Rwanda is experiencing a relatively robust economic recovery as it emerges from the pandemic. Nevertheless, we expect high fiscal and external deficits to moderate only gradually over the coming three years. Rwanda's public and external debt will consequently remain higher than that of several similarly rated peers. We therefore affirmed our long- and short-term sovereign credit ratings on Rwanda at 'B+/B'. The outlook remains negative. On Feb. 4, 2022, S&P Global Ratings affirmed its 'B+' long-term and 'B' short-term sovereign credit ratings on Rwanda. The outlook remains negative. The negative outlook continues to reflect that Rwanda's investment and debt-driven economic growth model and structurally large current account deficits could exacerbate fiscal and debt vulnerabilities more than we expect. We may
