Rwanda's economic growth rebounding, continued reforms needed: IMF

KIGALI, March 23 (Xinhua) -- The International Monetary Fund (IMF) on Friday said Rwanda's economy is "rebounding," but reforms are needed to accelerate growth momentum.

"Economic growth in 2017 outpaced expectations, rising 6.1 percent, due to a broad-based pick-up in activity in the second half of the year," said Laure Redifer, IMF's mission chief for Rwanda, in Kigali.

The IMF projected Rwanda's economy to grow at 7.2 percent in 2018, said Redifer.

Inflation remains "very low" with 0.7 percent in Feb. 2018 over the previous year, due to ample food supplies causing food prices to decline, she said at a press conference.

Foreign exchange reserves are accumulating faster than anticipated, and pressure on the Rwandan franc has abated, said Redifer.

Tax revenues have increased more than expected, she added.

She, however, urged the Rwandan authorities to continue implementing the structural reforms necessary for high and sustainable growth.

Rwanda's economy grew at 6.1 percent in 2017, exceeding previous projection of 5.2 percent, according to latest official figures from the National Institute of Statistics of Rwanda (NISR).

The growth was driven by performance of the agriculture sector which contributed 31 percent, industry sector, 16 percent and services sector which contributed 46 percent, according to NISR statistics. Enditem