Press Release No. 23/17

Statement by IMF Managing Director Kristalina Georgieva at the Conclusion of Her Visit to Rwanda

January 26, 2023

Kigali, Rwanda: Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), issued the following statement today in Kigali at the conclusion of her visit to Rwanda:

“I wish to thank H.E President Kagame, Prime Minister Édouard Ngirente, Minister of Finance and National Planning Uzziel Ndagijimana, Minister of Environment Jeanne d’ Arc, and Governor John Rwangombwa for their warm welcome and gracious hospitality. I also very much appreciated the constructive discussions and the opportunity to engage with senior policymakers from the East African Community on how the IMF can be an even more effective partner to help Rwanda and the region emerge from multiple crises and build a more resilient, inclusive, and greener economy. My visit included invigorating exchanges with Rwandan youth, women, civil society and green entrepreneurs.

“I came away impressed by the dynamism and creativity of Rwandan youth advocating for climate action and environmental conservation, and entrepreneurs using their ingenuity to bring climate-friendly solutions for a greener tomorrow.

“I congratulated the authorities for being the first country in Africa to access the IMF Resilience and Sustainability Facility (RSF) for $319 million , together with a new Policy Coordination Instrument . This is a testament of Rwanda’s strong track record of policies and sustained implementation of reforms, including to address climate change. I also encouraged President Kagame and his team to continue advancing reforms under the two IMF programs.

“I was glad to have the opportunity to exchange views with policymakers from the region on the multi-faceted challenges they face on the heels of the COVID-19 pandemic, the economic fallout from the war in Ukraine, the cost-of-living crisis and climate change. We also discussed how the IMF could help them better address these challenges. The IMF has been there to support sub-Saharan Africa since the beginning of the pandemic with more than $50 billion provided to the region. We currently have 22 financing programs and two staff monitored programs, representing active engagement in more than half of the region. And we are ready to do more.

“Considering Rwanda’s place as a pacesetter on climate initiatives and the challenges the East Africa region faces with increasingly frequent and damaging droughts and flooding, I appreciated the opportunity to focus on the existential threat of climate change. I heard loud and clear their unequivocal call for stronger international cooperation and coordination to address this challenge. Climate change is a global emergency that transcends national borders. It is an issue that requires international cooperation and coordinated solutions, including to mobilize the needed financing. It is in this spirit of cooperation that the Fund has been stepping up financing through the RSF , a new facility to help vulnerable low- and middle-income countries address longer-term structural changes such as climate change and pandemic preparedness. We have also stepped-up capacity building to help countries identify and prioritize resources. Meanwhile, in close collaboration with multilateral development banks, international financial institutions, and the private sector, we are committed to explore options for scaling up private finance leveraging the RSF. We look forward to seeing Rwanda serve as a leading example of how long-term low-cost funding from the IMF can help sub-Saharan Africa mitigate the effects of climate change.”

Useful links:

Webpage on the Resilience and Sustainability Trust

Factsheet on the Resilience and Sustainability Facility

Factsheet on the Policy Coordination Instrument