.
Ruben Atoyan, the IMF team leader said that the 6.6% depreciation of the Rwandan Franc against the US dollar was a necessary measure to facilitate essential external adjustments, while international reserves stood at 4.5 months of prospective imports by mid-2024 which provides a buffer against external shocks.
While in Rwanda, the IMF team discussed policies, priorities, and progress on economic reforms as part of the fourth review of the country’s Policy Coordination Instrument (PCI), Resilience Sustainability Facility (RSF), and the second review of the Standby Credit Facility (SCF) arrangement.
“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,” said Atoyan.
The IMF Executive Board in mid last December approved $95.9 million for Rwanda under the Resilience Sustainability Facility and $89.0 million under the Standby Credit Facility.
