The Chamber of Deputies approved the law of revised budget of Rwanda for the year 2023/2024, in which 85.6 billion Frw were added. The law was discussed during the Plenary Sitting of the Chamber of Deputies on Wednesday, February 28th. The 70 MPs present all voted in favor of the bill.
On February 8th, the Minister of Finance and Economic Planning, Dr. Uzziel Ndagijimana, presented the revised budget proposal for 2023/2024 to Parliament. Government revenue and spending are set to increase by Frw 85.6 billion, from the initially announced Frw 5,030.0 billion in June 2023 to Frw 5,115.6 billion.
This budget revision was made based on the successful execution of the budget for the first half of the fiscal year, which was at 61% by the end of December 2023. Additional resources have been allocated to key priorities such as Agriculture, infrastructure, and ICT.
There will be an increase in resources by 1.7%, from 5,030 billion to 5,115.6 billion, mainly driven by external grants and loans.
Minister Dr. Uzziel Ndagijimana stated that this budget revision reflects the successes of the economic recovery plan in sustaining businesses, attracting new investments, generating employment, and ensuring robust social protection for vulnerable citizens.
Government spending is expected to increase by 1.7%, from Frw 5,030.0 billion to Frw 5,115.6 billion. Changes in recurrent spending, capital expenditure, and net lending outlays are reflected in this revision.
Recurrent spending is expected to increase by Frw 11.8 billion, from Frw 2,901.4 billion to Frw 2,913 billion, while capital spending is projected to increase by Frw 83.7 billion, from Frw 1,894.7 billion to Frw 1,978.3 billion.