He made the remarks on April 4, 2025, during the presentation of findings from a two-week review conducted by the International Monetary Fund (IMF).

In recent weeks, countries such as Canada, the United Kingdom, and Germany have imposed economic sanctions on Rwanda, accusing it of supporting the M23 rebel group, allegations Rwanda has consistently denied as baseless.

The situation escalated when Rwanda severed diplomatic ties with Belgium and terminated cooperation agreements on development projects valued at €95 million for the 2024–2029 period. At the time of cancellation, about €80 million remained unused.

Murangwa emphasized that while those aid contributions had been beneficial, their loss would not severely destabilize Rwanda’s economy, particularly because the country still has support from its core partners.

“The countries that have imposed sanctions on us are not many. Our main partners such as the World Bank, IMF, AfDB, and other nations have not imposed any sanctions, meaning the overall impact is minimal,” he said.

In 2024, Rwanda’s Gross Domestic Product (GDP) reached RWF 18.785 trillion, up from RWF 16.626 trillion in 2023. Services contributed 48% to this growth, while agriculture accounted for 25%.

Murangwa further explained that Rwanda’s current economic standing is strong, and the reliance on foreign aid has significantly decreased compared to past years, thereby reducing the impact of these sanctions.

There was a presentation of findings from a two-week review conducted by the International Monetary Fund (IMF).

“We are investing heavily in self-reliance. Based on our current progress and preparedness, there is no major threat. We will continue assessing any potential impacts,” he added.

During the two-week review conducted with the IMF, it was found that Rwanda’s economy had grown at a solid rate of 8.9%. The Minister also mentioned that projections for the coming years show Rwanda’s economy is expected to grow at a rate of 7%.

The Governor of the National Bank of Rwanda (BNR), Soraya Hakuziyaremye, noted that the IMF forecasted inflation rates between 2% and 8% for 2025 and 2026, which aligns with the central bank’s own figures.

In March 2025, BNR had projected inflation to reach 6.5% in 2025, dropping to 4.3% in 2026. Hakuziyaremye confirmed that the IMF used the same projections.

She added that although global economic uncertainty persists, such as rising import taxes in the United States, there is currently no cause for concern for Rwanda. However, they will continue monitoring the situation closely.

The Minister of Finance and Economic Planning, Yusuf Murangwa, has stated that the recent sanctions imposed on Rwanda by some countries will not significantly impact the country’s economy.

“There’s no need for alarm because our exports to the US were already limited and subject to taxes. However, global price hikes, especially for food and petroleum products, could be indirectly affected by those tax changes,” she said.

The IMF’s review also looked at the performance of the Rwandan Franc against the US Dollar. The fund confirmed Rwanda’s figures.

“The Rwandan Franc depreciated by 9.8% compared to the US Dollar, a notable improvement from the 18% depreciation seen in 2023. The slower rate of depreciation, and our goal of returning to the 5% level in the coming years, is reassuring,” Governor Hakuziyaremye said.

The IMF assessment also found that Rwanda’s foreign reserves increased, reaching the equivalent of 5.4 months of imports by the end of 2024.

The Ministry of Finance and Economic Planning also announced that in 2025, Rwanda will unveil the second phase of the Bugesera International Airport project, alongside the expansion of Kigali International Airport, in partnership with the Qatar Investment Authority.

The Governor of the National Bank of Rwanda (BNR), Soraya Hakuziyaremye, noted that the IMF forecasted inflation rates between 2% and 8% for 2025 and 2026, which aligns with the central bank’s own figures.

The head of the IMF team that conducted the review of Rwanda’s economy, Ruben Atoyan, stated that they will continue to collaborate with Rwanda in its economic development.