On May 25, 2026, the Rwandan Ministry of Economy and Finance revealed that the previous week, the financial rating agency S&P Global Ratings had confirmed the maintenance of Rwanda’s sovereign rating at “B+/B”, with a stable outlook. S&P Global Ratings explains its rating by “the resilience of the Rwandan economy, supported by strong growth, strategic investments, and prudent management of public finances, in an international environment still marked by geopolitical tensions and rising energy prices.”
Indeed, the agency states that “Rwanda’s economic performance remains robust, with growth estimated at 9.3% in 2025, compared to 7.2% in 2024.” This progress is due to the positive momentum in the agriculture, industry, and services sectors.
However, S&P Global Ratings indicates that these performances could experience a decline to 6.8% in 2026 due to pressures related to the global increase in fuel costs resulting from the war between the United States and Israel against Iran. “In the medium term, growth should nevertheless stabilize around 7.1% between 2027 and 2029, reflecting a generally resilient trajectory,” as stated in the Rwandan Ministry of Economy and Finance press release on May 25, 2026.
Among the growth factors influencing its decision, S&P Global Ratings noted “the country’s investment policy in strategic infrastructure.” The agency cites, among others, “the new Kigali International Airport (NKIA), a strategic project aimed at enhancing regional connectivity, boosting tourism, and supporting economic diversification.” In the same vein, S&P Global Ratings commends Rwanda for the “favorable” structure of its external debt. Indeed, 89% of this debt is concessional, contracted on a long-term basis and at low interest rates, reducing the risks associated with debt repayment. In terms of budget consolidation, the agency notes the Rwandan government’s continued efforts in this area. These efforts, emphasizes S&P Global Ratings, are driven by the broadening of the domestic revenue base and controlled management of public expenditures, contributing to maintaining macroeconomic stability.
However, the agency warns of “risks related to global economic uncertainties, particularly the impact of tensions in the Middle East on oil prices, inflation, and supply chains.” Indeed, as a net oil importer, Rwanda remains exposed to fluctuations in international energy markets. Nevertheless, S&P Global Ratings highlights that authorities have developed mitigation measures, including diversification of supply sources and strengthening of fuel reserves.
It is worth noting that the confirmation of Rwanda’s sovereign rating comes as the country continues its strategy to position itself as a regional hub for investment, services, and innovation in East Africa. It is remembered that from March 19 to April 2, 2026, the International Monetary Fund (IMF) conducted discussions with Rwandan authorities on a 38-month Extended Credit Facility (ECF) program.
Subsequently, pending approval by the IMF Board of Directors in June 2026, an agreement at the service level was reached for financing of approximately USD 250 million. The program aims to finance economic reforms, strengthen macroeconomic stability, improve public financial management, and encourage growth driven by the private sector.
