Rwanda Government revises budget up 12 per cent

By Eugene Kwibuka

Members of parliament yesterday approved a government proposal to increase the national budget by nearly 12 per cent to stabilise the country’s economy in the next three months that remain before the end of the 2012-2013 fiscal year.

Finance minister John Rwangombwa

The Rwf1,385.3 billion budget which was initially approved by parliament for the fiscal year 2012-2013 should be revised upwards to Rwf 1,549.9 billion.

This is due to current world economic prospects, suspended aid, and investment priorities in the next three months, the Finance Minister told parliament yesterday.

Presenting the bill seeking to modify the current budget law, Minister John Rwangombwa, said the cabinet has proposed a net increase of Rwf 164.6 billion to the original budget.

He said the country has projected additional resources worth Rwf 227 billion from Euro bond proceeds accrued from a sovereign bond issued to European markets, which the government will invest in its major business projects and eventually mitigate the gap left by aid cuts.

The minister said the Euro bonds funds will especially be on-lent as soft loans to Rwandair and the Kigali Conference Centre (KCC). He said both projects will help the country attract foreign currencies because the funds will help Rwandair to end existing expensive debt while the KCC project will be completed to boost events tourism in the country.

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