Rwanda: Fiscal Transparency Evaluation Update

This report updates Rwanda’s 2019 Fiscal Transparency Evaluation. Rwanda has advanced fiscal transparency notably since 2019, especially in fiscal risk analysis and management, supported by the 2022 Organic Law for Public Financial Management and accrual accounting transition. Budget documents better align with fiscal policies and national strategies, and Fiscal Risk Statements have improved risk disclosure. However, gaps persist, with fiscal reports still prepared on the general government level only and unreconciled fiscal data particularly due to classification differences. Public sector net worth declined over the period as the government increased borrowing to respond to successive shocks and support economic resilience, alongside rising pension liabilities. Recommendations focus on expanding fiscal data coverage, enhancing budget documents and the reconciliation of successive fiscal forecasts, and strengthening fiscal risk management to improve accountability and resilience.