rwanda report on government finance statistics mission ......rwanda report on government finance...

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Report on Government Finance Statistics Mission: Towards dissemination

Of high frequency fiscal data

(August 27 - 31, 2018)

Prepared by Robert Maate and Ismael Ahamdanech Zarco

August, 2018

External Donors:

EU

IMF

The Netherlands

Switzerland

United Kingdom

Member Countries:

Eritrea

Ethiopia

Kenya

Malawi

Rwanda

Tanzania

Uganda

2 INTERNATIONAL MONETARY FUND-AFE

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The contents of this note constitute technical advice provided by the staff of the

International Monetary Fund (IMF) to the authorities of the Republic of Rwanda (the

“TA recipient”) in response to their request for technical assistance. This note (in whole

or in part) or summaries thereof may be disclosed by the IMF to IMF Executive

Directors and members of their staff, as well as to other agencies or instrumentalities

of the TA recipient, and upon their request, to World Bank staff, and other technical

assistance providers and donors with legitimate interest including members of the

Steering Committee of AFE, unless the TA recipient specifically objects to such

disclosure (see Operational Guidelines for the Dissemination of Technical Assistance

Information). Publication or Disclosure of this note (in whole or in part) or summaries

thereof to parties outside the IMF other than agencies or instrumentalities of the TA

recipient, World Bank staff, other technical assistance providers and donors with

legitimate interest including members of the Steering Committee of AFE, shall require

the explicit consent of the TA recipient and the IMF’s Statistics Department.

http://www.imf.org/external/np/pp/eng/2013/061013.pdf

http://www.imf.org/external/np/pp/eng/2013/061013.pdf

INTERNATIONAL MONETARY FUND - AFE 3

CONTENTS

SUMMARY OF MISSION OUTCOMES AND BENCHMARK TARGETS .......................................... 5

TOWARDS DISSEMINATION OF HIGH FREQUENCY FISCAL DATA IN RWANDA ..................... 7

A. Assessment of status of implementation of recommendations of previous GFS

TA missions ................................................................................................................................................... 7

B. Improving quality of annual GG data for FY 2016/17 …………………………………….8

C. Progress on compilation of quarterly BCG data ……………………………………………………………9

D. Compilation of Financial Balance sheet for BCG/ GG ........................................................ …..9

E. Assessment of data sources for the quarterly EBUS and annual public corporations

GFS…9

TECHNICAL DOCUMENTATION ................................................................................ …………… 10

A. Appendix I: Status of implementation of recommendations of previous GFS TA

Missions…………………………………….…………………………………………………………………………………..10

B. Appendix II: Annual Statement of government operations for GG for FY 2016/17…........12

C. Appendix III: Annual Statement of Sources and Uses of Cash for GG FY 2016/17……......14

D. Annex IV: Quarterly Statement of government operations for BCG for FY 2016/17 …....16

E. Appendix V: Financial balance sheet for GG for GY 2016/17 ……………………………………....18

F. Appendix VI: List of officials met …..………………………………………………………………………….….19

Table 1. Benchmark targets on high frequency GFS compilation in Rwanda……………………6

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Glossary

AAFR Audited annual financial reports

AFE IMF’s African Regional Technical Assistance Center (AFRITAC) East

AFR

AGD

African Department at the IMF

Accountant General Department

BCG

CG

Budgetary central government

Central government

BNR National Bank of Rwanda

DMFAS Debt Management and Financial Analysis System

EAC East African Community

EBU Extrabudgetary unit

GFS Government finance statistics

GFSM 2014 Government Finance Statistics Manual 2014

IFMS Integrated Financial Management Information System

LG Local governments

MINECOFIN Ministry of Finance and Economic Planning

NAFA Net acquisition of financial assets

NANFA Net acquisition of nonfinancial assets

NIL Net incurrence of liabilities

RSSB Rwanda Social Security Board

RURA Rwanda Utilities and Regulatory Authority

SPIU Single Project Implementation Unit

TA Technical assistance

UNCTAD United Nations Conference on Trade and Development

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SUMMARY OF MISSION OUTCOMES AND BENCHMARK

TARGETS

In response to a request from Government of Rwanda, a government finance statistics (GFS)

technical assistance (TA) mission visited Kigali, Rwanda, during August 27 - 31 2018 to support

data quality improvement of annual and quarterly fiscal data and develop the financial balance sheet.

This is in line with the ongoing capacity development program that aims at supporting member

countries to improve data quality and adopt the GFSM 2014 standard.

High quality fiscal data facilitates in understanding the operations of government and the

interplay between the fiscal and monetary policies to ensure macroeconomic stability and soundness

in public financial management. The primary objective of the mission was to support authorities to

improve the quality of annual and quarterly fiscal data, facilitate compilation of balance sheet for the

general government for FY 2016/17, and assess the availability of data sources for quarterly EBUS and

public corporation’s fiscal data.

The mission held discussions with senior management and line staff of the Ministry of Finance

and Economic Planning (MINECOFIN), and the Central Bank. The mission supported the

authorities in reviewing the annual statement of government operations and annual statement of

sources and uses of cash for general government for FY 2016/17; compiled quarterly BCG data for FY

2016/17; initiated compilation of financial balance sheet for general government and assessed the

availability of source data for compilation of fiscal data for annual public corporations and quarterly

EBUs. The mission reviewed progress made in the implementation of previous GFS TA missions and

the GFS work plan; and reviewed the quality of the quarterly BCG data for compliance with the GFSM

2014 methodology.

Rwanda disseminates annual general government data that meets the GFSM 2014 methodology

through the Government Finance Statistics Year book (GFSY). The process of improving the quality

of quarterly BCG data is ongoing in preparation for its dissemination. Notably, MINECOFIN will start

disseminating quarterly BCG through the integrated correspondence system (ICS) and sharing it with

the IMF’s area department starting FY2018/19.

The mission noted the need for additional compilers as the scope of coverage is expanding and for

effective successive planning as a sustainability mechanism for uninterrupted continuation of the

milestones achieved on this agenda. There is therefore, need to enhance skills of more staff involved in

fiscal data compilation in addition to the current one staff who is now skilled and responsible for FGS

compilation.

The authorities1, specifically MINECOFIN, including senior management, and line staff showed

keen interest in compiling GFS for the public corporations as a step towards dissemination of

public sector data.

1Annex I: List of officials met

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Table 1: Benchmark targets on high frequency GFS compilation in Rwanda

Target Date Benchmark Targets Responsible Institutions

FY 2018/19

Disseminate quarterly BCG GFS data that

meets the GFSM 2014 methodology

MINECOFIN

Sources: MINECOFIN and AFE Mission.

Table 1. Rwanda: Priority Recommendations

Target Date Priority Recommendation Responsible Institutions

December 2018 Compile and disseminate quarterly

BCG GFS for quarter one

FY2018/19 that meets the GFSM

2014 methodology by December

2018

MINECOFIN

January 2019 MINECOFIN (Project

implementation unit and

macroeconomic division) will work

together to obtain detailed data

on quarterly capital grants

disbursements

MINECOFIN

November, 2018 Authorities (MINECOFIN) shall refine

and share the data for the Statement of

Government Operations and Statement

of Uses and Sources of Cash for general

government for FY 2016/17 to the IMF

STA.

MINECOFIN

GGGGG

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TOWARDS DISSEMINATION OF HIGH FREQUENCY

FISCAL AND DEBT DATA FOR RWANDA

A. Assessment of status of implementation of previous GFS TA

missions

1. The mission reviewed the progress made on implementation of recommendations

of previous GFS TA missions and noted that Rwanda has implemented most of the

recommendations from the previous TA missions and progress is being made on implementing

the remaining. Furthermore, out of ten recommendations, three have been completed, six are

work in progress while one is yet to be addressed. Notably, the authorities disseminated the

annual Statement of sources and uses of cash for general government for FY 2015/16 through

the GFSY in addition to the annual statement of government operations. The detailed status of

implementation of outstanding recommendations is provided in Annex I.

2. Rwanda currently has one skilled staff who effectively compiles GFS that meets the

GFSM2014 methodology. Authorities noted the need for skilling addition al staff since the

scope of coverage is expanding to the public sector. As a strategy for effective successive

planning and to ensure sustainability of the milestones achieved on fiscal data compilation,

authorities requested for a dedicated national training that will focus on additional compilers

in MINECOFIN (Macro division) by December 2018. The training will provide hands-on skills to

additional staff who will be complementing GFS compilation.

Recommended action:

Authorities requested the IMF – AFE to provide a hands-on national training

dedicated to additional staff to complement GFS compilation by December,

2018.

B. Compilation of the annual fiscal data for FY 2016/17

3. The mission and the compilers reviewed the statement of government operations

for the general government for FY2016/17. The main data sources were: BCG – IFMIS, EBUs

– IFMIS and annual audited financial statements, SSF – Annual audited financial statements,

and LG – IFMIS. Consolidation was undertaken. The statistical discrepancy at general

government level was minimized to 0.18% of GDP and 0.65% of revenue which is an indicator

of good quality GFS data for FY2016/17. The detailed statement of government operations for

FY2016/17 is attached as Annex II.

4. The mission and the authorities compiled the statement of sources and uses of cash

for the general government for FY2016/17. The data pattern was in line with the results of

the statement of operations for the general government for FY2016/17. The main data sources

were: BCG – IFMIS, EBUs – IFMIS and annual audited financial statements, SSF – Annual audited

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financial statements, and LG – IFMIS. Consolidation was undertaken. The statistical discrepancy

at general government level was minimized to 0.19% of GDP and 0.7% of revenue which is an

indicator of good quality GFS data for FY2016/17. The detailed statement of sources and uses

of cash for FY2016/17 is attached as Annex III.

Recommended action:

Authorities (MINECOFIN) shall refine and share the data for the statement of government

operations and statement of uses and sources of cash for general government for FY 2016/17

with the IMF STA.

C. Improving quality of high frequency data

5. The authorities (MINECOFIN) are committed to improving the quality of quarterly

BCG data to meet the GFSM 2014 methodology and commence its dissemination by

December 2018. The mission reviewed quarterly BCG data for FY 2016/17 and noted that

data for quarter one and quarter four were not consistent as they showed a relatively high

statistical discrepancy. The mission further noted that there is a challenge with the recording

of capital grants which leads to a persistent discrepancy arising from the difficulty of matching

the actual grants received each quarter and the change in government deposits. Authorities

use budgeted grants for the financial year to estimate quarterly disbursements since there is

need for further effort to obtain detailed data on disbursements of capital grants, specifically:

in kind, direct payments and TA. However, authorities can trace only the actual cash out turn

component through the banking system.

6. Analysis indicated that disbursements of capital grants during the fourth quarter usually

roll over to the first quarter of the following financial year resulting into a draw down in

currency and deposits in fourth quarter and an increase in currency and deposits in quarter

one of the following year. However, during the year, there is usually self-adjustment. This

indicates that there is need to recognize as accounts receivable, the disbursements that are

rolled over from fourth quarter to first quarter of the following. On the other hand, the BNR

provides information on the amount of both capital grants cash inflows projected and actual.

As the gap between these two amounts usually is closed during the following FY, the mission

used such gap to estimate the accounts receivable in first and fourth quarters of the FY. After

this adjustment was made, the data was consistent on a quarterly basis. The detailed statement

of government operations for quarterly BCG is attached as Annex IV.

Recommended Actions:

MINECOFIN (Project implementation unit and macroeconomic division) will work together to

obtain detailed data on quarterly capital grants disbursements.

Compile and disseminate quarterly BCG GFS for quarter one FY2018/19 that meets the GFSM

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2014 methodology by December, 2018

D. Compilation of financial balance sheet

7. Financial balance sheet data provides in-depth information on financial assets, liabilities

and financial net worth which facilitates planning. The mission facilitated the compilation of

the financial balance sheet for FY 2014-15 and FY 2015-16 for the general government.

However, due to a inadequate time, it did not include the financial assets and liabilities of the

social security fund. The source of data was the consolidated balance sheet for FY 2016-17 for

general government from the office of the accountant general. The detailed financial balance

sheet for general government for FY2016/17 is attached as Annex V.

Recommended action:

Authorities (MINECOFIN) shall refine the draft financial balance sheet for the general

government for FY 2016-17 for review during the next mission.

E. Assessment of data sources for the quarterly EBUS and public

corporations GFS

8. The mission assessed the availability of data sources for quarterly EBUs data and annual

public corporation’s data and noted that the office of the Accountant General collects all the

financial reports on both quarterly and annual basis for all EBUs and annual financial reports

for all public corporations. The next mission will among others support the authorities in

compiling fiscal statistics from these financial reports.

Recommended Action:

MINECOFIN will prepare quarterly financial reports of all EBUs and annual financial

reports for all public corporations for FY 2017-18 for compilation during the next

missions

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A. Appendix I: Status of implementation of previous TA recommendations

No Recommendation Status as January 2018

1 Authorities should accelerate the tracking and recording in

IFMS by Single Project Implementation Units (SPIUs) of

disbursements and subsequent NANFA in the context of

Capital Grants for each project.

Need Project Implementation Units to

improve record keeping so as to

effectively track the disbursements and

subsequent NANFA in the context of

Capital Grants for each project.

2 Authorities should fine-tune the methodology used to

compile EBUs and LG GFS to reduce discrepancies. This could

be done by sharing and analyzing the reports received by

the AGD with the next mission.

Done

3 The AAFR both for RSSB and MMI should be transmitted in

Excel to economize time and possible mistakes in the GFS

compilation process.

Work in progress.

4 Authorities should continue exploring new and innovative

ways for incentivizing external development partners to

provide timely information on direct payments to suppliers.

Engagement with development partners

has

been initiated.

5 Authorities should finalize the streamlining of quarterly data

aggregation for EBUs.

AGD is able to provide quarterly data for

EBUs

6 Authorities should continue working with UNCTAD so

accrued interest on T-Bills can be calculated.

Authorities are working with UNCTAD.

However, accrued interest for T-Bills

cannot be calculated yet. No dates have

been advanced by UNCTAD on when

accrued interest calculations will be

available.

7 MINECOFIN shall compile and supply data for the Statement

of Uses and Sources of Cash to IMF STA for FY2015/16.

Done

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No Recommendation Status as January 2018

8 Compile and supply to AFR and STA, quarterly CG GFS for

FY2018/19 that meets the GFSM 2014 methodology with a

lag of 60 days

In progress

9 MINECOFIN will prepare AAFR of all public corporations for

compilation during the next missions

In progress

10 MINECOFIN will prepare the necessary data sources to

compile BCG Financial Balance Sheet during the next

mission.

Done

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B. Appendix II: Annual Statement of government operations for GG for FY 2016/17

FY 2016/17 Consolidated General Government Finance Statistics Dataset

(Billions of FRw)

Central Government

SSFs Local

Government Consolidation

Total General

Government BCG EBUs Consolidation

Total

Central

Government

1. Revenue 1.571,1 128,3 (45,5) 1.653,8 205,9 405,2 (299,4) 1.965,3

Taxes 1.035,0 0,0 1.035,0 0,0 47,0 1.082,0

Social contributions 0,0 0,0 0,0 156,7 0,0 156,7

Grants 330,2 52,2 (45,5) 336,9 0,0 335,5 (299,4) 372,9

Other revenue 205,9 76,0 282,0 49,3 22,5 353,8

2. Expenses 1.278,8 101,4 (45,5) 1.334,6 102,1 312,9 (299,4) 1.450,0

Compensation of employees 237,0 48,7 285,7 10,2 163,9 459,7

Use of goods and services 427,2 47,5 474,7 7,6 58,1 540,4

Consumption of fixed capital 0,0 1,6 1,6 1,7 0,0 3,3

Interest 72,2 0,0 72,2 0,0 0,0 72,2

Subsidies 86,2 0,0 86,2 0,0 0,0 86,2

Grants 345,0 0,0 (45,5) 299,4 0,0 0,0 (299,4) 0,0

Social benefits 23,7 0,1 23,8 78,6 33,6 136,0

Other expense 87,5 3,5 91,1 4,1 57,0 152,2

3. Net operating balance (1-2) 292,3 26,9 0,0 319,2 103,9 92,3 0,0 515,4

4. Net acquisition of nonfinancial

assets 641,4 22,9 664,3 (4,3) 102,7 762,7

5. Net lending (+) /borrowing (-)

(3-4) (349,1) 4,0 0,0 (345,1) 108,2 (10,4) 0,0 (247,3)

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FY 2016/17 Consolidated General Government Finance Statistics Dataset (Cont’d)

(Billions of FRw) Central Government

SSFs

Local

Governmen

t

Consolidatio

n

Total

General

Governmen

t BCG EBUs

Consolidatio

n

Total Central

Government

1. Net lending (+)/borrowing (-) (349,1) 4,0 0,0 (345,1) 108,2 (10,4) 0,0 (247,3)

2. STATISTICAL DISCREPANCY (1-3) (13,6) 0,1 0,0 (13,4) 0,6 0,0 0,0 (12,9)

3. Net Financing (4-5) (335,5) 3,8 0,0 (331,7) 107,6 (10,4) 0,0 (234,4)

4. Net acquisition of financial assets 26,5 13,5 0,0 40,0 124,9 5,1 0,0 170,0

Monetary gold and SDRs 0,0 0,0 0,0 0,0 0,0 0,0

Currency and deposits 8,8 1,4 10,3 50,7 3,2 64,2

Debt securities 0,0 0,0 0,0 8,2 0,0 8,2

Loans 26,4 0,0 26,4 8,1 2,1 36,6

Equity and investment fund shares (8,8) 0,0 (8,8) 50,0 0,0 41,3

Insurance, pensions, and standardized

guarantee schemes 0,0 0,0 0,0 (13,1) 0,0 (13,1)

Financial derivatives and employee

stock

Options 0,0 0,0 0,0 0,0 0,0 0,0

Other accounts receivable 0,0 12,0 12,0 20,9 (0,1) 32,8

5. Net incurrence of liabilities 362,0 9,6 0,0 371,6 17,3 15,5 0,0 404,4

SDRs 0,0 0,0 0,0 0,0 0,0 0,0

Currency and deposits 0,0 0,0 0,0 0,0 0,0 0,0

Debt securities 56,1 0,0 56,1 0,0 0,0 56,1

Loans 296,3 3,5 299,8 0,0 12,5 312,3

Equity and investment fund shares 0,0 0,0 0,0 0,0 0,0 0,0


guarantee schemes 0,0 0,0 0,0 0,0 0,0 0,0


stock

Options 0,0 0,0 0,0 0,0 0,0 0,0

Other accounts payable 9,6 6,1 15,8 17,3 3,0 36,0

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C. Appendix III: Annual Statement of Sources and Uses of Cash for GG FY 2016/17

FY 2016/17 Consolidated General Government Statement of Sources and Uses of Cash Dataset

(Billions of FRw)

Central Government

SSFs Local


Total General

Government BCG EBUs Consolidation

Total

Central

Government

1. Revenue Cash Flows 1.571,1 115,9 (45,5) 1.641,6 195,6 405,2 (299,4) 1.942,9

Taxes 1.035,0 0,0 1.035,0 0,0 47,0 1.082,0

Social contributions 0,0 0,0 0,0 156,7 0,0 156,7

Grants 330,2 52,2 (45,5) 336,9 0,0 335,5 (299,4) 373,0

Other revenue 205,9 63,8 269,7 38,9 22,7 331,3

2. Expense Cash Flows 1.278,8 93,7 (45,5) 1.326,9 83,1 309,7 (299,4) 1.420,3

Compensation of employees 237,0 48,7 285,7 10,2 163,9 459,7

Use of goods and services 427,2 41,3 468,5 7,6 55,2 531,3

Interest 72,2 0,0 72,2 0,0 0,0 72,2

Subsidies 86,2 0,0 86,2 0,0 0,0 86,2

Grants 345,0 0,0 (45,5) 299,5 0,0 44,9 (299,4) 44,9

Social benefits 23,7 0,1 23,8 61,3 33,6 118,7

Other expense 87,5 3,5 91,1 4,1 12,1 107,3

3. Net Cash Flow from Operating

Activities (1-2) 292,3 22,3 0,1 314,6 112,5 95,4 0,1 522,6

4. Net cash outflows from

transactions in nonfinancial

assets 641,4 24,4 665,7 (4,3) 102,7 764,1

5. Net expenditure cash inflow (3-

4) (349,1) (2,1) (351,1) 116,8 (7,2) (241,5)

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15

FY 2016/17 Consolidated General Government Statement of Sources and Uses of Cash Dataset (Cont’d)

(Billions of FRw) Central Government

SSFs Local


Total General

Government BCG EBUs Consolidation Total Central

Government

6. Net acquisition of financial

assets other than cash 17,7 0,0 17,7 66,3 2,1 86,0

Domestic debtors 17,7 0,0 17,7 66,3 2,1 86,0

External debtors 0,0 0,0 0,0 0,0 0,0 0,0

7. Net incurrence of liabilities 362,0 3,5 365,5 0,0 12,5 378,0

Domestic creditors 39,3 3,5 42,8 0,0 12,5 55,3

External creditors 322,7 0,0 322,7 0,0 0,0 322,7

8. Net cash inflow from

financing activities (7-6) 344,3 3,5 347,8 (66,3) 10,5 292,0

9. Net change in the stock of

cash (5+8) (4,7) 1,4 (3,2) 50,5 3,2 50,5

10. Net change in the stock of

cash (NBR) 8,8 1,4 10,3 50,7 3,2 64,2

11. Statistical discrepancy (10-

9) 13,6 (0,0) 13,5 0,3 (0,0) 13,7

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D. Annex IV: Quarterly Statement of government operations for BCG for FY 2016/17

FY 2016/17 Quarterly Budgetary Central Government Finance Statistics Dataset

(Billions of FRw)

Budgetary Central Government

Q1 Q2 Q3 Q4

1. Revenue 348,5 399,5 383,3 439,7

Taxes 240,1 245,5 272,1 277,2

Social contributions 0 0 0 0

Grants 64,2 101,0 63,1 101,8

Other revenue 44,2 53,0 48,1 60,7

2. Expenses 327,1 361,5 294,6 295,7

Compensation of employees 62,5 74,9 48,1 51,5

Use of goods and services 121,1 122,0 98,4 85,7

Consumption of fixed capital 0,0 0,0 0,0 0,0

Interest 14,4 22,6 14,8 20,3

Subsidies 19,7 21,0 22,1 23,5

Grants 78,1 93,7 85,1 88,2

Social benefits 3,2 5,7 4,2 10,6

Other expense 28,2 21,7 21,9 15,8

3. Net operating balance (1-2) 21,5 38,1 88,7 144,0

4. Net acquisition of nonfinancial

assets 120,4 142,7 149,8 228,5

5. Net lending (+) /borrowing (-)

(3-4) -99,0 -104,6 -61,1 -84,4

FY 2016/17 Quarterly Budgetary Central Government Finance Statistics Dataset (Cont’d)

(Billions of FRw) Budgetary Central Government

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17

Q1 Q2 Q3 Q4

1. Net lending (+)/borrowing (-) -99,0 -104,6 -61,1 -84,4

2. STATISTICAL DISCREPANCY (1-3) -7,4 0,5 -7,5 0,8

3. Net Financing (4-5) -91,5 -105,1 -53,6 -85,2

4. Net acquisition of financial assets 14,7 21,6 -5,3 -4,5

Monetary gold and SDRs 0,0 0,0 0,0 0,0

Currency and deposits 58,3 20,1 -6,9 -62,7

Debt securities 0,0 0,0 0,0 0,0

Loans 1,1 1,5 1,6 22,3

Equity and investment fund shares 0,0 0,0 0,0 -8,8


guarantee schemes

0,0 0,0 0,0 0,0 Financial derivatives and employee

stock

Options

0,0 0,0 0,0 0,0

Other accounts receivable -44,7 0,0 0,0 44,7

5. Net incurrence of liabilities 106,3 126,7 48,3 80,8

SDRs 0,0 0,0 0,0 0,0

Currency and deposits 0,0 0,0 0,0 0,0

Debt securities 0,3 13,4 17,4 25,0

Loans 42,7 168,4 12,8 72,2

Equity and investment fund shares 0,0 0,0 0,0 0,0 Insurance, pensions, and standardized

guarantee schemes 0,0 0,0 0,0 0,0 Financial derivatives and employee

stock

Options 0,0 0,0 0,0 0,0

Other accounts payable 63,2 -55,1 18,1 -16,5

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E. Appendix V: Financial balance sheet for GG for GY 2016/17

General Government Balance Sheet- FY 2014/15 and 2015/16

(Billions of FRw) General Government (except SSFs)

2014/15 2015/16

Total financial assets 1221,3 1470,9

Monetary gold and SDRs 0,0 0,0

Currency and deposits 119,1 144,0

Debt securities 0,0 0,0

Loans 0,0 0,0

Equity and investment fund shares 1029,9 1256,6


guarantee schemes 0,0 0,0


stock

Options 0,0 0,0

Other accounts receivable 72,3 70,3

Total liabilities 2005,1 2427,8

SDRs 0,0 0,0

Currency and deposits 0,0 0,0

Debt securities 588,8 705,9

Loans 1225,0 1540,8

Equity and investment fund shares 0,0 0,0


guarantee schemes 0,0 0,0


stock

Options 0,0 0,0

Other accounts payable 191,3 181,1

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19

F. Annex VI: List of Officials Met

S/No. Name Position Institution

1. Ms. Amina Rwakunda Chief Economist MINECOFIN

2. Mr. Marcel Mukeshimana Accountant General MINECOFIN

3. Mr. Evode Munyaneza Deputy Accountant General MINECOFIN

4. Dr. Thiery Kalisa Senior Economist MINECOFIN

5. Ms. Stella Ntezilyayo Director, Debt Management Uni MINECOFIN

6. Mr. Abel NTEGANO Economist, Office of the Chief Economist MINECOFIN

7. Ms. Jean Baptiste SANDE Team leader, AGD MINECOFIN

8. Mr. Javan BIZIMANA Debt Management Officer MINECOFIN

9. Mr. Gerard Gakunzi Debt Management Officer MINECOFIN

10. Mr. Gerald Mugabe External Finance Specialist MINECOFIN 11. Mr. Wilbrold Nizeyimana Manager, MFS National Bank of Rwanda

12. Mr. Dominique Rwamiheto Junior Economist, Office of the Chief Economist MINECOFIN

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