The International Monetary Fund has approved $181.74 million (over 254 billion Frw) to be given to Rwanda to be used in various activities aimed at improving the country's economy.
It is an amount approved by the IMF Board of Directors after an inspection of Rwanda's economy.
This loan is a long-term loan that is paid at a low interest rate. It is offered in two categories.
It includes $94.23 million (over 131.9 billion Frw) allocated to the program for environmental protection and climate change measures known as RSF (Resilience and Sustainability Facility).
It also includes $87.51 million (over 122.5 billion Frw) provided in the program of low-interest loans, known as SCF (Standby Credit Facility).
The IMF explains that despite the challenges from outside, Rwanda's economy has continued to grow, which includes the development of production in services, the construction sector, and agricultural production.
It means that since the beginning of the year, the rate of prices on the markets was in the average of 5% and it is within the target set by the Central Bank of Rwanda.
It says that even with these payments, the country's savings will remain at 4.5 months until at least the end of the year.
Rwanda's economy in 2023, the IMF explains, has grown at a rate of 8.2% and this year, it is expected to grow at a rate of 8.3% and 7% in the next year of 2025.
In 2026, it is expected to grow at a rate of 7% while the following year it will reach 7.2%. In 2028 and 2029, it is expected to grow at a rate of 7.3%.
Market prices, in 2023, the rate was at 14% but the IMF explains that from 2024 to 2029, it will at least stay at 5%.
