IMF Executive Board Approves Extensions of the Standby Credit Facility Arrangement and the Policy Support Instrument for Rwanda

Stocks and Financial Services Press Releases Friday December 1, 2017 08:19
IMF--1 Dec--International Monetary Fund

The Executive Board of the International Monetary Fund (IMF) approved on November 29, 2017—without an Executive Board meeting [1] —extensions of the Standby Credit Facility (SCF) Arrangement and the Policy Support Instrument (PSI) to January 31, 2018. This extension will provide additional time to complete, review, and circulate the program documents for Executive Board consideration.

An 18-month arrangement under the SCF for SDR 144.2 million (about US$204 million or 90 percent of Rwanda's quota), along with an extension of the existingPSI for Rwanda until December 31, 2017 was approved on June 8, 2016 (see Press Release No. 16/270). The SCF is aimed at complementing the authorities' efforts to address growing external imbalances, by boosting reserves. Both near and medium term adjustment policies to position Rwanda's external position on a sustainable basis are part of an overall strategy to support growth, support poverty reduction and improve the country's resilience to future uncertainties in the global economy.

[1] The Executive Board takes decisions under its lapse of time procedure when it is agreed by the Board that a proposal can be considered without convening formal discussions.

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