{"id":110758,"date":"2025-09-23T18:32:38","date_gmt":"2025-09-23T18:32:38","guid":{"rendered":"https:\/\/www.africa-press.net\/rwanda\/all-news\/rwandas-credit-outlook-signals-investor-confidence"},"modified":"2025-09-23T18:34:42","modified_gmt":"2025-09-23T18:34:42","slug":"rwandas-credit-outlook-signals-investor-confidence","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/rwanda\/policy\/rwandas-credit-outlook-signals-investor-confidence","title":{"rendered":"Rwanda’s Credit Outlook Signals Investor Confidence"},"content":{"rendered":"

Africa-Press – Rwanda. <\/strong><\/span>Last week Moody\u2019s Ratings upgraded Rwanda\u2019s credit outlook from negative to stable, implying that risks to the country\u2019s debt repayment capacity have notably declined.<\/p>\n

The global rating agency also maintained the country\u2019s position at B2 for both local and foreign currency debt.<\/p>\n

It now sees a lower likelihood of future downgrades, affirming the government\u2019s progress in sustaining growth, securing international support, and managing large-scale infrastructure investments.<\/p>\n

According to Yusuf Murangwa, the Minister of Finance and Economic Planning, the decision by Moody’s is an affirmation of the government\u2019s prudent economic management and strategic reforms.<\/p>\n

\u201cIt signals to the global investment community that Rwanda is a stable and attractive destination for capital,\u201d he told The New Times, adding that this also demonstrates the government\u2019s ability to manage risks.<\/p>\n

Risks have subsided<\/p>\n

Moody\u2019s observed that the change in the outlook to stable reflects its assessment that downside risks for Rwanda stemming from the conflict in eastern DR Congo have diminished.<\/p>\n

These tensions had raised concerns about Rwanda\u2019s access to international financing and foreign currency.<\/p>\n

The June 2025 peace agreement, facilitated by U.S.-led mediation and supported by international and regional partners, has significantly reduced these risks.<\/p>\n

According to the finance ministry, by the end of the fiscal year 2024\/25, all anticipated disbursements were successfully received, and development partners continue to actively fund new projects.<\/p>\n

Meanwhile, the tourism sector, a vital source of foreign exchange, grew by 6 per cent year-on-year in early 2025, despite regional tensions, according to World Travel & Tourism Council.<\/p>\n

Investment to spur growth<\/p>\n

In its assessment, Moody\u2019s indicated that government’s large investment in the new Kigali International Airport and RwandAir aposes fiscal and debt risks as the size of its remaining investment exceeds 7 per cent of its gross domestic product (GDP).<\/p>\n

However, the ratings agency maintained that the risks are balanced by the recently approved multi-year tax package or tax reforms that provides some fiscal flexibility and the authorities’ track record of effective fiscal adjustments and debt management.<\/p>\n

Rwanda\u2019s economy has demonstrated consistent growth, with a real gross domestic product (GDP)increase of 7.8 per cent in the second quarter of 2025, up from 6.5 per cent in first quarter of 2025, according to the National Institute of Statistics Rwanda (NISR).<\/p>\n

According to the Ministry of Finance, the new airport, set to commence operations by 2028, will further accelerate this growth trajectory, indicating that the project aims to increase passenger capacity from 1.7 million to 7 million annually in its first phase, with a second phase targeting 14 million passengers per year upon completion.<\/p>\n

This is expected to bolster the country\u2019s position as a regional hub for tourism, trade, and logistics, attracting increased foreign investment and creating new business opportunities.<\/p>\n

To minimise cost, Rwanda is employing a blended finance approach: roughly two-thirds of the airport cost is covered by Qatar Investment Authority, while the remainder is financed through concessional loans, bilateral support, and private sector partnerships.<\/p>\n

\u201cThis investment is carefully sequenced as the fiscal deficit may temporarily rise to around 7.4 per cent of GDP in 2025\/26 but is projected to fall below 5 per cent by 2026\/27 as newly implemented taxes start generating revenue.\u201d<\/p>\n

New reforms<\/p>\n

Rwanda introduced new tax reforms in the first half of 2025, expected to raise revenues by 3 percentage points of GDP by 2029. This, according to the ministry, will bring tax revenue close to 18 per cent of GDP.<\/p>\n

This is expected to expand fiscal space, enabling strategic investments to drive growth while keeping debt on a sustainable path. Although debt may increase slightly during construction, it is projected to stabilise and gradually decrease after 2027\u201328.<\/p>\n

While these projects carry some short-term risk, they are designed to transform Rwanda into a regional hub for tourism, conferences, logistics, and trade. Moody\u2019s notes that, although the debt burden may rise temporarily, the long-term impact is positive, generating higher growth, diversified exports, and stronger economic resilience, the ministry stated.<\/p>\n

\u201cDe-risking our economy through transformative investments such as the new Kigali International Airport, financed through a smart blend of foreign investment and concessional funding, are calculated investments in our future growth, designed to establish Rwanda as a regional hub,” Murangwa stated.<\/p>\n

For More News And Analysis About Rwanda<\/span> Follow Africa-Press<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Rwanda. Last week Moody\u2019s Ratings upgraded Rwanda\u2019s credit outlook from negative to stable, implying that risks to the country\u2019s debt repayment capacity have notably declined. The global rating agency also maintained the country\u2019s position at B2 for both local and foreign currency debt. It now sees a lower likelihood of future downgrades, affirming […]<\/p>\n","protected":false},"author":84,"featured_media":110757,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,29,14],"tags":[3931,8141,5815,8140,8139,6109,8153,8152,7965,758,1323,8142],"class_list":{"0":"post-110758","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-all-news","8":"category-head-lines","9":"category-policy","10":"tag-aviation-safety","11":"tag-concessional-loans","12":"tag-credit","13":"tag-credit-outlook","14":"tag-creditworthiness","15":"tag-dept","17":"tag-moodys-ratings","18":"tag-new-kigali-international-airport","19":"tag-rwanda","20":"tag-rwandair","21":"tag-tax-reforms"},"yoast_head":"\nRwanda's Credit Outlook Signals Investor Confidence - Rwanda<\/title>\n<meta name=\"description\" content=\"Last week Moody\u2019s Ratings upgraded Rwanda\u2019s credit outlook from negative to stable, implying that risks to the country\u2019s ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/rwanda\/policy\/rwandas-credit-outlook-signals-investor-confidence\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rwanda's Credit Outlook Signals Investor Confidence\" \/>\n<meta property=\"og:description\" content=\"Last week Moody\u2019s Ratings upgraded Rwanda\u2019s credit outlook from negative to stable, implying that risks to the country\u2019s ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/rwanda\/policy\/rwandas-credit-outlook-signals-investor-confidence\" \/>\n<meta property=\"og:site_name\" content=\"Rwanda\" \/>\n<meta property=\"article:published_time\" content=\"2025-09-23T18:32:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-09-23T18:34:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/rwanda\/sites\/23\/2025\/09\/sm_1758639779.111227.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"590\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/policy\/rwandas-credit-outlook-signals-investor-confidence#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/policy\/rwandas-credit-outlook-signals-investor-confidence\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Rwanda’s Credit Outlook Signals Investor Confidence\",\"datePublished\":\"2025-09-23T18:32:38+00:00\",\"dateModified\":\"2025-09-23T18:34:42+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/policy\/rwandas-credit-outlook-signals-investor-confidence\"},\"wordCount\":709,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/policy\/rwandas-credit-outlook-signals-investor-confidence#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/rwanda\/sites\/23\/2025\/09\/sm_1758639779.111227.jpg\",\"keywords\":[\"Aviation safety\",\"CONCESSIONAL LOANS\",\"credit\",\"CREDIT OUTLOOK\",\"CREDITWORTHINESS\",\"Dept\",\"GDP GROWTH\",\"MOODYS RATINGS\",\"New Kigali International Airport\",\"Rwanda\",\"Rwandair\",\"TAX REFORMS\"],\"articleSection\":[\"all news\",\"head lines\",\"Policy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/rwanda\/policy\/rwandas-credit-outlook-signals-investor-confidence#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/policy\/rwandas-credit-outlook-signals-investor-confidence\",\"url\":\"https:\/\/www.africa-press.net\/rwanda\/policy\/rwandas-credit-outlook-signals-investor-confidence\",\"name\":\"Rwanda's Credit Outlook Signals Investor Confidence - 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