Cover -- CONTENTS -- THE CONTEXT -- POSITIVE ECONOMIC DEVELOPMENTS -- SATISFACTORY PROGRAM PERFORMANCE -- FAVORABLE ECONOMIC OUTLOOK BUT RISING RISKS -- A. Baseline Scenario -- B. Downside Risks -- POLICY DISCUSSIONS -- A. Sustaining Rapid, Inclusive Growth -- B. Fiscal Policy: Supporting Growth in the Face of Declining Aid -- C. Modernizing the Monetary Framework and Enhancing Financial Sector Policies -- D. External Stability: Revising Debt Policy and Improving Exports -- PROGRAM ISSUES -- STAFF APPRAISAL -- BOXES -- 1. Rwanda's Response to the 2010 Article IV Consultation's Key Recommendations -- 2. The Downside Scenario-Impact of Protracted Delays in Aid -- 3. The Economic Development and Poverty Reduction Strategy II (EDPRS II) -- 4. Simulations of the Public Investment-Growth Nexus -- 5. Recommendations to Improve Revenue Mobilization -- 6. Financial Sector Profile -- 7. Proposed Eurobond Issuance: Background and Implications for Debt Sustainability -- 8. Exchange Rate Assessment and External Competitiveness -- FIGURES -- 1. Recent Performance -- 2. Selected High-Frequency Indicators of Economic Activity, Jan 2008-Sept 2012 -- 3. Fiscal Developments -- 4. Inflation Developments and Outlook -- 5. Monetary Developments -- 6. Medium-Term Outlook, 2008-17 -- TABLES -- 1. Selected Economic and Financial Indicators, 2008-17 -- 2. Balance of Payments, 2008-17 -- 3. Operations of Central Government, Fiscal-Year Basis, 2008/09-16/17 -- 4. Monetary Survey, 2009-13 -- 5. Financial Soundness Indicators for Banking Sector, 2006-12 -- APPENDIXES -- I. Letter of Intent -- Attachment I. Memorandum of Economic and Financial Policies -- Attachment II. Techincal Memorandum of Understanding -- II. External Stability Assessment -- III. Debt Sustainability Analysis, 2012-2032 -- IV. Millennium Development Goals -- CONTENTS -- RELATIONS WITH THE FUND.

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