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Cover -- CONTENTS -- CONTEXT -- RECENT DEVELOPMENTS, OUTLOOK, AND RISKS -- POLICY DISCUSSIONS -- A. Fiscal Policy and Debt Sustainability: Advancing NST Implementation -- B. Monetary Policy: Strengthening the Operational Framework and Developing the Financial Sector -- C. Structural Policies: Encouraging the Private Sector -- PROGRAM MODALITIES AND RISKS -- STAFF APPRAISAL -- BOXES -- 1. National Strategy for Transformation (NST) -- 2. Growth in Rwanda -- 3. Proposed Changes in Rwanda's Fiscal Framework -- 4. Domestic Revenue Mobilization -- 5. BNR's New Monetary Policy Framework -- 6. Financial Sector Development Strategy -- 7. Selected Additional Public Interventions to Bolster Growth and Employment -- FIGURES -- 1. Human Development Indicators in Rwanda -- 2. Selected Development Gains in Rwanda -- 3. Overview of Recent Economic Developments -- 4. Fiscal Developments -- 5. Monetary Developments -- 6. External Developments -- TABLES -- 1. Selected Economic Indicators, 2017-23 -- 2a. Budgetary Central Government Statement of Operations, GFSM 2014 Presentation, 2016/17-22/23 (Billions of Rwandan francs) -- 2b. Budgetary Central Government Statement of Operations, GFSM 2014 Presentation, 2016/17-22/23 (Percent of GDP) -- 2c. Budgetary Central Government Flows, FY16/17-22/23 (Billions of Rwandan francs -- 2d. Budgetary Central Government Flows, FY16/17-22/23 (Percent of GDP) -- 3. Monetary Survey, 2017-20 -- 4. Balance of Payments, 2017-23 -- 5. Financial Soundness Indicators: December 2015-December 2018 -- 6. Schedule of Reviews Under the Policy Coordination Instrument, 2019-22 -- ANNEXES -- I. Implementation of Key Policy Recommendations from the 2017 Article IV Consultation -- II. Spending Needs for Reaching the SDG Goals -- III. Risk Assessment Matrix -- IV. External Sector Assessment -- V. Capacity Development Strategy for FY2020 -- APPENDIX.

This paper discusses Rwandaâ??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 prio

Cover -- Contents -- Acronyms -- I. Executive Summary -- II. Introduction -- III. Legal Framework for Assignment of GFS Compilation Duties -- IV. GFSM 2014 Implementation Plan -- V. Compilation of FY 2013/14 General Government Finance Statistics -- A. Budgetary Central Government -- B. Extrabudgetary Units -- C. Social Security Funds -- D. Local Governments -- VI. Reconciliation of External Resources and Project Expenditure -- VII. Planning a DMX-Based Data Dissemination System -- VIII. Meeting AFR's Fiscal Statistical Requirements -- IX. Resources, Training, and Technical Assistance -- X. Conclusion -- Tables -- 1. FY 2013/14 GFS Source Data by General Government Subsector and Major Economic Classification -- 2. GFS Technical Assistance Activities During 2016 -- Box -- 1. Recommendations -- Appendices -- I. List of Official Met During Mission -- II. Status Update of GFSM 2014 Implementation Plan -- III. Institutional Structure of Rwanda's General Government -- IV. FY 2013/14 Consolidated General Government Finance Statistics Dataset -- V. Roadmap for Implementing DMX Integrated Data Dissemination System -- VI. Documentation of the GFS Compilation Process for FY 2013/14.

Cover -- CONTENTS -- RECENT ECONOMIC DEVELOPMENTS -- PROGRAM PERFORMANCE -- ECONOMIC OUTLOOK AND RISKS -- POLICY DISCUSSIONS -- A. Fiscal Policy-Maintaining the Course of Adjustment -- B. Monetary Policy: Transitioning to Interest Rate-Based Framework -- C. Supporting Initiatives: Compact with Africa and Costing the SDGs -- PROGRAM MODALITIES -- STAFF APPRAISAL -- BOXES -- 1. Rwanda's Export Performance in 2017 -- 2. Drivers of Rwanda's Medium-Term Growth and Vision 2050 -- 3. Overview of the Transition to an Interest Rate-Based Operating Target -- 4. SDG Achievement -- FIGURES -- 1. Overview of Recent Economic Developments -- 2. Fiscal Developments -- 3. Monetary Sector Developments -- 4. External Developments -- TABLES -- 1. Selected Economic Indicators, 2016-20 -- 2a. Budgetary Central Government Flows, FY 2016/17-19/20 (Billions of Rwandan francs) -- 2b. Budgetary Central Government Flows, FY 2016/17-19/20 (Percent of GDP) -- 3a. Financial Operations of the Budgetary Central Government, GFSM 2014 (Billions of Rwandan francs) -- 3b. Financial Operations of the Budgetary Central Government, GFSM 2014 (Percent of GDP) -- 4. Monetary Survey, 2016-19 -- 5. Balance of Payments, 2016-20 -- 6. Financial Soundness Indicators, March 2015 - December 2017 -- 7. Quantitative Program Targets as of End-December 2017 -- 8. Structural Benchmarks through PSI 10 Review -- ANNEX -- I. Capacity Development Strategy for FY 2019 -- APPENDIX -- I. Letter of Intent -- Attachment I. Memorandum of Economic and Financial Policies -- Attachment II. Technical Memorandum of Understanding.

In October, when the conflict broke out in northern Rwanda, an ICRC team reached that country within a day of the first reports of incidents, and provided about ten tonnes of supplies (mainly food) to hospitals and displaced people through the Rwandan Red Cross. Delegates began a series of visits to people arrested in connection with the events on 13 October. By the end of the year, they had visited 5,341 prisoners in 27 places of detention (18 Ministry of Justice facilities, eight gendarmerie installations and one military camp). During these visits, delegates provided about three tonnes of food, cleaning equipment, jerrycans, clothing and educational material to the prisoners. The ICRC also processed 3,550 Red Cross messages in Rwanda in 1990.

Despite a remarkable transition to peace and development over the past 10 years, Rwanda is still marked by the consequences of the 1994 genocide. Gross domestic product (GDP) growth averaged 7.3 percent per year between 1995 and 2006, and public investment has picked up and reached 9.4 percent of GDP in 2007. With security and political stability restored and the business environment improved, private investment has risen from 6 percent in 2001 to an estimated 9 percent of GDP in recent years (Rwanda, MINECOFIN 2008). Progress has also been made in improving education and health indicators. For examples, the number of primary school students rebounded to pre-genocide long-term levels only five years after the conflict. Today Rwanda's gross primary school enrollment ratio is higher than in most other Sub-Saharan countries with similar income levels, and the number of students in secondary school has almost tripled since 1996 (Lopez and Wodon 2005). Moreover, in terms of health indicators, World Bank (2008a) estimates that, while infant mortality increased from 85 to 137 per thousand between 1988–92 and 1992–94, it has since receded to 97.5 per thousand in 2006. ; PR ; IFPRI1 ; DGO; DSGD