Rwanda has reached a staff-level agreement with the International Monetary Fund (IMF) on the first review of its Extended Credit Facility (ECF) programme, paving the way for access to about $35.7 million following approval by the IMF Executive Board. The agreement follows Rwanda’s achievement of all measurable targets under the programme for the end of June 2026. The disbursement will be the first under Rwanda’s 38-month ECF arrangement, approved by the IMF in June 2026, which provides total financing of about $250 million. ALSO READ: Rwanda secures $250m IMF funding to deal with external shocks The IMF Executive Board is expected to consider the review in December, after which the funds will become available. “The staff-level agreement reflects strong performance under the Extended Credit Facility program and the authorities' continued commitment to prudent policies that safeguard macroeconomic stability and debt sustainability while advancing their development agenda,” IMF Mission Chief for Rwanda Albert Touna Mama said at a press briefing in Kigali on Tuesday, October 6. Rwanda’s economy grew by 9.7 per cent in the first half of 2026, while inflation reached 15.7 per cent in August, significantly above the National Bank of Rwanda’s medium-term target of 5 per cent. Mama attributed the high inflation to existing price pressures and higher international oil and fertiliser prices. He said the central bank’s tighter monetary policy would need to remain focused on bringing inflation back towards its target. Mama said that despite a series of external shocks, Rwanda’s economy remained resilient, with strong exports and remittance inflows helping to narrow the current account deficit. The budget deficit fell to 4.8 per cent of GDP in the 2025/26 fiscal year, supported by increased tax collections and spending management. ALSO READ: IMF agrees $250m support to help Rwanda handle economic shocks “When we look at the performance in the first half of the year, despite those pressures, we can certainly say that we are well in line with those targets. And we hold the belief that those targets remain realistic,” he said. He added that the government would need to take measures when shocks occur while protecting the welfare of the population. Reforms and debt management Finance Minister Yusuf Murangwa said reforms under the IMF programme focus on strengthening public finance management, domestic revenue mobilisation and debt management. When we agree with the IMF on a program, in most cases it's a three-year programme, which we review twice a year, Murangwa said. He noted that the reviews assess progress against the commitments made under the programme, including reforms to public finance management, budgeting, expenditure and resource mobilisation. Murangwa said the government was implementing domestic revenue mobilisation measures progressively through 2030 to help increase resources. “We are achieving the targets of debt management. We borrow, but we are in a specific set of borrowing that we are not supposed to exceed, so that we are not in high risk. We maintain our target to be at moderate levels, so we continue to achieve that,” he added.
