Kigali (Rwanda), May 23,2024:  The International Monetary Fund (IMF) on Wednesday announced the approval of 164.6 million U.S. dollars in funding for Rwanda to strengthen its economic resilience against future climate shocks.

The package includes 76.2 million dollars from the Resilience and Sustainability Facility (RSF) and 88.4 million dollars through the Standby Credit Facility, the IMF said in a statement, reports Xinhua News Agency.

“Going forward, the policy mix should prioritize macroeconomic and financial stability, fiscal sustainability, and the restoration of buffers. Maintaining the strong reform momentum under the RSF will help bolster the country’s economic resilience to future climate shocks,” the IMF said.

Rwanda’s real gross domestic product growth exceeded expectations in 2023, reaching 8.2 percent. Key drivers of this growth included the services sector, construction, and recovery in food crop production despite severe floods.

The IMF recommended that the Rwandan government adopt a carefully planned fiscal strategy to mitigate the impact of last year’s deadly floods, ensuring sustained economic stability and growth.