Partnership for Rwanda’s development strategy

Donor agencies have been key players in Rwanda since the genocide. With the support from the international community, Rwanda has made notable progress along an ambitious path of reconstruction, national reconciliation, and economic reform. In recent years, the Government has made some ambitious efforts, based on its Poverty Reduction Strategy Paper (PRSP), to reduce poverty and improve living conditions of the poor. The PRSP was completed in June 2002. This strategy was supported and discussed by the Boards of the IDA and the IMF on August 12, 2002. The PRSP targeted the halving of poverty by 2015 through a private sector and rural sector strategy. The strategy mainly focuses on six priority areas: (1) rural development and agricultural transformation; (2) human development; (3) economic infrastructure; (4) good governance; (5) private sector development; and (6) institutional capacity building—as the focus for public actions on poverty reduction. Civil society, government agencies and ministries, and donors have all been actively involved in the PRSP process and monitoring. The first PRSP progress report was issued in July 2003 and a Bank- Fund JSA produced in May 2004. The second PRSP progress report was issued in December 2004 and a Bank-Fund JSA was produced in March 2005. The third progress report of the PRSP was issued in July 2005, and the corresponding Bank-Fund JSAN was produced in March 2006.

World Bank Group Program and Portfolio

The last Country Assistance Strategy for Rwanda was discussed by the World Bank Board in December 2002. The current CAS, in support of the first PRSP, will soon come to an end, and has been extended through the preparation of an Interim Strategy Note (ISN) which was approved by the Board in September 2006. The ISN ensures that the next CAS, to be prepared jointly with DFID, is aligned with the second PRSP. Both the CAS and ISN set out an assistance program consistent with the country’s PRSP and emphasize the need to move progressively from project-based approaches to budget support. In line with this approach, a Poverty Reduction Strategy Credit (PRSC) went to the Board in October 2004. This credit would help strengthen GoR capacity to (i) plan and budget results-oriented public sector actions supporting the implementation of the Poverty Reduction Strategy; (ii) develop incentive frameworks through performance-based payments and contracting; (iii) establish strong accountability mechanisms enhancing the capacity of Rwandan citizens to monitor and provide feedback to service providers—both public and private; and (iv) implement a sound fiduciary framework, as well as a monitoring and evaluation system to facilitate transparency and accountability in service delivery for the sectors of focus (i.e., health, education, water, energy). A second programmatic operation, Poverty Reduction Support Grant (PRSG), went to the Board in October 2005 and focused on (i) creating a favorable private sector investment climate that would promote sustained economic growth; (ii) improving quality, coverage, and equity of basic service delivery; and (iii) improving public expenditure management and governance. A third PRSG continued with the same areas of focus and went to the Board in December 2006. The Bank has initiated the preparation of a fourth PRSG which could be presented to the Board by the middle of the next fiscal year.

International Development Agency (IDA) Program: Rwanda joined the World Bank in 1963. Since then, the country has been approved for 69 IDA credits and grants totaling approximately US$1.4 billion. As of March 2007, there were twelve ongoing operations with a commitment value of about US$347 million and an undisbursed balance of roughly US$162 million.

Overall, IDA has financed projects in (i) infrastructure, particularly road construction and maintenance, electricity and water supply, and sanitation infrastructure; (ii) agriculture, rural development, and forestry; (iii) social infrastructure, including health and population, and education and training; (iv) private sector development, public enterprise reform, financial development, and technical assistance; and (v) two policy-based quick-disbursing operations (IRC and PRSC1). During the immediate post-genocide period, IDA financed two emergency budget support operations and a social fund-type project, and restructured its prewar portfolio of investment projects to meet the high-priority needs associated with the emergency and the transition from conflict to development.

International Finance Corporation (IFC) Program: The following outlines the IFC program in Rwanda:

• Infrastructure: IFC is working with the World Bank and GOR to explore financing opportunities for the Lake Kivu Methane Gas Project (KPI). IFC has committed US$7.5 million to M/s Intraspeed SA Rwanda Ltd (ISARL), a major freight and forwarding company in the Great Lakes Region, to help upgrade and expand the company’s freight hauling capabilities.

• Financial sector: IFC is considering providing long term credit lines and trade finance products to privatized banks-- Banque Commerciale du Rwanda (BCR) and Bancor.

• Tourism: IFC is considering providing financing (up to US$7.0 million) for the expansion and modernization of the Serena Hotel in Kigali, and the Kivu Sun in Kibuye, recently acquired by Tourism Promotion Services of the Aga Khan Fund for Economic development (AKFED). IFC is also considering financing the rehabilitation and refurbishment of Hotel Milles de Collines, recently sold to Milkor hotels.

• Privatization: IFC is advising the Government of Rwanda on the privatization of Rwanda Air.

• Small Investment Prospects in Selected African Countries: Rwanda is one of 6 African countries selected by IFC to participate in a special study to identify prospects for smaller investments. A few leads have been identified.

• PEP-Africa: Technical assistance programs in Financial and SME sectors. Rwanda Leasing Program and Rwanda Entrepreneurship Program were launched on March 15, 2007. IFC is exploring the possibility of launching Gender Entrepreneurship Markets (GEM) in Rwanda.

Multilateral Investment Guarantee Agency (MIGA) Program: Rwanda signed and ratified the MIGA Convention on October 27, 1989. On September 27, 2002, it became a full member of MIGA with the completion of its membership requirements, including payment of the usable currency and the local currency portions of its initial subscription, and deposit of the promissory note. The membership was followed by Rwanda’s election to MIGA’s Board of Directors during the World Bank/IMF annual meetings held in Washington.

Rwanda is one of the 16 post-conflict countries in the region on which MIGA is focusing as part of its post-conflict strategy. To date, there have been no requests for guarantees coverage of projects in the country, and thus the Agency’s efforts have focused on complementing the Bank Group’s strategy of accelerating private sector-led growth in the country. In consultation with the Bank, MIGA’s technical assistance team undertook an assessment to assist Rwanda in creating a national investment and trade promotion capability and made recommendations on the proposed Rwanda Investment Authority, as well as on the medium to long-term prospects for the country to attract foreign investment. Previously, MIGA collaborated with the World Bank to advise on the establishment of the Rwanda Investment and Export Promotion Agency (RIEPA) and provided considerable information on investment prospects in the country.

In addition, MIGA’s on-line investment promotion services (www.fdixchange.com and www.ipanet.net) feature approximately 90 documents on investment opportunities and the related business, legal and regulatory environment in Rwanda.

World Bank staff

Questions may be referred to Pedro Alba (Tel. 202-458-2246) and Kene Ezemenari (Tel.202-458-5559).

III. Table 1:

Summary of Bank-Fund Collaboration

III. Table 1:

Summary of Bank-Fund Collaboration

Thematic area	Areas of collaboration	Bank	Fund
Macroeconomic stability and development.	Development agenda in poverty reduction goals.	Complement IMF’s macroeconomic policy with various broad structural and sectoral work through lending and capacity building especially in the areas such as budget management, energy, infrastructure, banking, telecommunications sectors.	IMF leads the policy dialogue and macroeconomic policies including fiscal and monetary policies. IMF has been supporting Rwanda through several arrangements under ESAF/PRGF.
	Collaboration in the areas of growth oriented reforms of the government.	Technical assistance in macro framework and related issues.	Technical assistance for improving tax administration
Public finance management and governance.	A joint Bank and Fund assessment of the government’s capacity to track poverty expenditures in July 2004, which highlighted the key areas for improvement.	The Bank has been providing assistance to the government to improve the capacity and quality of the budget process through a series of public expenditure reviews. Recently the Bank completed Financial Accountability Review and Action Plan (FARAP) and expected to support further through a Country Financial Accountability Assessment (CFAA).	IMF TA missions have been fielded in the areas of financial management, fiscal decentralization, and revenue management. Technical assistance provided in revenue management and modernization.
	Strengthening capacities in the areas of financial accountability and budget monitoring.	Financing and provision of technical assistance in expenditure tracking surveys and procurement reform. The Bank supports reform through the public sector capacity building project.
Structural and policy reforms and financial sector.	Collaboration in key institutional and structural reforms including an MTEF approach to budget planning, legal and judicial reform in establishing commercial courts and other regulatory reforms.	The Bank has provided support in the restructuring of the banking sector, and addressing the problem of non-performing loans. The Bank is also helping in the areas of micro-financing and controlling money laundering.	The Fund has been providing TA in banking supervision and prudential regulation. IMF is also providing assistance to the Central Bank in monetary policy analysis, banking supervision, and internal audit.
Infrastructure and private sector development	Collaboration in business friendly policies especially in the areas of taxation, budget, and legal and institutional development. Collaboration in reforming financial sector..	The Bank has been supporting this area through many infrastructure projects in transport, water/sanitation, energy. The competitiveness and enterprise development project (CEDP) is supporting reforms in telecommunications, privatization of the current telephone monopoly and tea factories. Banking sector reforms and the privatization process have been supported by the CEDP and the Institutional Reform Credit (IRC).	The Fund has been complementing the Bank work through policy dialogue and TA on fiscal and monetary policies.
Agriculture and rural development.	Collaboration in recent budgetary policies, which support productivity enhancing measures in agriculture such as fertilizer and seed policies and fully washed coffee promotion of the government.	World Bank is supporting this sector through Rural Sector Support Project (RSSP), which aims to raise productivity and incomes among rural population.
Social sector and community development.	Development agenda in poverty reduction and social sectors.	The Bank has supported Rwanda to improve its social infrastructure after the genocide especially in the areas of health, education and HIV/AIDS. Current poverty reduction strategy credits (PRSCs) have been supporting the social sector. The decentralization and community development project is supporting service delivery and ownership at the local level.

View Table

III. Table 1:

Summary of Bank-Fund Collaboration

Thematic area	Areas of collaboration	Bank	Fund
Macroeconomic stability and development.	Development agenda in poverty reduction goals.	Complement IMF’s macroeconomic policy with various broad structural and sectoral work through lending and capacity building especially in the areas such as budget management, energy, infrastructure, banking, telecommunications sectors.	IMF leads the policy dialogue and macroeconomic policies including fiscal and monetary policies. IMF has been supporting Rwanda through several arrangements under ESAF/PRGF.
	Collaboration in the areas of growth oriented reforms of the government.	Technical assistance in macro framework and related issues.	Technical assistance for improving tax administration
Public finance management and governance.	A joint Bank and Fund assessment of the government’s capacity to track poverty expenditures in July 2004, which highlighted the key areas for improvement.	The Bank has been providing assistance to the government to improve the capacity and quality of the budget process through a series of public expenditure reviews. Recently the Bank completed Financial Accountability Review and Action Plan (FARAP) and expected to support further through a Country Financial Accountability Assessment (CFAA).	IMF TA missions have been fielded in the areas of financial management, fiscal decentralization, and revenue management. Technical assistance provided in revenue management and modernization.
	Strengthening capacities in the areas of financial accountability and budget monitoring.	Financing and provision of technical assistance in expenditure tracking surveys and procurement reform. The Bank supports reform through the public sector capacity building project.
Structural and policy reforms and financial sector.	Collaboration in key institutional and structural reforms including an MTEF approach to budget planning, legal and judicial reform in establishing commercial courts and other regulatory reforms.	The Bank has provided support in the restructuring of the banking sector, and addressing the problem of non-performing loans. The Bank is also helping in the areas of micro-financing and controlling money laundering.	The Fund has been providing TA in banking supervision and prudential regulation. IMF is also providing assistance to the Central Bank in monetary policy analysis, banking supervision, and internal audit.
Infrastructure and private sector development	Collaboration in business friendly policies especially in the areas of taxation, budget, and legal and institutional development. Collaboration in reforming financial sector..	The Bank has been supporting this area through many infrastructure projects in transport, water/sanitation, energy. The competitiveness and enterprise development project (CEDP) is supporting reforms in telecommunications, privatization of the current telephone monopoly and tea factories. Banking sector reforms and the privatization process have been supported by the CEDP and the Institutional Reform Credit (IRC).	The Fund has been complementing the Bank work through policy dialogue and TA on fiscal and monetary policies.
Agriculture and rural development.	Collaboration in recent budgetary policies, which support productivity enhancing measures in agriculture such as fertilizer and seed policies and fully washed coffee promotion of the government.	World Bank is supporting this sector through Rural Sector Support Project (RSSP), which aims to raise productivity and incomes among rural population.
Social sector and community development.	Development agenda in poverty reduction and social sectors.	The Bank has supported Rwanda to improve its social infrastructure after the genocide especially in the areas of health, education and HIV/AIDS. Current poverty reduction strategy credits (PRSCs) have been supporting the social sector. The decentralization and community development project is supporting service delivery and ownership at the local level.

Table 2:

Status of Active Operations

Table 2:

Status of Active Operations

Project	US$ mil.	Objective	Approval/Effectiveness	Disbursed as of Mar–07	Ratings
					DO	IP
Rural Water Supply and Sanitation	21.67	To increasing the availability and sustainability of water supply and sanitation (WSS) services in rural areas; strengthening the capacity of communities and agencies, and mobilize community support.	June 2000/January 2001	16.63	S	S
Human Resources Development	37.14	To build up Rwanda’s human resources and institutional capacity to deliver education services.	June 2000/January 2001	28.29	S	S
Rural Sector Support	55.87	To build capacity in the management of farmed marshland and hillside areas; access to credit and competitiveness in agricultural export; and small-scale rural infrastructure.	March 2001/ October 2001	37.57	S	S
Regional Trade Facilitation	7.93	To improve access to financing for productive transactions and cross-border trade.	April 2001/August 2001	5.31	S	S
Competitiveness and Enterprise Development Project	46.15	To establish an enabling environment for private sector-led economic growth and poverty reduction in Rwanda.	April 2001/ December 2001	36.38	S	MS
Rwanda Demobilization and Reintegration Project	43.13	To help consolidate peace in the Great Lakes region and foster reconciliation within Rwanda.	April 2002/September 2002	25.70	S	S
Multi-Sectoral HIV/AIDS	32.46	To strengthen prevention measures in order to slow down the spread of HIV/AIDS; and expand support and care for those infected or affected by HIV/AIDS.	March 2003/August 2003	30.67	S	S
Decentralization and Community Development	20.53	To boost the emergence of a dynamic local economy, through communities who are empowered to lead their own development process under an effective local government.	June 2004/ December 2004	5.70	S	S
Public Sector Capacity Building	19.67	To ensure that public sector entities have the capacity for more efficient, effective, transparent and accountable performance in their redefined roles and functions and for achievement of their strategic objectives contributing to the implementation of the PRSP	July 2004/	3.35	S	MS
Urgent Electricity Rehabilitation	24.13	To alleviate power shortages, and enhance the capabilities of energy sector institutions.	January 2005/	2.0	MS	MS
Urban Infrastructure and City Management	21.61	To increase access to priority urban infrastructure in Kigali and two secondary cities (Ruhengeri and Butare)	November 2005/March 2006	3.48	S	S
East Africa Trade and Transport Facilitation	199.53	To improve trade environment through the effective elimination of tariff barriers in the EAC Customs Union area; enhance logistics services efficiency along key corridors by reducing non tariff barriers and uncertainty of transit time; and improve railway services in Kenya and Uganda.	January 2006/ June 2006	29.58	S	S
E-Rwanda	10.00	To improve (i) efficiency and effectiveness of some internal processes of the Government of Rwanda, and (ii) the delivery of services in selected key sectors, including better access to information through the use of technology.	September 2006/	0	S	S

View Table

Table 2:

Status of Active Operations

Project	US$ mil.	Objective	Approval/Effectiveness	Disbursed as of Mar–07	Ratings
					DO	IP
Rural Water Supply and Sanitation	21.67	To increasing the availability and sustainability of water supply and sanitation (WSS) services in rural areas; strengthening the capacity of communities and agencies, and mobilize community support.	June 2000/January 2001	16.63	S	S
Human Resources Development	37.14	To build up Rwanda’s human resources and institutional capacity to deliver education services.	June 2000/January 2001	28.29	S	S
Rural Sector Support	55.87	To build capacity in the management of farmed marshland and hillside areas; access to credit and competitiveness in agricultural export; and small-scale rural infrastructure.	March 2001/ October 2001	37.57	S	S
Regional Trade Facilitation	7.93	To improve access to financing for productive transactions and cross-border trade.	April 2001/August 2001	5.31	S	S
Competitiveness and Enterprise Development Project	46.15	To establish an enabling environment for private sector-led economic growth and poverty reduction in Rwanda.	April 2001/ December 2001	36.38	S	MS
Rwanda Demobilization and Reintegration Project	43.13	To help consolidate peace in the Great Lakes region and foster reconciliation within Rwanda.	April 2002/September 2002	25.70	S	S
Multi-Sectoral HIV/AIDS	32.46	To strengthen prevention measures in order to slow down the spread of HIV/AIDS; and expand support and care for those infected or affected by HIV/AIDS.	March 2003/August 2003	30.67	S	S
Decentralization and Community Development	20.53	To boost the emergence of a dynamic local economy, through communities who are empowered to lead their own development process under an effective local government.	June 2004/ December 2004	5.70	S	S
Public Sector Capacity Building	19.67	To ensure that public sector entities have the capacity for more efficient, effective, transparent and accountable performance in their redefined roles and functions and for achievement of their strategic objectives contributing to the implementation of the PRSP	July 2004/	3.35	S	MS
Urgent Electricity Rehabilitation	24.13	To alleviate power shortages, and enhance the capabilities of energy sector institutions.	January 2005/	2.0	MS	MS
Urban Infrastructure and City Management	21.61	To increase access to priority urban infrastructure in Kigali and two secondary cities (Ruhengeri and Butare)	November 2005/March 2006	3.48	S	S
East Africa Trade and Transport Facilitation	199.53	To improve trade environment through the effective elimination of tariff barriers in the EAC Customs Union area; enhance logistics services efficiency along key corridors by reducing non tariff barriers and uncertainty of transit time; and improve railway services in Kenya and Uganda.	January 2006/ June 2006	29.58	S	S
E-Rwanda	10.00	To improve (i) efficiency and effectiveness of some internal processes of the Government of Rwanda, and (ii) the delivery of services in selected key sectors, including better access to information through the use of technology.	September 2006/	0	S	S

National Accounts and Price Statistics

The national accounts are compiled and disseminated by the NIS, based on the 1968 System of National Accounts methodology. Quality is weak, reflecting inadequate human and material resources. While considerable effort was made to improve the reliability of GDP estimates using the production approach, significant weaknesses in data collection on expenditures and income hinders assessment of savings and investment. The reliability of national accounts estimates is further hampered by weak external sector statistics.

Since 2003, the East AFRITAC has advised the authorities on real sector statistics issues. This assistance is focused on capacity building to enable the construction of short-term indicators such as a monthly PPI for the manufacturing sector, which is a joint project with the central bank (NBR). The results have not yet been integrated in the national accounts. A DFID project is also supporting the NIS with a component on national accounts, aiming to establish a program of economic surveys and the development of leading indicators that can serve as source data for national accounts. The NIS is working on a new benchmarking of GDP estimates (2001). Work has also advanced in the implementation of the 1993 SNA.

The consumer price index (CPI, 2003=100) utilizes expenditure weights derived from a 2000- 01 survey of 6,450 households (local goods account for about 70 percent of expenditure and imported goods about 30 percent; food and drink account for 37 percent of expenditures and housing and energy amount to 16 percent). Certain shortcomings remain, as the CPI aggregates infrequently purchased products in groups with equal weight.

Real sector data are reported regularly for publication in International Finance Statistics (IFS), although with some lag, particularly for GDP estimates. Data on employment and wages are not collected, except for the central government and for daily informal work.

Government Finance Statistics

Detailed monthly revenues and expenditures are reported to AFR with a lag of three to four weeks. These data are compiled by the flash-reporting unit of MINECOFIN. A functional classification of government expenditure has been available since the 2003 budget. Within the economic classification, expenditures on PRSP-designated “priority areas” are clearly identifiable. The fiscal data do not capture capital expenditure consistently because capital projects (almost entirely externally financed) are mainly carried out by line ministries outside the regular budget process. Compilation of data on external budgetary assistance as well as on external debt would benefit from strengthened coordination between the finance ministry and the central bank. Efforts are underway to integrate the development budget into the normal budgetary procedures. Fiscal data often showed a discrepancy between deficits and financing estimates. To address these issues, the authorities have made adjustments for changes in the balance of non-core government accounts, changes in cash in vault at the revenue authority, accounting errors, and other factors.

Selected aggregates on annual central government operations through 2004 have been reported to STA for publication in the IFS, but these are subject to large discrepancies, largely due to the timing of recording of expenditures. No sub-annual data are reported to STA, and government finance statistics (GFS) have not been reported for publication in the GFS Yearbook since 1993.

Monetary Statistics

The balance sheet of the NBR and detailed data on money market transactions are transmitted to AFR on a weekly basis with a lag of one week, while the monetary survey and the consolidated balance sheet of commercial banks are transmitted on a monthly basis with a lag of about five weeks. Detailed data on interbank money market transactions are also provided upon request. Monetary data are reported separately to STA and published in IFS. The data relating to the central bank are provided with a five-week lag, while data on commercial banks are currently reported with a delay of about six months.

The NBR has made progress in the implementation of past TA recommendations. In particular, the NBR adapted in 2004 report forms used by the banking sector so that banks could report data that better reflect the methodology proposed in the Monetary and Financial Statistics Manual. In addition, the NBR is committed to expanding the institutional coverage of the monetary survey to include credit and savings unions and microfinance institutions. The NBR is also pursuing the migration to the Standardized Report Forms (SRFs) for the reporting of its data for dissemination in IFS. Despite these efforts, inconsistencies and problems of timeliness remain in the banking sector data. An STA monetary and financial statistics mission is planned for the second half of 2007 to address outstanding issues and to assist the authorities in completing the migration to standardized reporting.

External Sector Statistics

The balance of payments is affected by weaknesses in the collection of source data (treatment of customs data and bank settlement reports, questionnaires) and insufficient staffing. The June 2003 multi sector statistics mission recommended: (1) reorganizing data entry and production of external trade statistics, using ASYCUDA and Euro trace software; (2) adapting survey forms sent to companies to the BPM5 methodology; and (3) collaborating with Central Public Investments and External Finance Bureau (CEPEX) to obtain data on international and bilateral aid. Subsequently, STA balance of payments statistics missions followed up in January 2004 and June 2005, and an AFRITAC mission in October 2006.

Such technical assistance facilitated significant improvements. In particular, the collection of data through direct surveys seems to be well in place, with a satisfactory rate of response, except for embassies. The issue of coverage and availability of the data on external aid to the government and private sector has been solved, thanks to the restructuring of CEPEX (Central Public Investments and External Finance Bureau) and the development of a new database on external financing of the government, which is kept updated by the donors/lenders. Annual balance of payments and IIP data through 2005 have been reported to STA for publication in the IFS. Also, with the assistance of these missions, the NBR has started compiling BOP/IIP statistics in conformity with international standards.

Nevertheless some weaknesses remain, particularly in the compilation of trade data. There are discrepancies between the data on imports and exports published by the NIS and the NBR, which are essentially due to valuation problems. Also, the treatment of bank settlement reports is not effective, because of incomplete automation of the collection of declarations.

Databases on external public debt are maintained by both MINECOFIN and the NBR. A committee, composed of staffs from the ministries of finance and economic planning, foreign affairs, and the NBR, is responsible for collecting, harmonizing, and monitoring information on external public debt.

Table 3.

Rwanda: Table of Common Indicators Required for Surveillance

(As of May 23, 2007)

¹Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.

²Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.

³Foreign, domestic bank, and domestic nonbank financing.

⁴The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

⁵Including currency and maturity composition.

⁶Daily (D); Weekly (W); Monthly (M); Quarterly (Q); Annually (A); Semi-annually (SA); Irregular (I); Not Available (NA).

Table 3.

Rwanda: Table of Common Indicators Required for Surveillance

(As of May 23, 2007)

	Date of Latest Observation	Date Received	Frequency of Data6	Frequency of Reporting6	Frequency of Publication6
Exchange Rates	Current	Current	D	W	M
International Reserve Assets and Reserve Liabilities of the Monetary Authorities1	Current	Current	W	W	M
Reserve/Base Money	05/11/07	05/18/07	W	W	M
Broad Money	03/31/07	05/08/07	M	M	M
Central Bank Balance Sheet	05/11/07	05/18/07	W	W	M
Consolidated Balance Sheet of the Banking System	03/31/07	04/08/07	M	M	M
Interest Rates2	03/31/07	05/08/07	M	M	M
Consumer Price Index	04/30/07	05/15/07	M	M	M
Revenue, Expenditure, Balance and Composition of Financing3 - General Government4	NA	NA	NA	NA	NA
Revenue, Expenditure, Balance and Composition of Financing3- Central Government	12/31/06	02/14/07	M	M	M
Stocks of Central Government and Central Government-Guaranteed Debt5	12/31/06	3/31/07	A	A	A
External Current Account Balance	2006	02/14/07	A	SA	A
Exports and Imports of Goods and Services	2006	02/14/07	A	A	A
GDP/GNP	2006	2/22/07	A	SA	A
Gross External Debt

¹Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.

²Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.

³Foreign, domestic bank, and domestic nonbank financing.

⁴The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

⁵Including currency and maturity composition.

⁶Daily (D); Weekly (W); Monthly (M); Quarterly (Q); Annually (A); Semi-annually (SA); Irregular (I); Not Available (NA).

View Table

Table 3.

Rwanda: Table of Common Indicators Required for Surveillance

(As of May 23, 2007)

	Date of Latest Observation	Date Received	Frequency of Data6	Frequency of Reporting6	Frequency of Publication6
Exchange Rates	Current	Current	D	W	M
International Reserve Assets and Reserve Liabilities of the Monetary Authorities1	Current	Current	W	W	M
Reserve/Base Money	05/11/07	05/18/07	W	W	M
Broad Money	03/31/07	05/08/07	M	M	M
Central Bank Balance Sheet	05/11/07	05/18/07	W	W	M
Consolidated Balance Sheet of the Banking System	03/31/07	04/08/07	M	M	M
Interest Rates2	03/31/07	05/08/07	M	M	M
Consumer Price Index	04/30/07	05/15/07	M	M	M
Revenue, Expenditure, Balance and Composition of Financing3 - General Government4	NA	NA	NA	NA	NA
Revenue, Expenditure, Balance and Composition of Financing3- Central Government	12/31/06	02/14/07	M	M	M
Stocks of Central Government and Central Government-Guaranteed Debt5	12/31/06	3/31/07	A	A	A
External Current Account Balance	2006	02/14/07	A	SA	A
Exports and Imports of Goods and Services	2006	02/14/07	A	A	A
GDP/GNP	2006	2/22/07	A	SA	A
Gross External Debt

¹Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.

²Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.

³Foreign, domestic bank, and domestic nonbank financing.

⁴The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

⁵Including currency and maturity composition.

⁶Daily (D); Weekly (W); Monthly (M); Quarterly (Q); Annually (A); Semi-annually (SA); Irregular (I); Not Available (NA).