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Rwanda: Seventh Review Under the Policy Support Instrument, Request for a Three-Year Policy Support Instrument and Cancellation of Current Policy Support Instrument
Summary:CONTEXT Rwanda has enjoyed strong economic performance over the last decade, supported by significant external aid and close engagement with the Fund, including under a PSI since 2010. The authorities have requested a new three-year PSI in support of their new poverty reduction strategy (EDPRS 2). KEY CHALLENGES Rwanda faces two main economic challenges: In the near term, to maintain macroeconomic stability under uncertain prospects for donor aid and the global environment. Over the medium term, to sustain strong and inclusive growth and poverty reduction while gradually reducing reliance on aid. MAIN POLICY RECOMMENDATIONS Continue to focus on inclusive growth and policies, while aligning spending priorities with available financing. Strengthen domestic resource mobilization by broadening the tax base, introducing comprehensive tax regimes for agriculture and mining, and strengthening property taxation, and further enhancing revenue administration. Further improve public financial management through strengthened information management systems and capacity building. Modernize the monetary policy framework by injecting greater flexibility and improving institutional arrangements. Ensure exchange rate flexibility to preserve reserve buffers and enhance competitiveness. Further develop financial markets and expand access to financial services.
