Rwanda
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.