Rwanda: Staff Report for the 2017 Article IV Consultation, Seventh Review Under the policy support instrument, and Second Review Under the Standby Credit Facility—Informational Annex

Staff Report for the 2017 Article IV Consultation, Seventh Review Under the Policy Support Instrument, and Second Review Under the Standby Credit Facility


Staff Report for the 2017 Article IV Consultation, Seventh Review Under the Policy Support Instrument, and Second Review Under the Standby Credit Facility

Relations with the Fund

(As of May 31, 2017)

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Latest Financial Arrangements:

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Projected Payments to Fund 2/

(SDR Million; based on existing use of resources and present holdings of SDRs):

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Decision point—point at which the IMF and the World Bank determine whether a country qualifies for assistance under the HIPC Initiative and decide on the amount of assistance to be committed.

Interim assistance—amount disbursed to a country during the period between decision and completion points, up to 20 percent annually and 60 percent in total of the assistance committed at the decision point (or 25 percent and 75 percent, respectively, in exceptional circumstances).

Completion point—point at which a country receives the remaining balance of its assistance committed at the decision point, together with an additional disbursement of interest income as defined in footnote 4 above. The timing of the completion point is linked to the implementation of pre-agreed key structural reforms (i.e., floating completion point).

Implementation of Multilateral Debt Relief Initiative (MDRI)

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Implementation of Post-Catastrophe Debt Relief (PCDR): Not Applicable

Safeguards Assessments:

An update safeguards assessment of the Banque Nationale du Rwanda (BNR) was finalized in November 2016. Previous assessment was completed in 2007. The 2016 assessment found that the Banque Nationale du Rwanda (BNR) had strengthened its safeguards framework. The bank has undertaken an organizational restructuring, adjusted its financial reporting and auditing practices with international standards, and modernized its IT systems. Progress has been notable with many initiatives still underway, including increasing bank-wide staff capacity, resolving IT implementation issues, subjecting the internal audit function to an external assessment, and enhancing Board and audit committee composition. Recommendations were made to enhance the safeguards framework, including aspects of external audit arrangements.

Exchange Rate Arrangement:

The currency of Rwanda is the Rwandan franc. On December 1998, Rwanda accepted the obligations under Article VIII, Sections 2, 3 and 4 of the IMF and maintains a system free of multiple currency practices and restrictions on the making of payments and transfers for current international transactions. As of June 15, 2017, the exchange rate against the US dollar was RWF 821. Since end-July 2015, the exchange rate has depreciated 14.5 percent against the US dollar, 9.9 percent in NEER terms, and 4.4 percent in REER terms. The de facto exchange rate regime has been reclassified retroactively to a “crawl-like” arrangement from “other managed,” effective March 4, 2015, because daily fluctuation of the Rwandan franc remained within +/- 2 percent against the US dollar relative to a trend over a six-month period. The de jure exchange rate regime is classified as floating.

Article IV Consultation:

Rwanda is on the 24-month consultation cycle. The Executive Board discussed the staff report for the 2014 Article IV consultation (IMF Country Report No. 14/343) on December 8, 2014.

Technical Assistance and Future Priorities:

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Resident Representative:

Mr. Alun Thomas. assumed his duties as Resident Representative in August 2015.

Joint World Bank–Fund Work Program, 2017

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Statistical Issues

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Table of Common Indicators Required for Surveillance

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Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.

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

Foreign, domestic bank, and domestic nonbank financing.

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

Including currency and maturity composition.

Includes external gross financial asset and liability positions vis-à-vis nonresidents.

Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).

These columns should only be included for countries for which Data ROSC (or a Substantive Update) has been published.

This reflects the assessment provided in the data ROSC or the Substantive Update (published on March 12, 2004 and based on the findings of the mission that took place during October 8–22, 2002) for the dataset corresponding to the variable in each row. The assessment indicates whether international standards concerning concepts and definitions, scope, classification/sectorization, and basis for recording are fully observed (O); largely observed (LO); largely not observed (LNO); not observed (NO); and not available (NA).

Same as footnote 7, except referring to international standards concerning (respectively) source data, assessment of source data, statistical techniques, assessment and validation of intermediate data and statistical outputs, and revision studies.


Formerly PRGF.


When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.


Assistance committed under the original framework is expressed in net present value (NPV) terms at the completion point, and assistance committed under the enhanced framework is expressed in NPV terms at the decision point. Hence these two amounts can not be added.


Under the enhanced framework, an additional disbursement is made at the completion point corresponding to interest income earned on the amount committed at the decision point but not disbursed during the interim period.


The Multilateral Debt Relief Initiative (MDRI) provides 100 percent debt relief to eligible member countries that are qualified for the assistance. The debt relief covers the full stock of debt owed to the Fund as of end-2004 which remains outstanding at the time the member qualifies for such debt relief. The MDRI is financed by bilateral contributions and the Fund's own resources, as well as the resources already disbursed to the member under the HIPC Initiative (see Section VII above).

Rwanda: Staff Report for the 2017 Article IV Consultation, Seventh Review Under the Policy Support Instrument, and Second Review Under the Standby Credit Facility- Press Release; Staff Report; and Statement by the Executive Director for Rwanda
Author: International Monetary Fund. African Dept.