Macroeconomic Policy
External Finance
Public debt policy


Purpose of the function

Debt is a potential financing option to meet the financial requirements of its national investments plans. Macroeconomic Policy Unit intervenes in debt management through designing and updating a debt strategy and policy.

The Macroeconomic Unit also provides the Debt Sustainability Analysis (DSA) on the basis of the public debt policy and debt strategy. This is a tool, which shows how the country can meet its current and future external debt service obligations in full, without recourse to debt rescheduling or the accumulation of arrears and without compromising growth.

Description of the function

•Debt strategy and debt policy

To design the Medium Term Debt Strategy and debt policy, Macroeconomic Policy Unit collects all information on public and publically debt guarantee. Different policy documents provided by National Development Planning and Research Directorate in collaboration with Rwanda Development Board (RDB) are used. These include:

-Government Program (PIP, PPP, National Export promotion Strategy, etc.)

-Other Economic Development Program (EDPRS, VISION 2020, etc.).

In regards with monitoring the implementation of the recommendations stated by debt strategy and debt policy, the debt management committee proposes a review every three years or when necessary.

•Debt Sustainability Analysis

The DSA is prepared using the data from:

-Treasury Unit concerning public debt outstanding by currency and by creditors, debt services (interest and principal debt payment) of the period given and debt service projections, discount rate of USD, average of past three years of Country Policy and Institutional Assessment (CPIA) rates;

-National Bank of Rwanda concerning private external debt.

•Public Debt Management Committee

The committee’s role is to strengthen the debt strategy and debt policy implementation and to ensure transparency and accountability in Public Finance Management. It is composed of representatives from MINECOFIN and NBR. 

The Committee meets on a quarterly basis to review developments in debt management and discusses pertinent issues affecting public debt management.

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