KIGALI (Reuters) – Rwanda plans to increase overall spending by 4.9% to 4.658 trillion Rwandan francs ($4.61 billion) in the year starting July, its finance minister said on Thursday.
While presenting a draft 2022/23 (July-June) fiscal budget to parliament, Uzziel Ndajigimana said donors will fund just under 20% of it, with the rest coming from internal revenues and debt.
He said Rwanda would borrow 651.5 billion francs externally.
Rwanda, like other members of the East African Community trade bloc, will present its final budget in June.
On Wednesday, its prime minister said the economy was expected to grow 6%, down from a previous projection of 7.2%, due to war in Ukraine and the COVID-19 pandemic.
Ndagijimana reiterated that projection and also said the economy was expected to expand 6.7% next year.
Inflation would average 9.5% this year before slowing to 8% in 2023, he added.
($1 = 1,010.9900 Rwandan francs)
(Reporting by Clement Uwiringiyimana; Editing by George Obulutsa and Andrew Cawthorne)
