Rwanda and the International Monetary Fund (IMF) have reached an agreement on a new 38-month extended credit facility worth $250m (R4.25bn), aimed at supporting the country’s economic policies and reforms, they said on Thursday.
The IMF’s executive board will meet in June to approve the agreement, Albert Touna Mama, mission chief for Rwanda, told a news conference.
Finance and economic planning minister Yusuf Murangwa said some of the funds would help Rwanda manage the increase in fuel and fertiliser prices resulting from the Iran conflict.
“When it comes to fertiliser … if [the government] does not intervene, prices could rise sharply and that would be a serious problem,” Murangwa told the news conference.
The East African nation’s economy has grown robustly, with the finance ministry forecasting annual growth exceeding 7% to 2028.
Reuters
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