Moody’s affirmed Rwanda’s long-term local and foreign currency issuer ratings at B2 and changed its outlook from negative to stable, citing effective governance and credible fiscal policies. The rating agency expects Rwanda’s debt burden to remain stable due to its commitment to fiscal consolidation and revenue enhancement. Rwanda’s strong economic growth is underpinned by large infrastructure projects and a robust tourism sector. Despite downside risks, Moody’s anticipates Rwanda’s fiscal deficit for fiscal 2024 to be around 6.5% of GDP, consistent with its agreement with the IMF.