Updated Thu, May 12th 2016 at 15:57 GMT +3The International Monetary Fund is "very advanced" in talks with the Rwandan government on a short-term credit facility to support the East African country if its foreign reserves slide, a senior official said on Thursday. An IMF report in January said rebuilding reserves would be "critical to enhance the country's resilience to future shocks." "It will take a little while to finalise," he said, without giving details about the facility or timing of a deal. The central bank does not release timely reserve figures, but one diplomat said they had slipped to about 3.2 months of imports cover. Rwanda, which relies on farming, foreign aid and modest exports of minerals, has been hit by the slide in global commodity prices and has seen foreign reserves slip while a construction boom has continued to suck in imports.

Source: Standard Digital May 12, 2016 06:30 UTC