Rwanda's immediate external financing pressures have abated, but we continue to view its external profile as vulnerable. We expect ongoing IMF programs will continue to anchor policy implementation, which will in turn lead to a reduction in the general government deficit over 2017-2020. We are therefore affirming our 'B/B' ratings on Rwanda. The outlook is stable, balancing the potential for stronger-than-anticipated economic growth or fiscal performance against the risks of Rwanda's external metrics weakening further over the next 12 months. On March 10, 2017, S&P Global Ratings affirmed its 'B/B' long- and short-term foreign and local currency sovereign credit ratings on the Republic of Rwanda. The outlook is stable. In 2016, Rwanda experienced a terms-of-trade shock caused by sharp price
