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Rwanda to increase spending by 11% in 2024/25, finance minister says

RWANDA plans to increase its overall spending by 11% to 5.69 trillion Rwandan francs ($4.43 billion) in the next financial year starting in July, its finance minister said.

A total of 1.32 trillion francs in the draft 2024/25 budget would come from external loans, Finance Minister Uzziel Ndagijimana said, without giving details on what kind of borrowing the government was considering.

In all, 3.86 trillion francs would be from domestic revenues and another 725.3 billion francs from external grants, he added as he presented the draft budget to parliament.

Rwanda, like other members of the East African Community trade bloc, will present its final budget in June.

Ndagijimana reiterated the government’s economic growth forecasts of 6.6% this year, 6.5% in 2025, 6.8% a year later, and 7.2% in 2027.

The economy expanded 8.2% last year, surpassing its initial target of 6.2%.

“Rwanda’s growth momentum remains strong, despite a challenging environment caused by climate change effects, global inflation, and geopolitical tensions among other challenges,” Ndagijimana said.

Rwanda’s economy largely depends on agriculture, tourism and manufacturing.

By The African Mirror