IMF and Rwanda reach staff-level agreement on first review of credit facility

International Monetary Fund staff and the Rwandan authorities reached a staff-level agreement on 6 October 2026 on the first review of Rwanda's arrangement under the Extended Credit Facility (ECF), the IMF said in a press release. The agreement still needs approval from IMF management and the Executive Board.

Completion of the review would give Rwanda access to SDR 26.433 million, about US$35.7 million. IMF staff said all end-June quantitative performance criteria were met and that the authorities are advancing structural benchmarks on the investment framework, the domestic securities market and the foreign exchange market.

Real GDP grew 9.7% in the first half of 2026. The IMF projects growth of 7.8% for 2026 and 7.0% for 2027. The fiscal deficit fell to 4.8% of GDP in fiscal year 2025/26, and foreign exchange reserves covered about four months of imports.

Headline inflation reached 15.7% in August 2026, driven by earlier price pressures and higher international oil and fertiliser prices linked to the war in the Middle East. Because inflation went above the programme's consultation band, the monetary policy consultation clause will be discussed by the Executive Board. IMF staff said monetary policy should stay tight and data-driven to bring inflation back towards the National Bank of Rwanda's medium-term target of 5%.

The IMF listed commodity price volatility, trade and geopolitical tensions, an El Niño climate shock and tighter global financing as the main risks. It also said the new petroleum procurement framework led by the Rwanda National Energy Company could improve fuel supply and lower procurement costs.