Rwanda to increase 2023/2024 budget to boost economy
Rwanda plans to increase the government spending by 6% in the 2023-2024 fiscal year compared with the previous budget to boost economic growth amid the COVID-19 pandemic and uncertainties brought by geopolitical tensions in the world, the Finance Minister said.
The budget of 5.03 trillion Rwandan francs (about $4.76 billion) "will reflect the medium-term fiscal path which allows for increased spending to reach National Strategy for Transformation goals while maintaining public debt at sustainable levels," Uzziel Ndagijimana, the Finance Minister said while presenting the budget to the Rwandan parliament on Wednesday.
The country is striving for economic recovery despite the COVID-19 pandemic, climate change, high inflation, supply chain issues caused by the Ukraine crisis, among other challenges, Ndagijimana said.
He explained that the government will continue to support economic recovery through supporting businesses affected by the pandemic, while key investments in education, healthcare, information and communications technology, and agriculture will be at the forefront of the ongoing effort to invest in Rwanda's future.
Rwanda's economy is projected to grow by 6.2% in 2023, compared to 8.2% in 2022.
