Rwanda plans bigger fiscal budget to build economic resilience post-COVID-19

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Rwanda plans bigger fiscal budget to build economic resilience post-COVID-19

RWANDA on Wednesday proposed a budget of 3.8 trillion Rwandan francs (about 3.79 billion U.S. dollars) for the 2021/22 fiscal year that starts July 1 to drive economic growth and revive the economy following shocks from the Coronavirus (COVID-19).

The budget, which represents a 9.8 percent increase from the revised budget of the current fiscal year 2020/21, will be guided by the National Strategy for Transformation program 2017-2024 and economic recovery efforts against the effects of the pandemic, said Minister of State in charge of the National Treasury Richard Tusabe when presenting the budget virtually before the parliament in the capital city of Kigali.

Tusabe said domestic resources would finance 67 percent of the entire budget and the remaining 33 percent would be funded through external sources.

The budget for development would amount to 50.8 percent of the total budget, which will support the private sector to invest in the economic recovery, he said.

The budget proposal will be submitted to the parliament for approval.

Rwanda’s economy shrank to 2.3 percent for the financial year 2019-2020 from 8.8 percent recorded the year before, as the coronavirus outbreak dealt a huge blow to the country’s economic activities. (Xinhua/NAN)

– May 12, 2021 @ 16:37 GM

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