RWANDA NATIONAL ANNUAL BUDGET IN THE FISCAL YEAR 2022/2023
Posted: Jul 06, 2022
On 23rd June 2022, Minister of Finance and Economic Planning Dr. Uzziel Ndagijimana presented the budget framework paper of 2022/2023 fiscal year to both chambers of Parliament. In the presentation, Minister Uzziel Ndagijimana stated that the total resources estimated for the fiscal year 2022/23 will amount to Rwf 4,658.4 billion representing Rwf 217.8 billion (4.7%) of increase compared to Rwf 4,440.6 billion in the 2021-2022 revised budget. Minister Ndagijimana said that generally the domestic resources and external loans comprise 80.5% of proposed Fiscal Year 2022-23 budget where the total grants are estimated at Rwf 906.8 billion and loans are projected at Rwf 1379.2 billion.
Source: MINICOFIN, 2022
On the expenditures side, Dr. Ndagijimana said that the recurrent budget is projected at RWF 2,654.9 billion representing 57% of the total budget while capital expenditure will amount to Rwf 2,073.3 billion representing 44.6 of the total budget.
During the implementation of the national strategy for transformation (NST1); The Government will spend Rwf 2,724.8 billion about 58.5% of the total budget to the Economic Transformation Pillar, Rwf 1,226.5 billion equivalent 26.3% of the entire budget to Social Transformation. Moreover, Rwf 707.2 billion representing 15.2% of the total budget will be allocated to the Transformational Governance Pillar.
Source: MINICOFIN, 2022
Budget allocattion by National Strategy for transformation (NST1)
Source: MINICOFIN, 2022
It is projected that Rwanda’s economy will grow by 6 percent in 2022 compared to 10.9 percent in 2021 which was registered as the country’s output started recovering from the pandemic-induced recession. (MINICOFIN, 2022).
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