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Rwanda to boost government spending 7 pct in 2017/18
April 28, 2017 / 11:18 AM / 5 months ago

Rwanda to boost government spending 7 pct in 2017/18

KIGALI, April 28 (Reuters) - Rwanda plans to increase government spending by 7 percent in the 2017/18 (July-June) fiscal year to 2.09 trillion francs ($2.53 billion), the finance minister said on Friday.

Claver Gatete told parliament while presenting the draft budget that 17 percent of the budget will be funded by donors with the rest coming from revenue and debt.

The government expected to collect 1,316.8 billion francs in revenue during the year, the minister said.

“Our export revenues are expected to increase by 21.6 percent mainly due to 40 percent increase of tea revenues and 23 percent increase from mineral earnings,” he said.

The government planned to set aside 757.2 billion francs to spend on development, up from 741.9 billion francs this fiscal year, he said. The cash will be used to buy strategic stocks for food security and construction of dams.

Gatete said the budget would also include funding for a national election scheduled for August, in which President Paul Kagame will be seeking a third term.

Rwanda’s economy is expected to grow 6.2 percent in 2017 and 6.8 percent in 2018 while inflation is expected to be at 7 percent by the end of 2017 and edge down to 5 percent in 2018, Gatete said. ($1 = 824.8100 Rwandan francs) (Reporting by Clement Uwiringiyimana; Editing by Angus MacSwan)

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