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Business and Economics > Public Finance

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Cover IMF Staff Country Reports
Rwanda: Fourth Review Under the Policy Coordination Instrument, Second and Final Review Under the Stand-By Credit Facility Arrangement, Fourth and Final Review Under the Arrangement Under the Resilience and Sustainability Facility, and Request for the Modification of End-June 2025 Quantitative Target for the Policy Coordination Instrument-Press Release; Staff Report; and Statement by the Executive Director for Rwanda
International Monetary Fund. African Dept.
This paper discusses IMF’s Fourth Review under the Policy Coordination Instrument (PCI), Second and Final Review under the Stand-By Credit Facility (SCF) Arrangement, Fourth and Final Review under the Arrangement under the Resilience and Sustainability Facility (RSF) for Rwanda. Despite a challenging external environment, Rwanda's economy has maintained robust growth, driven by strong performance of the services and construction sectors, and a recovery in food crop production. Notwithstanding the challenging policy environment, Rwanda’s economic growth continues to be among the strongest in the Sub-Saharan African region, but fiscal and external vulnerabilities remain high. In order to facilitate adjustment and rebuild policy buffers fiscal consolidation needs to accelerate, with a stronger focus on domestic revenue mobilization. Program performance under the PCI/SCF has been strong, with successful reforms enhancing public investment transparency and foreign exchange market functioning. The RSF has been successfully completed ahead of schedule, with all reform measures implemented six months early. Rwanda continues to lead in climate initiatives, driving institutional reforms, and innovative climate finance mobilization.
Keywords:
RSF disbursement; climate goal; national bank of Rwanda; RSF review; Rwanda capital market authority; policy buffers fiscal consolidation; Rwandan authorities; Climate finance; Climate change; Debt sustainability analysis; Global; Africa; Sub-Saharan Africa
Cover Technical Notes and Manuals
Managing Tax Incentives in Developing Countries
Miguel Pecho
,
Stoyan E Markov
,
Philip R Wood
,
Rachel Auclair
, and
Fernando Velayos
This technical note sets out the essential elements to effectively manage tax incentives in developing countries, emphasizing the important role that revenue authorities must play in preventing abuses and revenue leakages. The note presents considerations for a risk-based compliance program on tax incentives that combines various supportive, preventative, and corrective practices and approaches. It also delineates key enablers, such as a whole-of-government approach, robust transparency and accountability practices, and a modern compliance risk management framework.
Keywords:
Tax incentive risks; revenue authorities; whole-of-government approach; governance; transparency and accountability; policy design and legislation; compliance risk management; risk differentiation framework; managing tax incentives; due diligence; Policy design; views ofthe IMF; reporting obligation; Customs authorities; Tax incentives; Semi-autonomous revenue bodies; Special economic zones; Global
Cover High-Level Summary Technical Assistance Reports
Rwanda: Technical Assistance on Public Debt Projections and Analysis with the Public Debt Dynamics Tool (DDT)
Ehsan Ebrahimy
and
Leonardo Martinez
This Technical Assistance followed a request by the Debt Management Directorate of the Ministry of Finance and Economic Planning (MINECOFIN) of Rwanda to develop the capacity in public debt projections and analysis. The development and discussion of DDT scenarios by officials contributed to a better understanding of debt projections across the MINECOFIN.
Keywords:
Macroeconomic Framework; Public Debt Projections; Public Debt Dynamics Tool; Dynamics tool; public debt projection; dynamics Tool; MINECOFIN official; DDT template; Debt sustainability analysis; Government debt management; Government debt planning
Cover IMF Working Papers
Managing Foreign Exchange Rate Risk: Capacity Development for Public Debt Managers in Emerging Market and Low-Income Countries
Thordur Jonasson
,
Sheheryar Malik
,
Kay Chung
, and
Michael G. Papaioannou
This paper presents some sound practices for foreign-currency risk management in developing countries and outlines instruments for managing sovereign debt portfolio currency exposures. Adoption of a debt management strategy with well-defined targets for foreign exchange risk is a critical element of public debt risk management. To this end, public debt managers often need to face with complex strategic and operational matters related to public debt hedging practices, including the use of derivatives. In this context, we highlight the main institutional challenges in the management of foreign exchange risk in sovereign debt portfolios and discuss the overall implementation of a foreign exchange risk-management strategy.
Keywords:
exchange rate risk risk management; debt portfolio; public debt manager; currency exposure; risk-management strategy; Government debt management; Debt management; Currencies; Exchange rate risk; Foreign currency debt; Asia and Pacific; Sub-Saharan Africa; Middle East; North Africa; Central Asia; Africa
Cover IMF Staff Country Reports
Rwanda: Third Reviews under the Policy Coordination Instrument and the Arrangement under the Resilience and Sustainability Facility, and the First Review under the Standby Credit Facility Arrangement-Press Release; and Staff Report
International Monetary Fund. African Dept.
This paper presents Rwanda’s Third Reviews under the Policy Coordination Instrument (PCI) and the Arrangement under the Resilience and Sustainability Facility (RSF), and the First Review under the Standby Credit Facility (SCF). Program performance under the PCI/SCF has been strong, with successful implementation of reforms on social safety nets and spending rationalization. Progress on the climate agenda under the RSF also remains strong, bolstering Rwanda's resilience to climate shocks. Despite challenging external conditions and ongoing fiscal consolidation, Rwanda's economy maintains robust growth. Going forward, the policy mix should prioritize macroeconomic and financial stability, fiscal sustainability, and the restoration of buffers. Monetary policy should anchor inflation around the center of the target band, while continued exchange rate flexibility will help absorb external shocks and support current account adjustment. Sustained reform momentum under the RSF will enhance the economy's resilience to climate shocks, position Rwanda as a regional leader in climate initiatives, and help catalyze climate financing from development partners and the private sector.
Keywords:
green growth development policy financing; policy mix; Policy recommendation; calculation methodology remains; climate commitment; headline inflation; SCF arrangement; Climate change; Credit; Climate finance; Global; Southern Africa; Africa
Cover Technical Notes and Manuals
A Framework for Monitoring of and Reporting for External Project Loans in Developing Countries
Emre Balibek
,
Guy T Anderson
, and
Kieran McDonald
To produce timely and accurate debt reports at the central government level, it is essential to have a sound legal, administrative, and operational framework in place for debt data compilation, reconciliation, accounting, monitoring, and reporting. This note focuses on the arrangements for external project-based debt, which present distinctive challenges in debt reporting particularly in low-income and developing countries. The discussion complements existing literature and guidance on debt transparency by focusing on stages prior to the production of debt reports. The note also identifies the links between the management of project loans and other public financial management (PFM) processes, such as public investment management, budget preparation, fiscal and financial reporting. It shows that a comprehensive approach that considers these linkages can improve efficiency and transparency in fiscal and debt management. Although the focus is on the central government’s debt obligations, the ideas can be extended to cover government-guaranteed loans and public sector debt in general.
Keywords:
public debt management; public debt transparency; debt reporting; fiscal transparency; external debt; project loans; public investment management; maturity status template; debt transparency; core loan term; IMF Library; loan disbursement advice; Government debt management; Loans; Debt service; Global
Cover IMF Working Papers
The Legal Foundations of Public Debt Transparency: Aligning the Law with Good Practices
Karla Vasquez
,
Kika Alex-Okoh
,
Alissa Ashcroft
,
Alessandro Gullo
,
Olya Kroytor
,
Yan Liu
,
Mia Pineda
, and
Ron Snipeliski
Debt opacity burdens the public and can exacerbate debt vulnerabilities in many countries. Both low-income and developing countries and emerging market economies have critical gaps in debt transparency, and the implementation of international standards and guidelines has lagged. The paper surveys the legal frameworks of sixty jurisdictions and reveals the critical weaknesses that hinder debt transparency, which include weak reporting obligations, limited coverage of public debt, inadequate monitoring, unclear borrowing and delegation processes, unfettered confidentiality arrangements and weak accountability mechanisms. Because laws entrench practices and bind the discretion of policy makers and debt managers alike, subjecting them to public scrutiny, legal reform is a necessary part of any solution to the problem of hidden debt, though it may entail a difficult and time intensive process in many jurisdictions.
Keywords:
sovereign debt; transparency; disclosure; legal institutions; debt transparency; debt opacity; statistics guide; debt bulletin; debt manager; address debt vulnerability; debt Registry; Government debt management; Debt management; Securities; Middle East and Central Asia; Global; Asia and Pacific
Cover IMF Staff Country Reports
Rwanda: Selected Issues
International Monetary Fund. African Dept.
This Selected Issues paper revisits Rwanda’s options to create fiscal space to meet long-term development challenges. It examines strategies and options for a credible and comprehensive domestic revenue mobilization. The paper analyzes the driving factors of past reform successes and use an original dataset to highlight the benefits of implementing comprehensive tax reforms over selective reforms. The paper concludes that selective measures tend to yield protracted loss of revenue while measures implemented comprehensively lead to increases in revenue in the medium term. This stresses the need for an integrated approach to fiscal policy reform coordination to maximize long-term revenue benefits. For Rwanda, a comprehensive strategy for increasing tax revenues by adjusting rates, broadening the domestic tax base, improving tax compliance, and curbing tax evasion is the way forward. The strategy should shift higher tax burden from low-income households to higher income wealth cohorts with the view to advancing distributional fairness against growing inequality.
Keywords:
climate agenda; NDC financing; monetary policy transmission; financing option; implementation framework; Climate finance; Natural disasters; Central bank policy rate; Value-added tax; Global; Africa; Sub-Saharan Africa
Cover IMF Staff Country Reports
Rwanda: 2023 Article IV Consultation, Second Reviews Under the Policy Coordination Instrument and the Arrangement Under the Resilience and Sustainability Facility, Requests for the Modification of End December 2023 Quantitative Targets, Rephasing of Access Under the Resilience and Sustainability Facility, and Request for an Arrangement Under the Standby Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Rwanda
International Monetary Fund. African Dept.
This paper presents Rwanda’s 2023 Article IV Consultation, Second Reviews under the Policy Coordination Instrument and the Arrangement under the Resilience and Sustainability Facility, Requests for the Modification of End December 2023 Quantitative Targets, Rephasing of Access under the Resilience and Sustainability Facility (RSF), and Request for an Arrangement under the Standby Credit Facility. The Rwandan economy registered strong post-pandemic growth but compounding shocks in recent years resulted in emerging internal and external imbalances, while the country’s development needs remain large. Carefully calibrated fiscal consolidation, proactive and data-driven monetary policy, continued exchange rate flexibility, and sustained progress on development and climate-related reforms are necessary to rebuild buffers, curb inflation, improve debt sustainability, and enhance socioeconomic resilience. Progress on the climate agenda under the RSF remains strong. The agreed acceleration of RSF-supported climate reforms and the addition of new measures demonstrate Rwanda’s dedication to the climate reform agenda.
Keywords:
national bank of Rwanda; PCI reform target; RSF reform measure; IMF TA mission; Rwanda delegation; nationally determined contributions; RSF performance; climate commitment; Climate finance; Natural disasters; Debt sustainability analysis; Global; Africa
Cover IMF Working Papers
Quantifying the Revenue Yields from Tax Administration Reforms
Hassan Adan
,
Jean-Marc B. Atsebi
,
Nikolay Gueorguiev
,
Mr. Jiro Honda
, and
Manabu Nose
Despite the criticality of tax administration (TA) reforms in enhancing domestic revenue mobilization, few studies have attempted to quantify the revenue impact of such reforms. This paper fills this gap by estimating the revenue yields associated with various tax administration capabilities, based on the International Survey on Tax Administration (ISORA), the Tax Administration Diagnostic Assessment Tool (TADAT), and TA reform episodes datasets (identified by Akitoby et al., 2020). It uses a Hausman-Taylor cross-country panel regression and an event study for specific TA reform episodes. Our results (using the ISORA data) show that an increase in the overall strength of TA from the 40th percentile to the 60th percentile is associated with an increase in tax revenue by 1.8 pp. of GDP (with a 95 percent confidence range of 0.5‒2.6 pp. of GDP). Similarly, the event-study assessment shows that sustained TA reforms led to an increase in tax revenues between 2 to 3 pp. of GDP, in line with the experience in three country cases (Jamaica, Rwanda, and Senegal). Also, the revenue yields are increasing over time to more than 3 pp. of GDP after the 6th year following a comprehensive reform. The analysis also highlights the significant impact of specific measures including: i) strengthening compliance risks management, ii) enhancing public accountability, iii) establishing Large Taxpayer Offices (LTO), iv) strengthening accountability and transparency, and v) enhancing timely filing of tax declarations.
Keywords:
Tax Revenues Yields; Tax Administration; ISORA; TADAT; TA reform; TA reform episodes dataset; revenue yield; TA strength; IMF FAD Tax Administration; Tax administration core functions; International Survey on Revenue Administration (ISORA); Tax Administration Diagnostic and Assessment Tool (TADAT); Social security contributions; Global; Middle East; East Asia; North Africa; Central Asia