The Minister of Finance and Economic Planning, Uzziel Ndagijimana will this week read the final budget that the government will spend in the next fiscal year of 2021-2022, which starts in July. The budget framework paper was presented on May 21, which was then subject to a parliamentary committee analysis before it was sent back to the executive. The New Times understands that under the cabinet’s directive, a few amendments were supposed to be made, causing a delay in the budget reading. However, a reliable source from the Ministry of Finance declined to comment on the definite date of the reading, saying that it will most probably be read mid this week. “I can’t be sure of the exact date, but it certainly between Wednesday and Thursday,” the source said in a phone call interview. The finance bill that was presented to the parliamentarians shows that the Government will spend some Rwf3,807 billion in the coming fiscal year. This represents a 9.8 per cent increase from the current budget and demonstrates efforts to lift the economy from the coronavirus-induced slump. According to an explanatory note of the budget, some Rwf2543.3 billion or 67 per cent of the total budget is expected to be financed by domestic revenue. Sixteen per cent of the total budget is expected to be financed by foreign grants, while international debt will account for 17 per cent. During assessment of the proposed budget earlier, the Chamber of Deputies requested the Ministry of Finance and Economic Planning to align the national budget on ongoing development projects, arrears and gaps that were identified. Those gaps include 173 projects which require Rwf311.2 billion – accounting for 8.2 percent of the proposed spending. There are also 42 gaps that need Rwf78.1 billion, or 2 percent of financial plan, which MPs said should be catered for in the last two years of MTEF (meaning 2022/2023 and 2023/2024 fiscal years).
