• IMF, Rwanda reach staff-level agreement on 38-month ECF program
• Plan targets macro stability, fiscal management and private sector growth
• Economy strong but faces inflation pressures and slower growth outlook

The International Monetary Fund and Rwandan authorities have reached a staff-level agreement under the Extended Credit Facility (ECF) for a 38-month program, the IMF said on Thursday (April 2, 2026).

The program aims to support Rwanda’s economic reforms while reinforcing macroeconomic stability. It has three main pillars: strengthening macroeconomic policy, improving fiscal risk and debt management to support growth, and promoting private sector-led growth and greater transparency in state-owned enterprise oversight.

The agreement remains subject to approval by IMF management and its executive board and is expected to be reviewed in June 2026.

Rwanda’s economy has continued to perform strongly despite an uncertain global environment. Growth reached 9.4% in 2025, well above initial forecasts, driven in part by strong exports of coffee and minerals. However, inflation picked up at the start of 2026, reaching 9.2% year-on-year in February, above the central bank’s 5% target.

The IMF recommends a cautious monetary policy, improved revenue mobilization and rigorous debt management to preserve macroeconomic stability.

The 2026 outlook remains uncertain. Growth is expected to slow to 6.8%, partly due to the impact of the Middle East conflict, which is pushing up oil and fertilizer prices.

Ingrid Haffiny