Rwanda’s economy has demonstrated impressive resilience, recording strong growth owing to robust activity in three major sectors of the economy, the International Monetary Fund (IMF) has said.
The IMF’s Executive Board issued a statement late Wednesday after concluding the country’s fifth review under the Policy Coordination Instrument.
According to the statement, Rwanda’s economic growth remains among the strongest in sub-Saharan Africa, despite rising fiscal and external pressures linked to large investment projects and reduced concessional financing.
“Rwanda’s economy has demonstrated impressive resilience, recording strong growth supported by robust activity in the services, construction, and agriculture sectors,” said IMF Deputy Managing Director and Acting Chair Li Bo.
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“Inflation has remained within the NBR (National Bank of Rwanda) target range (2-8 percent), aided by prudent monetary policy and improved domestic food supply,” he noted.
Li, however, pointed out that the macroeconomic environment has become more complex due to a need to implement difficult reforms amid worsening external conditions, including aid withdrawals and regional tensions.
Rwanda recently adopted a tax reform package, which the IMF hailed as a step toward broadening the tax base and enhancing equity and efficiency.
Rwanda’s economy expanded by 8.9 percent in 2024, driven by a rebound in agriculture and continued strength in the services and construction sectors, according to the IMF.
