Members of Parliament will this Wednesday pass the draft law determining state finances for the 2018/19 budget, which will start next month on July 1st. The activity, which is set at 3 p.m. in the Lower Chamber of Parliament, will put an end to discussions about the budget proposals for the next financial year which had started in April when government tabled the 2017/18 – 2019/20 Budget Framework Paper in the House. Estimated at slightly over Rwf2.4 trillion, the budget for the next fiscal year has focused on supporting local industries to boost local production and empowering young people to create jobs. It was designed under the theme of “Industrialisation for Job Creation and Shared Prosperity” to emphasise the government’s will to invest in supporting local industries to boost their production and empower young people with job creation skills. The country’s next budget is up 16 percent in comparison to the current year, with domestically generated funds increasing about 13 percent while money collected from domestic taxes will also be up 13 percent. The budget will be domestically funded at the tune of 84 percent as the Government expects to finance 68 per cent of the 2018-19 budget through domestic resources, 16 per cent through loans and expects 16 per cent to come from grants. The Minister for Finance and Economic Planning, Dr Uzziel Ndagijimana, has said that the budget is well in line with the country’s vision to be self-reliant by increasing domestic production, efficiently collecting taxes for nation building, and relying less on foreign aid. editorial@newtimes.co.rw
