budget
Close-up of a Calculator and Pen on a Financial Newspaper. Blue-toned.

Rwanda’s domestic financing is expected to reach 68.3 percent in the upcoming 2019-2020 fiscal year, up from 67 percent in the current fiscal year, said Minister of Finance and Economic Planning Uzziel Ndagijimana.

The increase in domestic financing shows that Rwanda is on a course towards its goal of achieving self-reliance, the minister said while presenting the budget to the parliament in the capital city Kigali.

The government plans to spend 2,876.9 billion Rwandan francs (about 3.2 billion U.S. dollars) in the 2019-2020 fiscal year due to start on July 1, including 1,963.8 billion Rwandan francs (about 2.2 billion dollars) raised by domestic resources, said Ndagijimana.

External grants will cover 14.2 percent of the total budget while external loans compose 17.3 percent of the total budget, he said.

The next fiscal year’s budget represents an increase of 291.8 billion Rwandan francs (about 327 million dollars), compared to the revised budget of year 2018-2019, said the minister.

Rwanda’s economy is expected to grow 7.8 percent in 2019, 8.1 percent in 2020 and 8.2 percent in 2021, driven by agriculture and infrastructure, the minister said. Enditem

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