Forex credit facility
A standby credit facility approved for Rwanda by forex Executive Board of the International Monetary Fund IMFon Wednesday, raises the central bank's confidence to manage economic stability, the Finance minister said yesterday. The facility provides financial assistance to low-income countries with short-term balance of payment needs. It will equally boost central bank's capacity to intervene in the forex market when need arises, Minister Gatete told The New Times. Currently, there is a lot of currency outflow which government is trying curb by encouraging locally produced commodities. It is, therefore, very important that the central bank remains liquidated enough in terms of reserves to meet the necessary expenditure that may forex. According to the IMF, the Standby Credit Facility will complement the authorities' efforts credit address growing external imbalances, by boosting reserves, with an initial Experts believe that it's imperative that the loan facility from the IMF be invested in the country's import substitution drive as the government seeks to reduce the trade credit gap by tapping into the regional market. The IMF projects that the Rwandan facility will slow down from 6. These shocks are fuelled by a firming dollar which has resulted in the Rwandan Franc depreciating, the falling export revenues and a ballooning import bill, putting pressure on external reserves. Meanwhile, the IMF Executive Board conducted a review of Rwanda's economic performance and established that, despite a slump in global commodity prices, the country continued to post strong performance under the Policy Support Instrument which created a platform for high growth and steady poverty reduction. Both short and medium term adjustment policies to position Rwanda's external position on a sustainable basis will form part of an overall strategy to support growth, boost poverty reduction and improve the country's resilience to future uncertainties in the global economy. The Executive Board also approved the Policy Support Instrument PSI for Rwanda in December Min Zhu, Deputy Facility Director and Acting Chairman IMF, hailed the country's macroeconomic and fiscal policies facility have helped keep the economy stable and resilient amidst global economic shocks. Growth in was buoyed by strong construction and services activity, while credit remained contained. Combined with the appreciation of the U. According to the National Bank of Rwanda, the strengthening of the US dollar against other currencies worldwide, coupled with the decline in international commodity prices that negatively affected the export revenues, has put pressure on the Rwanda franc. As such, the authorities are taking steps to address external imbalances; first, through using continued exchange rate flexibility as the principal adjustment tool. This will be supported by tighter fiscal and monetary policies to help curb demand for imports. Credit of these policies should maintain GDP growth of around 6 per cent in both andwhile IMF financing under the Standby Credit Facility will help bolster forex. Despite the drop in global commodity prices, Rwanda's growth remained strong inwith a GDP growth rate of 6. Mining exports dropped by forex half inleading to a significant forex in foreign exchange earnings. As such, the current account deficit has also worsened, from a deficit of Consumer price inflation remained contained, averaging 2. Monetary policy remained largely accommodative through end but was tightened in the first quarter of Despite these developments, macroeconomic policy performance through December remained in line with the PSI programme objectives. Most targets were met and were also supported by structural reforms, notably changes to boost domestic revenue collection, reducing liquidity overhangs, strengthen financial market supervision and functioning, and improving domestic revenue collection. However, IMF says, plans to revise the property tax law and improve the timeliness of public reporting on budget execution are taking longer than anticipated. Distributed by AllAfrica Global Media allAfrica. To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here. AllAfrica publishes around reports a day from more than news organizations and over other institutions and individualsrepresenting a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. 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