Rwanda Gets $262m 14-Month Credit Facility from IMF

International Monetary Fund (IMF) staff and Rwanda have agreed to a new 14-month credit facility worth about $262 million to help mitigate the balance of payment pressures arising from climate-related shocks, the IMF said on Tuesday.

IMF staff and Rwandan authorities also reached an agreement on policies needed to complete the second review of Rwanda’s existing Policy Coordination Instrument and a programme under the Resilience and Sustainability Facility, a Fund statement said.

IMF board consideration of the agreements is tentatively scheduled for December. “Repeated droughts, the severe floods in May 2023, and tightening global financing conditions are compounding the challenges from the legacy of the (COVID) pandemic,” the IMF said, adding that the new facility would help Rwanda undertake flood-related reconstruction efforts. Apple Unveils M3 Chip Series