International Monetary Fund staff and Rwanda have agreed a new 14-month credit facility worth about $262-million to help mitigate balance of payment pressures arising from climate-related shocks, the IMF said on Tuesday.
IMF staff and Rwandan authorities also reached agreement on policies needed to complete the second reviews 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.
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