Rwanda:Interim Performance Update Under the Policy Coordination Instrument-Press Release; and Staff Report

Author: International Monetary Fund. African Dept.

Interim Performance Update Under the Policy Coordination Instrument-Press Release; and Staff Report

Volume/Issue: Volume 2020 Issue 285

Publication date: October 2020

ISBN: 9781513558561

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Exports and Imports , Inflation , Economics- Macroeconomics , Public Finance , ISCR , CR , pandemic , impact of the pandemic , IMF country report , reform target , PCI review , Rwandan franc , deficit excl , , COVID-19 , Inflation , Fiscal risks , Global

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Summary

COVID-19 has had a severe economic impact on Rwanda through the implementation of strict domestic measures to contain the spread of the virus and the related global spillovers. The authorities have responded by rolling out health and economic measures totaling USD 311 million (3.3 percent of GDP) to mitigate the impact on businesses and households. To help address the urgent balance of payments need arising from the pandemic, the Executive Board approved on April 2 and June 11, 2020 the authorities’ consecutive requests for emergency financing under the “exogenous window” of the Rapid Credit Facility (RCF) totaling SDR 160.2 million (IMF Country Reports No. 20/115 and No 20/207). This brings the total IMF COVID-19 support to Rwanda to 100 percent of quota, or USD 220.46 million.