Gatete to present 2015/16 budget estimates today

Finance and Economic Planning Minister Claver Gatete will this afternoon present a Rwf1.768 trillion budget proposal for the financial year 2015/16 to both chambers of Parliament. This represents an increase of Rwf5.9 billion compared to the Rwf1.762 trillion budget for the 2014/15 financial year. According to the Budget Framework Paper presented to Parliament earlier, the country’s next budget is expected to depend more on domestic revenues (67 per cent of the total budget), while foreign revenues will constitute 33 per cent, including 20 per cent of the budget in foreign aid. Foreign debt to the government will constitute 13 per cent of the total budget. In the budget for the next fiscal year 2015/16, total domestic revenue collections are estimated at Rwf1,038.1 billion, of which Rwf938.6 billion is expected to come from tax revenue, while Rwf99.5 billion will accrue from non-tax revenue. Total grants are projected at Rwf358.4 billion in the next budget against Rwf417.1 billion in the fiscal year 2014/15, which is a reduction of Rwf58.8 billion. Other East African Community member states Kenya, Uganda and Tanzania are presenting their National Budgets this afternoon.

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Gatete to present 2015/16 budget estimates today