Rwandan govt plans to increase national budget in 2019-2020, invest Rwf 2.8 trillion

The Government of Rwanda has proposed to augment the national budget by more than Rwf290 billion, projecting that it will spend over Rwf2.8 trillion in the financial year 2019-2020.

The revelation was recently made by the Minister for Finance and Economic Planning, Uzziel Ndagijimana. He was presenting to both chambers of Parliament the Budget Framework Paper for the next three fiscal years running from 2019/20 to 2021/22.

Budget Framework Paper is a planning document that outlines the Government's economic policies over the medium term, which guides the preparation of national budgets over a three-year period.

Under the current plan, Ndagijimana told Parliament, the national envelope is projected to increase from Rwf2.5 trillion in the revised budget for fiscal year 2018/19 to Rwf2.8 trillion in the 2019/2020 fiscal year. Out of over Rwf2.8 trillion planned for the next fiscal year, Rwf1.7 trillion will come from domestic tax and non-tax revenues.

Ndagijimana told parliamentarians that the budget was designed in line with government strategies aimed at propelling Rwanda into the upper middle-income status by 2035 and high income by 2050. The minister noted that the government will continue to promote import substitution and diversification of exports with the aim of reducing exposure to external shocks and trade imbalances over the next three years.

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