Heightened regional security risks, the partial suspension of donor funding, and higher external financing needs related to the Bugesera airport project will likely weigh on Rwanda's public finances. Our base case assumes political tensions will subside and Rwanda will maintain access to concessional financing, allowing it to implement growth-enhancing public investments and maintain macroeconomic stability. We affirmed our long- and short-term sovereign credit ratings on Rwanda at 'B+/B'. The outlook remains stable. On May 16, 2025, S&P Global Ratings affirmed its 'B+' long-term and 'B' short-term sovereign credit ratings on Rwanda. The outlook is stable. The stable outlook balances Rwanda's regional security risks and fiscal and external imbalances against its strong per capita GDP growth and highly concessional debt stock.
