Rwanda First Review Under The Policy Support Instrument Staff Report And Press Release

Author: International Monetary Fund. African Dept.
Publisher: International Monetary Fund
ISBN: 1498313728
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This paper discusses Rwanda’s First Review Under the Policy Support Instrument. Rwanda continues to face the challenge of sustaining high growth while reducing its reliance on aid and preventing the build-up of imbalances. After using foreign exchange reserves over the past few years to support the economy, the room for maneuver is more limited and it will be important to rebuild policy buffers. Growth is projected to increase to 6 percent in 2014. In the short term, the need to support growth and preserve the level of foreign reserves requires a cautious fiscal stance while maintaining priority spending and leaving scope for private sector credit expansion.

Rwanda 2014 Article Iv Consultation And Second Review Under The Policy Support Instrument Staff Report Press Release

Author: International Monetary Fund. African Dept.
Publisher: International Monetary Fund
ISBN: 1498387098
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This 2014 Article IV Consultation and Second Review Under the Policy Support Instrument highlights that Rwanda’s economic performance since the turn of the century has been remarkable. Strong policies have played a key role in maintaining real GDP growth at 7.8 percent on average since 2000, with significant poverty reduction. The economy is recovering from the disruptions induced by aid suspension through mid-2013, with growth bouncing back in the first half of 2014 and inflation well contained. Growth in 2014 is expected to be about 6 percent, rising to the longer-term growth rate of 7.5 percent in the medium term.

Rwanda

Author: International Monetary Fund. African Dept.
Publisher: International Monetary Fund
ISBN: 1475565607
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This paper discusses Rwanda’s First Review of the Standby Credit Facility (SCF) Arrangement and Sixth Review Under the Policy Support Instrument (PSI), Request for Waiver and Modification of Performance and Assessment Criteria. Performance under the PSI and SCF-supported programs remains on track. Nearly all quantitative program targets and structural benchmarks were respected: two quantitative targets were missed by minor amounts, and one benchmark was delayed. The IMF staff recommends approval of the first review of the SCF arrangement and the sixth review of the program supported by the PCI, as well as the request for waiver of nonobservance of the continuous external arrears criterion, and modification of forthcoming program criteria.

Rwanda Third Review Under The Policy Support Instrument Press Release And Staff Report

Author: International Monetary Fund. African Dept.
Publisher: International Monetary Fund
ISBN: 151351945X
Size: 68.46 MB
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KEY ISSUES Main challenges: Rwanda continues to face the challenge of sustaining high growth in a context of uncertain donor flows, while avoiding the build-up of imbalances. Efforts to mobilize domestic revenue need to be reinvigorated, while judiciously using the limited borrowing space to finance priority projects and maintain debt sustainability. Outlook and risks: Growth is projected to moderate to 6.5 percent in 2015, with inflation well contained on account of the lower food and oil prices. The overall outlook is stable, but downside risks emanate from shocks to agriculture, lower export growth, and delays in donor disbursements. Policy discussions focused on the short and medium-term economic challenges: • In the short term, fiscal policy will need to support growth and accelerate measures to mobilize domestic revenue. The tight monetary stance remains appropriate given risks to the inflation outlook and the balance of payments. • In the medium term, the challenge remains that of continuing Rwanda’s transition from a public sector-led, aid-dependent economy to a more private sector-led economy. Faced with large investment needs and limited debt space, policy priorities are mobilizing more revenue, accelerating export growth, and removing impediments to private sector development. Management of the public investment program needs to be strengthened at all stages to contain fiscal risks and safeguard debt sustainability.

Rwanda

Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1455220582
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Satisfactory implementation of the economic program supported by the Policy Support Instrument has helped Rwanda during the global economic downturn. The program focuses on maintaining a sustainable fiscal position; strengthening monetary and exchange rate policies; and supporting growth with structural reforms to diversify the export base and improve the business environment. The authorities are committed to assess the inflation to safeguard the gains made in macroeconomic stability that currently underpin the economic recovery. Executive Directors emphasized the need to maintain macroeconomic stability to achieve sustainable growth.

Rwanda 2010 Article Iv Consultation And First Review Under The Policy Support Instrument Staff Report Public Information Notice And Press Release On The Executive Board Discussion And Statement By The Executive Director For Rwanda

Author: International Monetary Fund
Publisher: INTERNATIONAL MONETARY FUND
ISBN: 9781455213696
Size: 43.57 MB
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Satisfactory implementation of the economic program supported by the Policy Support Instrument has helped Rwanda during the global economic downturn. The program focuses on maintaining a sustainable fiscal position; strengthening monetary and exchange rate policies; and supporting growth with structural reforms to diversify the export base and improve the business environment. The authorities are committed to assess the inflation to safeguard the gains made in macroeconomic stability that currently underpin the economic recovery. Executive Directors emphasized the need to maintain macroeconomic stability to achieve sustainable growth.

Rwanda

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ISBN:
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Context: Rwanda's economic performance since the turn of the century has been remarkable. Strong policies have played a key role in maintaining GDP growth at 7.8 percent on average since 2000, with significant poverty reduction. The economy is recovering from the disruptions induced by aid suspension through mid-2013, with growth bouncing back in the first half of 2014 and inflation well contained. Performance under the PSI has remained strong. All quantitative assessment criteria (QAC) at end-June were met and all but one benchmark observed. Article IV discussions: The discussions focused on near-term policies needed to maintain macroeconomic stability and support growth under uncertain prospects for aid and the global environment; and the government's medium-term objective of sustaining strong, inclusive growth while simultaneously managing a successful transition from a public sector-led, aid-dependent economy to a more private sector-led economy. Policy priorities are mobilizing more domestic revenue, leveraging exports, and removing impediments to private sector development, including by accelerating infrastructure projects and tackling bottlenecks in energy. Outlook and risks: The outlook is positive, with sustained growth projected ahead in response to continued good policy implementation and investment. External risks include a protracted period of slower growth in advanced and emerging economies and weaker than expected export growth. Exchange restrictions and regime: Rwanda has accepted the obligations under Article VIII and maintains an exchange system free of restrictions on the making of payments and transfers for current international transactions. The exchange rate regime is categorized as crawl-like. Key policy recommendations:? Growth: Prioritize investments to reduce the infrastructure deficit and increase energy generation, thus facilitating private sector engagement and growth.? Fiscal Policy: Retain the objectives of the FY14/15 budget, anchored on limiting recourse to domestic financing, while keeping the overall budget in line with available resources and protecting priority spending.

United Republic Of Tanzania First Review Under The Policy Support Instrument Staff Report Press Release And Statement By The Executive Director For The United Republic Of Tanzania

Author: International Monetary Fund. African Dept.
Publisher: International Monetary Fund
ISBN: 1498391877
Size: 11.11 MB
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KEY ISSUES Macroeconomic developments remain favorable. Economic growth was strong during the first half of 2014 and is expected to remain close to 7 percent. Inflation remains in mid-single digits, consistent with the authorities’ target of 5 percent by June 2015. New national accounts statistics show an upward revision of the 2007 GDP by 28 percent. The full series will be reflected in the program at the next review. Program performance through June was broadly satisfactory but has deteriorated since and risks have risen. While all end-June assessment criteria were met, most end-September indicative targets were missed. The continuous assessment criterion on non-accumulation of external arrears was also missed and structural reform implementation was slower than expected. These developments reflect a range of factors, including delays in donor financing related to governance concerns, delays in mobilizing external non-concessional borrowing (ENCB), revenue shortfalls, the authorities’ decision to front-load domestically-financed capital expenditure, and coordination issues. Discussions focused on how to mitigate risks to budget implementation related to financing uncertainty and revenue shortfalls. Meeting the fiscal deficit target for 2014/15 will require revising downward revenue and expenditure during the mid-year budget review. Addressing forcefully and expeditiously the governance concerns arising from the IPTL case will be critical both for the resumption of donor financing and the business environment. In the meantime, the financing mix will tilt towards larger and more front-loaded ENCB. Better coordination of monetary and fiscal policies is required to reduce, and eventually eliminate, recourse to conversion of liquidity paper into financing paper. Government arrears will be addressed comprehensively. A plan to verify and clear existing suppliers’ arrears (which continued to accumulate in 2013/14), better monitor, and prevent the emergence of new ones will be implemented in the coming year. Broad principles of a strategy to deal with arrears to pension funds have been agreed. Staff supports the authorities’ request for the completion of the first PSI review, and proposes a waiver for non-observance of an assessment criterion and the modification of assessment criteria.

Yes Africa Can

Author: Punam Chuhan-Pole
Publisher: World Bank Publications
ISBN: 0821387456
Size: 77.14 MB
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Takes an in-depth look at twenty-six economic and social development successes in Sub-Saharan African countries, and addresses how these countries have overcome major developmental challenges.