The International Monetary Fund logo. PHOTO | REUTERS
The International Monetary Fund (IMF) on Wednesday announced the approval of $164.6 million in funding for Rwanda to strengthen its economic resilience against future climate shocks.
The package includes $76.2 million from the Resilience and Sustainability Facility (RSF) and $88.4 million through the Standby Credit Facility, the IMF said in a statement.
"Going forward, the policy mix should prioritise macroeconomic and financial stability, fiscal sustainability, and the restoration of buffers. Maintaining the strong reform momentum under the RSF will help bolster the country's economic resilience to future climate shocks," the IMF said.
Read: IMF approves Rwanda’s economic reforms
Rwanda's real gross domestic product growth exceeded expectations in 2023, reaching 8.2 percent. Key drivers of this growth included the services sector, construction, and recovery in food crop production despite severe floods.
The IMF recommended that the Rwandan government adopt a carefully planned fiscal strategy to mitigate the impact of last year's deadly floods, ensuring sustained economic stability and growth.
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