A staff-level agreement was reached between IMF officials and the Government of Rwanda on Friday after a mission held in Kigali from September 29 to October 10, 2025.
The program, launched in 2022, was designed to help Rwanda safeguard macroeconomic stability, strengthen policy credibility, and advance structural reforms without involving direct financial assistance.
According to the IMF mission, Rwanda has met all quantitative targets under the PCI despite facing consecutive global and domestic shocks. According to the IMF, the revised economic growth averaged 7.2 percent in both 2024 and the first half of 2025, supported by strong performance in services, construction, and coffee exports.
Additionally, inflation remained within the National Bank of Rwanda's (NBR) target range of 2 to 8 percent, while international reserves provided coverage for 4.8 months of imports.
Albert Touna Mama, IMF Mission Chief, commended Rwanda's achievements, affirming continued partnership with Rwanda.
'Rwanda's economy has proven to be remarkably strong, even in the face of global challenges. The government's consistent and well-planned policies have been key to this success. This partnership has helped lay a solid foundation for continued stability and growth, and the IMF remains a committed partner to Rwanda.'
The final review highlighted continued progress in fiscal and monetary policy reforms. A newly adopted tax package is expected to place the tax-to-GDP ratio on an upward trajectory, enhancing domestic revenue mobilisation and reinforcing debt sustainability.
While borrowing for the construction of the New Kigali International Airport in Bugesera is projected to raise debt levels in the near term, the project is considered a strategic investment with long-term benefits.
Minister of State for National Treasury Godfrey Kabera emphasised the importance of the program, noting that the partnership has provided a valuable roadmap for Rwanda's economic policy.
"By focusing on raising our own revenues, spending wisely, and strengthening our institutions, we have built a more resilient economy. As we complete this program, our focus remains on ensuring that our growth is strong and inclusive," Kabera stated.
The IMF also emphasised the importance of continued fiscal consolidation, prudent expenditure management, and proactive, data-driven monetary policy to maintain stability. Draft amendments to strengthen the NBR's mandate are expected to be submitted to Cabinet as part of ongoing institutional reforms.
The IMF Executive Board is scheduled to consider the review in December 2025, marking the official completion of Rwanda's three-year PCI.
IGIHE
