Government spending to increase by Frw 85.6 billion in revised budget

The Government revenue and spending in the 2023/2024 fiscal year will increase by Frw 85.6 billion, from the initially announced Frw 5,030.0 billion in June 2023 to Frw 5,115.6 billion. 

This was announced by the Minister of Finance and Economic Planning, Dr. Uzziel Ndagijimana as he presented the 2023/2024 revised budget proposal to the Parliament. 

This budget revision is based on the good execution of the budget during the first half of the fiscal year, which stood at 61% at end December 2023 and allocation of additional resources to key priorities, such as Agriculture, infrastructure and ICT. 

Despite persistent challenges stemming from the effects of COVID-19, global supply chain disruptions, an inflationary environment, and the impact of climate shocks, our economy continues to display strong signs of recovery. 

With a 7.6% growth over the first three quarters of 2023, surpassing projections, this budget revision reflects our successes and the effectiveness of the economic recovery plan in sustaining businesses, attracting new investments, generating employment, and ensuring robust social protection for vulnerable citizens,” stated Minister Ndagijimana.

Key changes in the 2023-2024 revised budget

Resources

Resources will increase by 1.7% from 5,030 billion to 5,115.6 billion, driven mainly by increase in external grants and loans.

Expenditure

Government spending is expected to increase by 1.7%, rising from Frw 5,030.0 billion to Frw 5,115.6 billion. The revision in spending reflects changes in recurrent spending, capital expenditure, and net lending outlays.

Recurrent spending is anticipated to increase by Frw 11.8 billion, from Frw 2,901.4 billion allocated in the original budget to Frw 2,913 billion, while Capital spending is projected to increase by Frw 83.7 billion, from Frw 1,894.7 billion in the original budget to Frw 1,978.3 billion. (End)