The Rwandan Government has secured $268 million from the International Monetary Fund (IMF) to confront climate shocks, the Ministry of Finance has said.
IMF approved the funding under the new Standby Credit Facility, on Thursday.
“The government will use the fund to boost the balance of payments,” the ministry said on social media platform X, formerly known as Twitter.
IMF also said in a statement that Rwanda’s commitment to building a resilient and greener economy is commendable and requires sustenance.
“Enhancing social protection programmes, improving human capital accumulation and promoting private sector-led economic diversification will be critical to navigate challenging times.
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“It will also advance living standards,” the statement said.
“Maintaining the momentum on Resilience and Sustainability Facility-supported climate-related reforms including green taxonomy.
“This will help close adaptation gaps and increase resilience to climate-induced shocks,” it added.
IMF noted that during COP28 conference in Dubai, Rwanda demonstrated its ability to catalyse additional climate finance and promote collaborations between the public and private sectors.
It said that despite the challenging environment, Rwanda’s progress on the climate agenda “remains exceptionally strong”. (Xinhua)
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