Rwanda’s Finance and Economic Planning Minister Dr Uziel Ndagijimana will today present the national budget for the fiscal year 2023/2024 to the parliament.
All regional countries under the East African Community bloc are expected to announce their budgets.
Looking at the face of the Budget Framework Paper (BFP) and medium-term budget estimates for 2023/24-2025/26 the Finance Minister presented to both chambers of parliament in May this year, this fiscal year budget is expected to increase by 6% compared to last year’s Rwf4.6 trillion budget.
According to the Budget Framework Paper (BFP) and medium-term budget estimates for 2023/24-2025/26, the economic transformation will take the lion’s share (56%) of the Rwf5 trillion budget followed by social transformation (30%), while transformational governance will take 14% of the budget.
The proposed total resources estimated for the fiscal year 2023/24 amount to Frw 5.3 trillion or a 6% increase compared to Frw 4.6 trillion announced in the 2022/23 revised budget.
According to the Ministry of Finance, the projected budget, domestically-generated revenues account for 63% of the total budget (Rwf3,151 billion), external grants representing 13% Rwf652.1 billion) while external loans will amount to Frw 1,225.1 billion or 24% of the total budget.
On the expenditure front, Finance Ministry says the 2023/24 budget is projected to be Rwf5,030.1 billion. Development budget and policy lending is projected at Rwf2,119.3 billion representing 42% of the budget while the recurrent budget is estimated at Rwf2,910.8 or 58% of the total envelop, the Ministry says.
